Aapportionment – The division of liability for e.g. rent or service charges between Buyer and Seller before and after completion
Chattels – Free-standing items which are not included in the sale unless specified in the contract
Completion Date – The date when the contract is completed – “the moving date”
Contract – The written document which includes all the terms agreed between Buyer and Seller, one part of which is signed by each party
Covenants – Promises which bind the owners of the property
Deposit – The total amount paid by the Buyer to the Seller on exchange of contracts to secure the contract
Easements – Rights (e.g. of way) which either benefit or affect the property
Exchange of contracts – The point at which the contract becomes binding upon both Buyer and Seller. Ewart Price will supervise this.
Fixtures – Items that are physically attached to the property and which would normally pass to the Buyer with the property unless excluded
Mortgage – A document which secures the money lent to buy the property
Mortgage Advance – The amount of the new mortgage as sent to us
Mortgagee – The lender
Mortgagor – The borrower (you)
Preliminary deposit – A nominal deposit which may be paid to the estate agent or the builder if the property is a new one
Redemption – Repayment of your existing mortgage
Registration – The process by which the transaction is recorded at HM Land Registry and your ownership confirmed “searches” checks carried out by Ewart Price in various public registries “Stamp Duty money payable to the Government in respect of certain Land Tax” transactions “survey” an inspection of the property which contains the legal transfer of the property from the Seller to the Buyer
Transfer – The document which contains the legal transfer of the property from the Seller to the Buyer
Valuation – a procedure whereby the value of the property is formally established e.g. for the building society