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SURVEYS

Our services include the preparation of building Surveys, Homebuyer reports, valuations of both commercial and residential property, schedules of condition and dilapidation, expert witness reports, commercial lease renewal and rent review negotiations.

BUILDING SURVEY (commonly known as a structural survey)

A building survey is a comprehensive inspection and a report that will provide detail of all the visible aspects of the property, including constructional elements, defects and items of disrepair. The report normally will include photographs but it will not include a valuation. However, the report can be tailored to the requirements of the client and a valuation may be added by arrangement.

SURVEY OF THE MAIN STRUCTURAL ELEMENTS

Effectively this is a scaled down building survey concentrating on those sections of the structure that are fundamental whilst omitting comment on less important issues. It is more usually employed in the context of commercial buildings but it can be engaged in the inspection of a residential property.

HOMEBUYER SURVEY AND VALUATION (HSV)

The HSV is an economy service reporting upon essential problems and defects which are considered to be significant and likely to affect value. It is suited to houses and flats of traditional construction that appear to have been maintained to a reasonable standard.

VALUATION

A valuation may be undertaken for a variety of purposes, for example purchase, relocation, bank loan, compulsory purchase, capital gains taxation and estate duty. The report will be brief and will provide an opinion of market value as defined by the Royal Institution of Chartered Surveyors in its manual ‘Valuation Standards’. Obviously the general condition of the property is relevant to the preparation of the valuation report but the depth of inspection and reporting are limited.

REINSTATEMENT COST ASSESSMENT FOR BUILDING INSURANCE

An assessment will advise upon the cost of re-building in the event of total loss or other insured damage sustained. It is emphasized that there will not be a direct relationship between the sum to be insured and the market value of the property.

SCHEDULE OF CONDITION

A schedule of condition will record the state of the building at a specific time and may be supported by photographs. A schedule is normally associated with the commencement of a lease or prior to the start of adjacent construction work.

SCHEDULE OF DILAPIDATION

A schedule of dilapidations will identify wants of repair in leased premises according to the repairing obligations within the lease. A schedule may be provided for service upon the tenant or the landlord according to the covenants of the lease.

LEASE RENEWALS AND RENT REVIEWS

A considerable breadth of experience backed up by our data base is applied to the negotiation of rent reviews and to the agreement of terms for the commencement of commercial leases both on behalf of landlords and of tenants.

EXPERT WITNESS

We have considerable experience in the production of expert witness reports that are prepared to address issues relating to the valuation and the construction of buildings for the benefit of legal presentation in court or for negotiation purposes.


MORTGAGE GUIDE

Finding the right mortgage is as important as finding the right house. Not only does the right mortgage save you time and money but it provides you with peace of mind.

Listed here below are some of the types of mortgages on offer:

Standard variable rate

This is based on the Lenders basic mortgage rate and, as the name suggests, the rate fluctuates depending on the Bank of England base rate. Mortgage Lenders are entitled to decide whether to follow the Bank of England base rate and alter their own interest rate accordingly.

As a result, a potential Borrower should be aware that with this type of mortgage, any increase in the Lender’s interest rate will result in an increase in your monthly repayments. Conversely, a decline in the interest rate may lead to a fall in your repayments (Lenders do not always pass on reductions/increases to borrowers).

Fixed rate

This gives the Borrower reassurance in the fact that monthly payments over the fixed period of the Mortgage are unchangeable regardless of the Bank of England base rate. However, once this period is concluded, the rate will usually revert to the Mortgage Lender’s standard variable rate.

Should you decide to take out this type of mortgage and the Bank of England base rate falls, you could end up paying significantly more each month but, if the base rate rises, there is no change to your repayment amount.

Fixed rate mortgages give the Borrower the benefit of being able to predict likely expenditure and therefore it makes it easier to budget in the early years of the mortgage term.

NB: In most cases, early repayment will result in charges being levied and it is worthwhile establishing in advance what these are.

Capped rate

The rate of your repayments is capped for a specified period and a maximum amount (“ceiling”) is stipulated which does not take in account any increase in interest rates.

However, in order to enjoy the benefit of this security, the Lender is at liberty to increase the interest rates payable in your mortgage. If the interest rate falls below the capped level, this is passed on to you and your monthly repayment will be decreased.

NB: The availability of this type of rate can vary.

Discounted rate

As the name suggests, with this type of mortgage you get a percentage discount from the Lender’s standard variable rate for a specified period of time. However, you are still subject to any rise and fall in the in the standard variable rate and your monthly repayments will be affected accordingly.

The benefit of the discounted rate is that initial payments are lower, although higher interest rates will be charged later on because, once the discount term ceases, your repayments will increase to the level of the full standard variable rate.

NB: Early redemption penalties are applicable in some instances. Discounted rates are suitable for people who would like lower initial payments at the expense of higher interest rates later on.

Cash back

This is attractive to the first time buyer but the lump sum offered by the Mortgage Lenders may be outweighed by the fact that the mortgage to which the cash back is linked is not usually on fixed or discounted interest rates.

Many Lenders may also request that once the agreed term has expired, the Borrower agrees to take the standard variable rate meaning that you are unable to secure a further deal for some time.

NB: Again check out the early repayment charges.

