Whether you've bought or sold a property before or not, there's lots of lingo to get your head around. Hopefully my explanations of these terms will help you.
This is the final stage of the buying process. The ownership is legally transferred from the seller to the buyer.
(CPO'S) are normally issued by local authorities and they enable an authority to purchase a property whether the seller wishes to sell or not.
Insurance to cover any loss or damage to your possessions.
This is what sometimes happens when two potential buyers want to buy the same property. The seller will normally be the one to instigate the contract race but it can also be instigated by a buyer. The winner of the race will be the first buyer to be in a position to exchange contracts.
The legal documents needed to transfer the ownership of property they are signed by both the seller and the purchaser.
This is a flexible term in property and can mean such things as a house that has been converted into flats or a loft converted into a bedroom, as well as other things.
Legal work involved in buying and selling a house.
You can get a CCJ if you default on a payment of debt. If you do get a judgment against you may have difficulty in getting credit in the future.
The covenants are the terms of any given tenancy agreement. They include any obligations or promises made by either the Landlord or the tenant. They are requirements by law on the owner of a property that they will either do or not do something with their property.
These are references taken regarding a potential tenant. These references can be from sources such as the tenant’s employer. A check of the tenant’s credit history is also often carried out.
This type of mortgage is a flexible mortgage that can keep all your finances in one place. It combines your mortgage with a current account and the money in the current account can be automatically set against the mortgage balance and then interest only charged on the outstanding amount of the loan. In practice this should mean that interest payments should be reduced.
