Licensed Conveyancer: A licensed conveyancer is a specialist property lawyer, someone who is trained and qualified in all aspects of the law dealing with property. Licensed conveyancers are sufficient to secure adequate protection for consumers and that the conveyancing services provided by such persons are provided both economically and efficiently.
Mortgage Deed: The legal agreement that gives the lender a legal right to property.
Mortgage Fees: Normally charged by your financial advisor, for acting on behalf of your bank or building society.
Redemption Fee: An Early Repayment Charge which can be charged by your existing mortgage lender if you pay off your mortgage early or you move to a different mortgage.
Searches: A method of checking matters that may affect the value of the property. The only obligatory one before exchange is a Local Authority Search which covers items such as road maintenance and planning applications. The search covers the property not the surrounding area.
Stamp Duty: A government tax payable by every home buyer when purchasing a property over £125,000.
Calculate your stamp duty (to make a link)
Survey: A report produced by a building surveyor for the purpose of determining the value of the property and if it is structurally sound.
Subject to Contract: A provisional agreement between the house buyer and the house seller that is not legally binding.
Transfer Document: The final document that transfers the property from the house seller to the house buyer.
Valuation Survey: A survey to allow a property value to be determined for mortgage purposes. This is not to be confused with a structural survey.