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"My Home For Yours" is a Trading Name of Crucial Solution Ltd
Registered Office: Barley House, Bishops Castle, Shropshire, SY9 5AS
Registered in England under Company Number: 06738247
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Part exchange and your home property or sales uk france italy the spain partex partexmyhome
partex-myhome partex my property and for yours mypropertyforyours.com solicitor. Trovit and Google search engines
also Yahoo. BBC house buying programmes. ITV and Channel 4. Relocate and relocation services for wanting to part-exchange your home.
Rightmove and Prime Location www.rightmove.com primelocation.com also the and or to be used.
You might not be familiar with all the legal and financial terms involved in the
process of buying a home. Some of the key words and phrases used are briefly
explained here. If anything requires clarification you should consult your legal
adviser – or if we can help, we will. Bridging Loan A loan to “bridge the gap”
between the sale of your present property and the purchase of your new home,
when the dates don't coincide (or until long term finance comes through from
your mortgage lender). Buildmark Your newly-built Barratt home is covered by the
Buildmark 10 Year warranty and insurance cover provided by the National House
Building Council. You will receive an NHBC booklet which contains details of the
warranty. Completion The finalising of the sale when all the monies are passed
over and the buyer has legal right to the property. Contract Entered into by the
seller and buyer of a property which only becomes binding on exchange of
contracts, i.e. when both parties have signed the contract and the purchaser has
handed over the agreed deposit to the solicitor. Conveyancing The legal transfer
of a property from one owner to another. Covenant A restriction or condition
affecting the property, which must be complied with. Deeds All the legal
documents relating to the property. Deposit A part payment of the agreed
purchase price paid by the buyer on exchange of contracts (or conclusion of
missives in Scotland). Disposition or Feu Disposition (Scotland only) A legal
document which transfers ownership of a property to the buyer. Energy
Performance Certificate In future, the sellers of properties requiring a Home
Information Pack in England & Wales will be required to provide a copy of a
valid Energy Performance Certificate (EPC). It gives details about the energy
efficiency of the property. Exchange of Contracts (in Scotland, Missives
Conclusion) The contracts are in fact two identical documents, one signed by the
seller and the other by the purchaser. When these are exchanged, both sides are
legally bound to complete the transaction. Freehold The full ownership of both
the property and the land on which it stands. Ground rent This applies to
Leasehold properties and is a sum paid annually to the Freeholder by the
Leaseholder. Home Information Pack In future the sellers of properties in
England and Wales will need to create a Home Information Pack (HIP) before the
property can be marketed. HIPs will contain information about energy
performance, legal documentation and other details. This new legal requirement
is being phased in over a period of time. Insurance This is usually discussed
with your mortgage adviser or lender when making mortgage arrangements.
You will need: Contents insurance: To work out how much cover you need for a
household contents insurance policy, you need to add up the value of all the
possessions in your home. It is recommended that any items of particular value -
jewellery for example – are specified and covered by an “all risks” policy,
which applies even when the items are not in the home. Buildings insurance:
Cover for the bricks and mortar of your home. It is advisable to review
insurance cover regularly. Land certificate A certificate issued by the Land
Registry as proof of ownership. Land Registry Fees These are paid through your
solicitor to register your ownership of the property with the Land Registry. The
scale of fees is fixed by the Government. Leasehold Land held under a lease for
a number of years, on which ground rent is paid. Local Authority Search Carried
out by your solicitor, this establishes if your new home is likely to be
affected by any planning decisions. Management Company (In Scotland: Factoring
Company) Apartment buildings usually have a management company responsible for
maintaining the main structure, common parts ( eg stairs and hallways ) and
landscaped areas. On some developments a management company may also maintain
roads, street lighting and open spaces. The management company recovers its
costs from each owner through a service charge. Missives(Scotland only) The name
given to a contract. Missives are letters exchanged by the purchaser (making an
offer for the property) and the seller (acce
pting the offer). Mortgage Most people will need to take out a mortgage – or
loan – to buy a house. There are many different types of mortgages available to
home buyers – your mortgage advisor will explain. Mortgagee The lender.
Mortgagor The borrower (whose property is secured for the loan). Mortgage
Indemnity Insurance / Guarantee Your mortgage lender will usually require
additional security if the loan is in excess of 70% or 80% of the purchase
price. This involves a once-only payment which can normally be added to your
mortgage. The amount of the payment varies with the amount borrowed and the term
of the loan. Mortgage Protection Policy An insurance policy often arranged in
conjunction with a repayment mortgage, which is taken out to ensure that the
loan will be paid off should the borrower die before the end of the mortgage
term. Insurance may also be available to protect your repayments in the event of
redundancy. Mortgage Valuation Survey Prior to making a mortgage offer your
lender will have the property valued for “mortgage purposes”. You will pay a fee
(variable on the purchase price of the property). National House Building
Council A non-profit making body whose role is to both protect the home buyer
and help the industry to construct good quality new homes. NHBC inspectors carry
out spot checks and regular examinations on all properties at varying stages of
construction. The NHBC also provides a 10 year Buildmark warranty. Registered
land Land (including buildings on it) the title to which is registered at the
Land Registry and legal ownership of which is guaranteed. Searches A term used
to denote the physical and written procedure for determining any adverse effects
in/on a particular property, whether
already in effect or planned to take place. Settlement(Scotland only) The end of
the house buying process, when the deeds of the new house and other documents
are handed over, in return for the agreed price. Stamp Duty Government tax on
the purchase price of a property. Your solicitor will automatically handle
payment on your behalf. Sold subject to contract Sold 'Subject to Contract'
(STC) means that the seller and buyer are proceeding with the sale but the
paperwork is not yet complete. Title The rights and liabilities that attach to
the property. Title Deeds Legal documents describing the rights and liabilities
that attach to the property and prove ownership of property. Title report on
Solicitors' certificate confirming that the title to the property is acceptable.
A Lender must have one before an advance cheque for the mortgage monies can be
issued. Will As a homeowner, it is advisable to make a will – or alter an
existing one. Your solicitor can advise you.
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