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Glossary of Terms Who does what Ready Steady Go
Purchase Instruction Form Sales Instruction Form
GLOSSARY
Completion
The actual moving date as agreed between buyer and seller
Contract
The legally binding agreement between buyer and seller
Deposit
The money handed over on exchange of contracts to the seller's solicitor.
Disbursements
Payments made on your behalf to other agencies - for instance the local council, Land Registry etc.
Exchange
When a legal commitment to the transaction takes place and the deposit is passed to the buyer's solicitors.
FFAC - Fixtures Fittings and Contents Form
A list of contents that are included (or even excluded) from the sale.
Freehold
Ownership of the whole of the property
Land Registry
The central record holder of information relating to each title of registered property
Leasehold
Usually only applies to flats and apartments. The landlord owns the structure of the building including the stairs and common areas. The buyer has an interest in the property via the Lease.
Searches
Bankruptcy
A routine check upon each buyer buying with the aid
of a mortgage to see if you have been declared bankrupt
Drainage
A list of questions answered by the Water Authority
relating to the maintenance of sewers and water
supplies
Local Authority
A list of questions answered by the local council relating
to planning permissions, road improvement schemes and
maintenance of roads
Mining
A check with the Coal Authority on whether there has been,
or will be, any mining activity in the area
SPIF - Sellers Property Information Form
A questionnaire filled out by the seller giving details of
guarantees, extensions and any problems experienced
with the neighbours
Stamp Duty
A tax on the purchase of a property currently at 1% of the
purchase price between £60,000 and £250,000
Telegraphic Transfer
A transfer of monies from one bank account to another
for which a charge is usually levied.
Title Deeds
The documents that show legal ownership of the property.
Transfer Deed
The document signed by both the seller and buyer to
legally transfer the ownership of the property to the buyer.
Valuations and surveys
A mortgage valuation enables the lender to decide whether or not their loan will be secure. The Homebuyer's survey
is a full examination of the property and an in-depth
report will be produced for you.