Buying and Selling in the UK

 

• Mortgage Offer
A bank or building society's formal written offer to lend an approved amount with which to purchase a property.

 

• Survey & Valuations
A qualified surveyor needs to inspect the property. The 3 main types of survey are as follows:

Valuation Report - this is required by the mortgage lender

Home Buyers Report - this will comment on the property's general condition

Full Structural Survey - this is an in-depth examination into the condition of the property.

Jordan & Cook is able to independently provide all of the above professional surveys on any property from any estate agent.

 

• Chain
A 'Chain' occurs where the exchange of contracts on a number of linked property transactions happen simultaneously.

 

• Local Authority Search
This asks the appropriate Local Authority for details of any planning such as roads, developments or other factors which could affect the sale or value of the property being purchased.

 

• Conveyancing
The legal process which transfers a property's ownership.

 

• Deposit
This is the amount of money paid by the buyer and held by the vendor's solicitors when contracts are exchanged. This sum usually represents between 5% and 10% of the purchase price.

 

• Exchange of Contracts
When this happens, the sale becomes legally binding and neither party can withdraw without incurring considerable financial penalties.

 

• Completion
This is when the balance of the purchase price is paid and you collect the key!

 

• Stamp Duty
Upon completion, this is the tax paid to the government on the property you purchase. This amount will vary depending on the purchase price.