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| Freehold: |
Ownership of the land that the property is situated on.
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| Gazumping: |
Where a vendor accepts
a higher price than what was agreed on originally. |
| Deeds: |
Legal documents that
proves ownership, these are normally held by the lender and
are given to the borrower when mortgage is paid in full. |
| Exchange: |
The buyer and seller
signs these contracts, this commits both parties to complete
the transaction. |
| Stamp duty: |
This is a charge payable
on every property purchase over £60000. Currently 1% on
purchases £60000 to £249000, 3% £250001 to
£499999, 4% £500001 upwards. |
| Completion: |
Day which transaction
is finalised. |
| Conveyancing: |
Work usually
done by a solicitor, dealing with most areas from sale of property
to purchase. |
| Disbursements: |
Solicitor has to pay
certain fees, normally your Land Registry, Stamp Duty, Search
Fees, etc these are added on top of your Conveyancing fee. |
| Equity: |
This is
the difference between the amount of mortgage you have, and
the value of your property. |
| Land registry: |
They are responsible
for recording ownership of land. |
| MIG: |
This is
charged to you if your loan is more than a certain percentage
of the value of the property you wish to purchase. The threshold
is normally 75% but can vary from lender to lender. |
| Term: |
Length of time loan
is taken over, can usually be between 5-30 years. Normally taken
over a 25-year term. |
| Searches: |
This is
a check done with the local council who governs the borough
where the property is. Check is done to make sure that there
are no matters, which will affect the status of your property.
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| Your home may be repossessed
if you do not keep up repayments on your mortgage. Be sure that
you can afford the repayments before entering into a credit
agreement. |
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