Glossary for Moving Terms
Written by zanet copyright © 2006
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E
EASEMENT
A right over or under land granted to someone who is not the owner.
ENGROSSMENT
The formal and final version of a document prepared by a solicitor in readiness for signing and sealing following agreement of the final draft between the parties.
EQUITABLE INTEREST
Legal rights in a property that do not include the right to sell its legal title.
EXCHANGE OF CONTRACTS
This is the stage when the buyer and seller exchange signed, binding contracts of purchase and sale. Both then become committed to complete the transaction.
EXECUTION
Signing, sealing and delivering a deed in front of an independent witness.
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F
FIXTURES & FITTINGS
Any items that are to be included in the sale, e.g. carpets, curtains, curtain rail, wall lights etc.
FLYING FREEHOLD
A flying freehold is formed when part of a freehold property overhangs a different freehold property or land.
FREEHOLD
Absolute ownership of land with or without Chief Rent.
G
GAZUMPING
A term used to denote a situation where the vendor has accepted an offer but subsequently accepts a higher offer from another purchaser.
GAZUNDERING
A term used to denote a situation where the purchaser lowers his offer immediately prior to exchange of contracts.
GROUND RENT
This applies only to Leasehold properties and is a sum paid annually to the Freeholder by the Leaseholder.
H
HIPS
New government legislation means that house sellers will have to produce information packs for buyers. The government is concerned that many house purchases fall through because of the time it takes to get to completion. Where there is a chain of buyers and sellers, just one person pulling out can ruin a whole series of purchases, costing all those involved money, time and patience. Of particular concern is gazumping, where the seller switches to another buyer for a higher price at the last moment. The longer the homebuying process up to exchange of contracts, the more opportunity there is for gazumping to take place.
HOME SWEET HOME
A term used to denote real bliss after the move has been successful..
Costing a buying to let
The backbone of success as a propert developer has to be the calculation of profit. So many decide that profit is only adding up the costs of what you want to include and not what you actually spend. Costs include interest on bank loans and mortgages. Costs also include the stamp duty and legal fees.
To make life easier we have a buying to let profit calculator for you here
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