A to Z House Removals
Read our detailed A-Z guide of house removals Southampton terms designed to help everyone from the moving newbie to the seasoned mover.
A
Advance – the sum of money you borrow from your mortgage lender.
Annual Percentage Rate (APR) – shown as a percentage, this is the total charge for the money lent to you for the loan. It includes fees and interest.
B
Bank of England Bottom Rate – The Bank of England models a rate of interest which the high street banks use to calculate the interest rate they charge for some loans.
Buildings Insurance – this is actually the insurance needed for the fabric of your property, against fire, theft and flood. Your mortgage normally requires this insurance. However, it will always be covered by the freeholder if you are purchasing a leasehold property.
Building Survey – an examination of a property by a surveyor (which may include specific tests by the surveyor or other experts) in order to produce a survey on the structural integrity of a building and its condition of repair.
C
Chartered Surveyor. Chartered Surveyors are experienced and experienced property experts. They offer impartial, specialist advice on a variety of property related issues. Their duties include valuing property and looking for structural defects in structures. In addition they provide expert consultancy advice in property, building and related environmental issues. Chartered Surveyors are represented by the Royal Institution of Chartered Surveyors.
Complete – the finish of the process of buying and/or offering a house. Once you have ‘completed’ the purchase has ended.
Conservation Area – A tract of land that is awarded protected status usually of architectural or historic interest.
Conveyancing – the legal process for the transferral of ownership of real property.
Council Tax Band – A letter code in the range A – I, each representing a specific range (or band) of property market ideals. In Britain the worthiness is as at 1 Apr 1991; in Wales it is as at 1 April 2003. All local property is given one of these bands for the administration of council tax bills. There are different valuation rings in England and in Wales.
D
Deeds – Generally known as ‘Title Deeds’. Name deeds are documents showing ownership, as well as rights, responsibilities, or home loans on the property. Since around 2000, compulsory sign up in Britain and Wales has been required for all properties mortgaged or moved. The details of rights, commitments, and covenants referred to in deeds are came into on the house register.
Domestic Energy Assessor – also called the DEA, is a qualified individual who visits the property preceding to it being marketed for sale or to let and checks the property’s energy efficiency by examining its dimensions, construction, heating and hot water provision. The DEA will also provide cost effective recommendations for improving energy use.
E
Energy Performance Certificate – also known as an EPC. The Energy Performance Certificate is the document provided by the Local Energy Assessor. It provides information on the property’s energy use, energy efficiency and suggestions for improved energy efficiency. It rates each property with a performance size A to G, where A is very efficient and G is the least energy efficient.
EPC – abbreviation for Energy Performance Certificate. See above.
Exchange (of contracts) – Both you and the seller sign the contract. Additionally you agree a conclusion day that suits both of you. You also need to agree to pay a deposit to owner at this time, typically around 10% of purchase price. This is paid via your solicitor. Once you’ve exchanged contracts, you are lawfully necessary to continue.
F
Freehold – describes the dwelling and the land on which it stands which is owned by the possessor indefinitely.
G
Gazumping – Gazumping is when the seller, having accepted your offer, then allows a higher offer from someone else.
Surface rent – you’ll be charged this if you have purchased a leasehold property. It is often a token ‘peppercorn’ lease charged annually.
H
HIP – Abbreviation for Home Information Pack, see below. No longer required.
HomeBuyer Report – The HomeBuyer Statement is appropriate for modern properties that are conventionally built, and older properties in reasonable condition. On 1st April 2010, it replaced by the Homebuyer Study and Valuation. The record details important problems that could make a difference to the value of the house and gives an opinion on its valuation. It is worthy of remembering that if you employ the surveyor directly, you will own the details of the survey and you will negotiate accordingly.
Home Condition Statement – type of survey no longer promoted by the Government for Home Information Packs. A HCR tells you about the structure and condition of the house on the time it was inspected and whether more enquiries or investigations are needed. Only available from experienced Home Inspectors.
