Search made on behalf of a lender to ensure that a prospective borrower is not or has not in the past been made bankrupt or has writs or orders made against him.

You should cover your property for the sum recommended by your surveyor/valuer. Cover usually to commence on exchange of contracts.

Also known as the purchaser, one who is intent on buying.

A series of related transactions, all reliant upon each other. Any chain is only as strong as its weakest link.

The day on which the deals are concluded and monies change hands and when everyone can move.

The document you will be asked to sign to reflect the terms of your transaction which when exchanged will be legally binding on the parties.

The name given to the house moving process where the ownership of a property is ‘conveyed’ from one to another. Work is undertaken by a conveyancer.

Documents signed and usually witnessed encompassing the terms of an agreement.

A buyer is asked to pay a deposit on exchange of contracts to secure the property for you and is therefore the initial amount they will lose if they fail to comply with the terms of their contract.

Usually used to refer to the repayment of a debt, usually an existing mortgage.

The owner of land can be held responsible for eradicating contamination from the soil however or whenever caused; a potentially expensive process. A report such as this can give an indication as to the likelihood of problems arising.

The value of ones interests in the property usually calculated by deducting from the value of the property the debts secured against the property.

The time when everyone in the chain is ready and simultaneously exchange i.e. commits themselves to the deal under a legally binding agreement. A completion date is set on exchange and is the date on which everyone in the chain will move.

A schedule showing what sellers intend to include in and exclude from a sale.

Absolute ownership of property, perhaps subject to condition.

Frowned upon practice of a buyer agreeing and a seller accepting an offer over and above an offer from another buyer previously accepted and perhaps in excess of the purchase price.

An amount paid by a leaseholder to a landlord.- this is detailed in the lease.

Surveyors report, more detailed than a basic valuation but not as detailed as a full survey.

You can insure against all manner of things arising in a property transaction e.g. your buyer or seller withdrawing, an adverse search result, breach of planning or building regulations and many other events. It does not solve the problem but it does provide compensation. There is a one off premium for this based on the value of the property.

Property can be acquired either a beneficial joint tenants or tenants in common and advice as to the most appropriate for your set of circumstances can be given.

A Government department that is responsible for registering ownership of land.

Usually a bank or building society to whom one applies for a loan/mortgage.

Enquiry made of the local authority about the property to be purchased but of a limited nature and addressing only certain matters.

An amount payable by a leaseholder to landlord, managing agents or Management Company being the leaseholder’s contribution towards costs incurred in maintaining and repairing the structure of a building and its insurance.

Formal offer from your lender issued after their valuation has been carried out and income references and credit checks have proven satisfactory. Issued subject to conditions the offer refers to the gross advance i.e. the amount you pay interest on and the net advance i.e. the amount you can put towards paying for the property. Money is lent on many terms. You can have fixed rate, capped rate, discounted rate or variable rate mortgages on a straight repayment basis or endowment PEP or pension basis.

Evidence of local authorities’ approval/consent to works undertaken to a property.

Form that the seller completes giving answers to questions raised on the buyer’s behalf.

The amount a borrower owes a lender to repay a loan.

Where you take out a new mortgage redeeming/repaying any existing mortgage.

Money withheld by a lender until certain works have been undertaken and in some instances reinvested.

Numerous searches are made by us in the purchasing process which can include local searches, coal mining searches, environmental searches, commons registration searches, bankruptcy searches and many more. Those considered appropriate are made.

Also known as the Vendor, the one selling the property.

Tax payable to the Inland Revenue on a purchase price in excess of £125,000.

A surveyor can undertake a basic valuation, usually on behalf of a lender, or a home buyers report undertaken on your behalf and on which you can place reliance.

Investigated to ensure entitlement to sell or mortgage.

Land Registry deed transferring ownership of land.

Transferring a property from joint to sole names or adding a new property owner to the deeds. Usually done at the same time as a remortgage.