Glossary for Moving Terms
Written by zanet copyright © 2006
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REGISTERED LAND
Land (including buildings on it) the title to which is registered at the Land Registry and legal ownership is guaranteed.
RETENTION
An amount held back from the initial loan by the Lender until certain repairs or improvements have been completed or in some cases to cover possible road charges on a new estate.
RIGHT OF WAY
An individual's legal right to use any particular part of a property, in order to gain access to any particular part of his own property.
S
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.
SITTING TENANT
To occupy the property as tenant, but have legal rights without a lease. Any sale would be subject to any rights of a tenant who has occupation.
SOLE AGENCY
Where only one agent has the authority to sell the property. This does not affect the owner's right to sell privately.
SOLE-SELLING RIGHTS
Where one agent has complete control of the sale, and is entitled to his fee however the property is sold.
STAMP DUTY
This is the tax paid by the purchaser of a property to the Government. Currently based on the following rates:
- exempt: if the purchase price of the property is under ?60,000*
- 1% of the purchase price on any sales exceeding ?60, 000 and does not exceed ?250,000.
- 3% of the purchase price on any sales exceeding ?250, 000 and does not exceed ?500,000.
- 4% if the purchase price on any sales exceeding ?500, 000.
*This does not apply if the purchase is part of a larger transaction or series of transactions.
SUBJECT TO CONTRACT
A phrase used as a provisional agreement before contracts have been exchanged where either party may still withdraw from the transaction.
SURVEY
Available in three types :- Valuation, Home Buyers and Structural. Inspection of the property by an independent surveyor.
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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