moving home
Completion Date
The date that the contract states ownership of a property passes from the seller to the buyer. This is the day when the seller is obliged to move out of the property and the buyer moves in.
Contract
A written and signed agreement made between the buyer and seller. It will give full details of the property and all of the other terms and conditions of the sale that have been agreed.
A formal document that transfers freehold land or property from the seller to the buyer.
Disbursement
Fees that must be paid to third parties such as Local Authorities (for searches) and Land Registries.
Energy Performance Certificate (EPC)
Part of the Home Information Pack, it rates your home from A to G on how efficiently it uses energy. These must come from an accredited Energy Assessor who visits the property to collect the relevant data and provide the certificate. This data includes the date, construction and location of the house, and relevant fittings such as heating systems, insulation or double-glazing.
Exchange of Contracts
Contracts must formally change hands in order to make them legally binding. That is, each solicitor hands a copy of the signed contract to the other party.
Freehold
A type of land ownership which, in effect, runs forever.
Home Condition Report (HCR)
An optional addition to the Home Information Pack, it offers an objective report on the condition of your home. This will help the buyers understand more about the condition of your house, and reduces the chance of something unexpected being discovered later.
Leasehold Property
Property that is occupied under the terms of a lease.
Mortgage Offer
The formal document making an offer of a loan under a mortgage, which will say how much the loan is for, the period and the amount of repayment, and all of the terms and conditions attached to the loan.
Searches
We will ask for Searches from the Local Authority, the Water Authority and a number of other organisations so that we can find out everything possible about a property.
Stamp Duty Land Tax
A tax payable to the Government on the completion of the purchase of a property or land. The amount of duty depends on its purchase price, although there are some areas in England and Wales where no Stamp Duty Land Tax is payable at all.
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