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Moving Home Guide
Estate Agents Terminology Explained
Buying a house can be a daunting business and at times it might
seem as if everyone else is speaking a foreign language!
To help guide you through the process, here are some of the key
terms you will hear being used and what they mean.
| Conveyancing: |
The legal steps involved in buying and selling properties
are normally undertaken by a solicitor or by a Licensed Conveyancer.
The conveyance itself is a legal document which finally transfers
the ownership of the property from the seller to the buyer.
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| Completion: |
The title deed and keys are released in exchange for full
payment of the purchase price. You can then move in.
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| Deposit: |
Would be paid at or before exchange of contracts: shows the
seller the purchase is genuine. If the purchase falls through
it may not be refunded, depending on circumstances.
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| Deed: |
Legal papers concerning the ownership of a property and the
right to sell it. Also gives more information about the property,
rights of way etc.
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| Equity: |
The difference between the current market value of the property
and the size of the mortgage.
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| Exchange of contracts: |
The point at which the agreements between the vendor and
the purchaser become legally binding.
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| Fixtures: |
What is left in the house and included in the sale.
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| Homebuyers report &
valuation: |
A report confirming structural soundness and true value.
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| Land registration fees: |
A fee paid to register the property in the purchaser's name.
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| Lender: |
The institution that the money supplied is lent from.
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| Mortgage: |
Few people can afford to buy their home outright from cash.
Most homeowners borrow the money from a bank, building society
or other company using a long-term loan called a mortgage.
All mortgages are a combination of two main elements, the
capital (the money borrowed to buy the property) and the interest
(the cost you pay for borrowing it.)
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| NHBC Certificate: |
National Housebuilder's Council Certificate is guarantee
against structural faults for a period of 10 years after construction.
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| Purchaser: |
The buyer.
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| Redemption Fee: |
A charge made by some lenders if the mortgage is paid off
early.
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| Searches: |
A check conducted by the solicitor/conveyancer to ensure
the property is not affected by any local authority plans.
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| Valuation: |
The inspection of the property to assess its current market
value.
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| Vendor: |
The person selling the property.
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An explanation of the various
mortgages available can be had by clicking here!
Winterthur Life Cheshire ltd. is regulated by the Personal Investment
Authority for investment business.
Your home is at risk if you do not keep
up repayments on a mortgage or other loans secured on it
Written mortgage quotations are available on request. Insurance
policies may be required.
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