Home Information Pack – also called a HIP, this was a set of documents that had to be available before you or an agent marketed your home for sale in England or Wales. It was suspended by the coalition federal government in May 2010. These are no more required.
Home Record – THE HOUSE Record is mandatory for residential properties being sold in Scotland. That is a pack of three documents: a Single Survey, an Energy Report and a Property Questionnaire. The Home Report must be made available on request to prospective buyers of the home. The One Survey contains an assessment with a surveyor of the condition of the home, a valuation and an availability audit for people with particular needs. THE POWER Report consists of an assessment by a surveyor of the energy efficiency of the home and its own environmental impact. In addition, it recommends ways to improve its energy efficiency. The Property Questionnaire is completed by owner of the house. It includes additional information about the home, such as Council Taxes banding and factoring costs which will be useful to purchasers.
I
Islamic Mortgage – alternative to a traditional mortgage. Islamic rules forbids both the payment and receipt appealing. Instead of lending money to a customer to buy a property, the bank purchases a home for the customer, who then pays the price in regular monthly instalments. Ensures the mortgage is compliant with sharia laws.
Inventory – a list of all your possessions.
L
Land Registry – the central body holding the register of title to land in Britain and Wales and records dealings (for example, sales and mortgage loans) with registered land.
Leasehold – is a house term where one party buys the right to occupy land or a building for a specified length of time.
Letting – an arrangement where a payment is made for the temporary use of a property owned by another person or company.
Certified Conveyancer – is a legal professional specialising in property law. The role of the licensed conveyancer is similar to that of a solicitor coping with a house transaction. They have been trained by the Council of Licensed Conveyancers.
Listed – A building considered to be of architectural or historic significance and therefore given special protection. Outlined properties are subject to planning limitations.
Loan-to-value – Also ‘LTV’, this represents the size of the home loan as a share of the valuation of the property.
M
Mortgage – A loan that is secured over a property.
N
New Build – property that has just been built and is usually sold by the building company.
P
Planning permissions – or planning consent – is the authorization required in the United Kingdom in order to be allowed to build on land, expand a building, or change the use of land or buildings.
Property Ombudsman – THE HOUSE Ombudsman has forces that allow him to make awards of settlement for financial loss and/or aggravation, distress and inconvenience, where he feels appropriate. The service is free of charge for the public. He is not a regulator or consumer guardian.
Property Questionnaire – Document essential for property sellers in Scotland. To be completed by the seller, the PQ gives prospective customers useful information about the house. It offers information such as parking preparations, council tax bands, and any local authority notices or notes of alterations that have been made to the home. Included in the Home Survey.
Q
Quotations – Indicative prices for a service. reallymoving.com provides instant quotations for removals, conveyancing, research, Home Reports and EPCs.
R
Remortgage – repaying your mortgage by taking out an alternative home loan the usually replaces the first, but nonetheless secured on the same property.
Repossessed – The legal term relating to a property in which a borrower has fallen lacking repayments on the loan for your property. A repossessed property is usually sold at a general public auction.
S
Searches – these involve a search of data files associated with a certain property or area which are held by the Local Authority. Other searches are also carried out such as the Water Drainage Search and Environmental Search. They inform the customer of any potential municipal or private building work or potential issues that can affect the property.
Solicitor – is a lawyer who traditionally offers legal services outside of the courts. A Conveyancing Solicitor handles legal documents involved in selling or buying a property.
Stamp Duty – A government taxes which is added to the purchase price of a house. Different percentages are charged for different beliefs of property from 0% to 12%.
Study – a residence study for purchasers is essential. By having it surveyed or examined with a RICS surveyor, you should understand the structural state of the house. Different types of surveys go into different depths of details.
T
Tenancy Deposit Structure – Deposits paid by tenants are put into a secure account so they are available – all or in part – to get back when the tenant leaves the premises, depending on the condition in which the property is left.
V
Valuation – the worthy of your home. Mortgage lenders usually send a professional valuer to confirm the worthiness of your premises before they will confirm the mortgage. This is not a structural survey.
Supplier – The person selling the house.
