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Acceptance in Principle A certificate issued by a mortgage provider confirming that a mortgage
has been agreed subject to their lending criteria being met. Accompanied Viewings Where a member of the estate agency team will accompany a viewer looking at a property. (Usually requested by the vendor).
Breakdown of services provided, plus the amount that will be paid to the estate agent when the sale is completed. Browser The software used to read pages on the World Wide Web (e.g. Internet Explorer, Netscape Navigator, Opera etc).
Cavity Wall Ties For more information on cavity wall ties please click
here to visit the Timberwise web site. Chains If more then one property is being sold the purchaser/vendor of the properties
are in a chain. Please note the number of houses in a chain can be from 2 to any number. Chattels Movable property or possessions. E.g. furniture, electrical appliances. Clearing Cache Click here for more information Completion Legal finalisation of the transaction to buy/sell. The money is transferred between solicitors and the property then belongs to the buyer. You are now able to move in.
Legal Document stating that the vendor has agreed to sell and the purchaser
has agreed to buy the property and at what price. One copy is signed by
the vendor and one by the purchaser. Once the contracts have been exchanged
(see below), by the acting solicitors, the sale/purchase is legally binding. Conveyancer Specialist property lawyers, who deal with the legalities of buying/
selling a property. Conveyancing The process of transferring ownership of a property from the vendor to the purchaser.
Information stored on a computer in an ordered manner. Dependant Buyer A buyer who must sell his or her own property before he or she can buy
another one. Deposits The deposit for the property- paid when contracts are exchanged. Disbursements Disbursements are all the payments that solicitors make to other people
on your behalf. These are standard costs and include local authority searches,
land registry fees and stamp duty. D.P.C Damp Proof Course – treatment to give a property water resistant qualities and proper ventilation.
Where legal contracts are signed and exchanged, making the sale/ purchase
legal and binding. Exchange of Contracts The buyer and seller sign the contracts and the solicitors then exchange them with each other. When you've exchanged contracts you're bound to buy or sell the property and you cannot cancel the transaction without the risk of financial penalties.
Fixtures and fittings What about the fixtures and fittings? It's important that you know what's included in or excluded from the
sale price. This is often the main cause of disagreement, and it's therefore
advisable to check thoroughly the fixtures and fittings list, perhaps
visiting the property again to go through this with the seller. Floorplans A plan drawing of the layout of the property. Freehold Where the owner of a property also owns the land upon which it is built, free from any lease. Therefore no ground rent is payable.
Gazumping Where the vendor decides to take a higher offer than one he/she has already accepted.
Hyperlink A link between two connected topics on different web pages.
Internet Service Provider A company providing access to the internet, as well as other internet-related services. Images missing (Internet) Click here for more information
Leasehold Where the owner of a property does not own the land upon which it is
built. Therefore a ground rent is normally payable. Most leases of this
nature are long term, generally a 999 yr original term. Local Search This is a report of any local authority proposals that may affect your property. For example, it may reveal that an extension on the property has been built without planning permission, or that the nearest road is not maintained by the Council.
Marketing Pledge The estate agents marketing promise to the customer. Property Misdescriptions Act Parliament Act which governs the accuracy of the description of the properties for sale Missing images (Internet) Click here for more information N.A.E.A National Association of Estate Agents, for more information please visit
www.naea.co.uk N.H.B.C. STANDARDS The National House Building Council is a builder’s federation
that provides a defect protection scheme, ‘Buildmark’, on
new houses. Membership of NHBC is conditional on the builder maintaining
certain minimum standards of construction. Non-dependant buyer A buyer who is not dependent on the sale of his or her own property before he/she can buy another one. (cash purchaser)
Ombudsman Body, which investigates any claims against estate agents, provides
checks on the estate agency practise REPAIRS ALLOWANCE Monies taken from the sale price of the property to allow for repairs on the property before completion.
Missing Photos on the Internet Click here for more information
R.I.C.S Royal Institution of Chartered Surveyors, for more information please visit www.rics.org.uk
Sealed Bids If a contract race develops the problem can be resolved by the ‘sealed
bids’ method. Written bids for the property are sealed in individual
envelopes. When all bids are in they are opened in the presence of an
independent witnesses and the person making the highest bid then has first
refusal on the property. Stamp Duty A government tax- paid on the purchase of properties over £120,000
in value. Survey A written report by a surveyor detailing his opinion as to the condition of the property and its market value. Surveyors Qualified staff who make an assessment of the property including structure,
location, defects and market trends to give a calculation of a properties
value. ( usually done for mortgage purposes). Sold Subject To Contract When a sale has been agreed on a property but is not legally binding until contracts have been exchanged. Tentative Offer An offer made by a person, who is not in the position to buy. ie have to sell their own property first. Troubleshooter (Internet) Click here for more information
Under Offer / Not Classed as Sold Where an offer has been accepted, but the owner has decided to continue to market the property.
Valuers Give an indication of property value in the present market. Vendor The owner of the property that is for sale. Viewing appointment An appointment made via the estate agent to view a property that is
for sale. Virtual Tour A 360-degree moving photographic image of a room or view.
Web Portal Web site with links to other sites. These sites are usually grouped
by the subject they cover. Web Server A computer connected to the internet containing the files that make up a web site.
If you would like to add to our frequently asked question then please contact paul@alankirkham.co.uk
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