Covid 19 Outbreak
Due to the current Coronovirus outbreak.
we have closed our offices to visitors and are not currently arranging viewings.
We can still be contacted by phone and email for any queries regarding ongoing sales and lets.
Aldershot: t. 01252 333003 e. firstname.lastname@example.org
Farnham: t. 01252 715333 e. email@example.com
Please bear with us during this difficult time.
Buying Jargon Buster
Agreement in Principle of the amount you can afford to mortgage up to through your selected provider or financial advisor.
The Governments published requirements for home improvement and new homes ensuring minimum prescribed standards.
A comprehensive survey providing a detailed report on a properties construction and condition.
The legal agreement between a Seller (Vendor) and a Purchaser (buyer) which describes the details of the property and the terms under which the proposed sale and purchase are agreed.
The term given to the branch of Solicitors dealing with the transfer of ownership of the property.
A restriction or condition affecting the property which must be observed or performed.
The date set upon exchange of contracts when the purchaser's solicitor has forwarded the completion monies to pay for their new home and when the purchaser can take ownership of their purchased property.
A percentage of the full asking price that a purchaser has as funds to put down against their proposed purchase. The remainder being mortgage. Or Exchange Deposit being the percentage of the purchase monies held as security following exchange of contracts.
Also known as Title Deeds, the documents giving evidence of ownership or rights to a property. Traditionally a bundle of legal papers but now mor commonly downloaded by the solicitor from Land Registry website.
Domestic Energy Assessor (DEA)
The assessor who prepares the Energy Performance Certificate (EPC).
A right held by someone to use land belonging to someone else for a specific purpose. Mains, drains and water pipes are usually covered by and easement
Energy Performance Certificate (EPC)
A report on the energy performance of a property using the familiar A - G scale where A is a 'zero carbon home'. The assessor produces a report using a Standard Assessment Procedure (SAP) which enables like for like comparisons to be made.
A collection of detailed questions raised by the purchasers solicitor relating to the proposed purchase property which need to be answered by the sellers solicitor before contracts can be signed.
Exchange of Contracts
The moment when the sale or purchase of a property becomes legally binding, i.e. the seller has legally agreed to sell and the purchaser has legally agreed to buy upon the terms as stated in the contract.
When having windows and doors replaced homeowners must ensure that they get a certificate of compliance. This may be obtained from FENSA or from Local Authority Building Control (post April 2002).
Ownership of land and any property which stands on it.
This is when the seller accepts an offer - then later accepts a higher offer from someone else over the asking price.
This is when a buyer offers a lower price than they originally offered just before contracts are exchanged - hoping the seller will accept it rather than lose the sale
A payment made under the terms of a Leasehold Agreement.
Home Information Pack (HIP) Now Defunct
A document containing a collection information prescribed by The Government including INDEX, SALE STATEMENT, ENERGY PERFORMANCE CERTIFICATE, STANDARD SEARCHES and EVIDENCE OF TITLE with leasehold properties also including additional information for leasehold or commonhold, where applicable.
A concise report detailing any significant problems that could make a difference to the value of the property.
Indemnity is the legal philosophy upon which the concept of most insurance policies rests. "indemnity" is protection from loss and damage from claims filed by another person.
An Independent Financial Advisor who advises on a wide range of financial products from differing lenders and insurance companies this is aopposed to a 'Tied' intermediary who operates from a limited panel of lenders and/or insurers.
A Government body which retains records of land and property ownership.
When a property is built on land owned by a person or organisation other than the owner of the property that is erected on this land. The ownership of this property is usually for a fixed term and will usually include a payment of ground rent and maintenance charges to a management company.
Local Authority Search
A search of local authority records to confirm the status of a property. This would also check for changes in the local area and provide detail of any planning permission granted.
A company set up to manage the servicing of property, usually leasehold, and any repairs or maintenance required.
A loan for which a property is secured against.
Any person or organisation who lends money for the purpose of a mortgage, for example a building society, bank, or private individual.
A formal written offer setting out the terms of a mortgage loan.
A lender will send a specialist valuer to work out how much the property's worth so they can decide whether to give you a mortgage or not. The valuer is only concerned with problems that might affect the security of the loan, not whether you have any structural problems that need fixing.
This means the borrower.
If property is registered, the title to the property is registered at the Land Registry and is guaranteed by the state. The owner has a 'Land Certificate' instead of the usual title deeds. Buying registered property is more straightforward than buying unregistered property.
A sum of money withheld by a lender pending the completion of certain specified works.
Share of Freehold
Where the Leaseholders jointly own the freehold themselves.
Housing associations offer shared ownership as a part-buy part-rent way to own a property. You pay a mixture of mortgage and subsidised rent, making the homes affordable for those on or below average incomes. If you start to earn more, you can increase your shares in your home, and have the option of owning the property outright.
A Special Protection Area (SPA) is a site that is designated by the European Habitats Directive as being of European importance for its populations of wild birds.
Property purchase priceSDLT rate from 4 December 2014
Up to £125,000Zero
The next £125,000 (the portion from £125,001 to £250,000)2%
The next £675,000 (the portion from £250,001 to £925,000)5%
The next £575,000 (the portion from £925,001 to £1.5 million)10%
The remaining amount (the portion above £1.5 million)12%
The means of transferring funds i.e. completion monies, electronically upon completion to sellers solicitor.
The legal ownership of a property or the rights which a person/people have to a property.
The document which transfers over legal ownership of a property.
If property is unregistered, ownership is not guaranteed by the state. The title can only be proved by a copy of the title deeds, and your solicitor will check back the property's documentation over at least 15 years to certify it. With unregistered property, disputes over title are not uncommon.
We bought our first house through Castles (Aldershot). Michael Johnson was our estate agent and he was AMAZING!!! He always made sure he returned calls and informed us of any changes immediately ! After having previous issues with another estate agent company Michael helped and supported us so much. Would definitely use Castles again.- Mary