Tracker rate

Quite simply, your rate of interest reflects that of the Bank of England base rate. You are not at the mercy of your Mortgage Lender and their standard variable rate but this does not prevent your payments increasing or decreasing each month if the Bank of England base rate alters.

Buy to let mortgage

These are tailored for investment properties only and usually there is a ceiling of 85% of the property value. The would-be Landlord must be able to demonstrate that the rental income will exceed mortgage repayments by a certain percentage.

The Lender will also wish to be satisfied that the property to be purchased is a good long term investment.

NB: Do not forget that there will be additional costs involved such as Rental and Legal Expenses cover, insurance premiums for Building and Contents, Letting Agents’ commission, property maintenance and service charges and ground rent (leasehold properties) to name but a few.

Repayment mortgage

This obvious advantage with this type of mortgage is the guarantee that your loan is paid off in full at the end of the agreed period of time (assuming that you have not missed any monthly payments).

The monthly payments are calculated to include interest of the loan itself and repayment of the capital sum. You can therefore see the amount of your debt reducing each month and there will be no hidden “surprises” at the end of the term.

Interest only mortgage

Your repayment is based on the interest of the loan only and the outstanding amount is not repaid until the end of the term of the mortgage.

Monthly repayments normally consist of Interest on the amount borrowed, Life Assurance and Contribution to an Investment Plan (an Endowment or similar) which is designed (although not guaranteed) to pay off the outstanding capital at the end of the mortgage term.

Traditionally, monthly payments on Interest only mortgages are lower than a repayment mortgage but you also have to consider the cost of the Investment Plan in your monthly payments.

NB: As noted earlier, the risk with this type of mortgage is that there is no guarantee that the Investment Plan you choose will yield adequate capital to enable you to pay off the outstanding debt at the end of the mortgage term.

Flexible mortgage

There are many varying degrees of flexibility but to be genuinely flexible, this mortgage should allow the Borrower to take payment holidays, make over or underpayments, borrow back any overpayments, calculate interest on a daily basis and carry no redemptions penalties.

There are many flexible mortgages on the market and some may offer one or more of the above criteria, whilst others offer them all.

NB: Due to the attractiveness of this type of mortgage, it is recommended that you conduct a thorough investigation in order to ensure that the flexible mortgage you choose is right for you.

NB: Many of the mortgages described above may offer the benefit of overpayments but this is usually restricted.


Finally, and above all, it must be noted that YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE


JARGON BUSTER

A

Advance - A mortgage loan - an additional loan is referred to as a further advance.

Adverse Credit - Used to apply to a borrower or application that has past problems with bad credit, for instance frequent late payment, breached arrangement, bankruptcy or County Court Judgement.

APR (Annual Percentage Rate) - The total cost of a loan, including interest charges and product fees, shown as a percentage rate. The calculation assumes that you maintain the mortgage for the full term. APR is an industry standard calculation and enables direct comparison of mortgages from all lenders.

Architect’s Certificate - A certificate provided by an architect, which confirms their overseeing of the construction of a building. Building societies are unlikely to lend on a new-build house in the absence of either an architectÂ’s certificate or an NHBC warranty or equivalent.

Arrangement fee - The cost that a lender applies to secure a product.

Assignment - The transfer of ownership of an insurance policy or a lease.

B

Balance Outstanding - The amount of loan owed at a particular time.

Bank of England Base Rate - The Bank of England set a rate each month known as the 'Base Rate'. Banks and Building Societies use the Base Rate to set the interest rates they pay on deposits, or charge on debts.

Bridging Loan / Bridging Finance - A temporary loan advanced to help somebody buy a new property before they have sold their existing one. Beware - it can prove very expensive in an uncertain market.

Buildings Insurance - Buildings insurance covers loss or damage to the physical structure of your home, for example, the roof, walls and floors. The value of you buildings insurance will be be less than the value of your home as it is the cost to rebuild alone, not the cost of purchase.

Building Regulations - The health and safety requirements that any new construction must meet.

Building Regulations - The health and safety requirements that any new construction must meet.

Building Society - A mutual institution owned by its investors and borrowers that provides a range of savings and mortgages.

Break Clause - A term in a fixed term tenancy agreement which allows either or both parties the right to terminate the agreement prior to the end of the term. Such a clause should always apply to both Landlord and Tenant or it may be deemed and unfair term of contract.

C

Cashback Mortgage - You receive a lump sum or a percentage of your mortgage in cash when you complete your mortgage.

Charge - An interest in the ownership of a property; usually a mortgage or some other debt secured against the property.

Completion - End of the purchase process. The seller moves out, the buyer moves in and ownership is transferred once the money is paid to the seller.

Contents Insurance - Insurance against accidental damage or theft of all moveable contents, including furniture, appliances and soft furnishings.

Contract - A document that describes the agreement under which the property will change hands.

Contract Race - This occurs when two parties have made an offer on the same house, usually at the same price. The vendor will sell to whichever party exchanges contracts first. All parties must be aware that more than one contract has been issued.

Conveyancer - A person other than a solicitor who may conduct the conveyancing.

Conveyancing - The process of transferring property from one party to another, usually managed by a solicitor or a licensed conveyancer.

Covenant - A condition, contained within the Title Deeds or lease, that the buyer must comply with, which is usually applied to all future owners of the property. A restrictive covenant is one that prohibits the owner from doing something.

Covenant - A binding promise in a deed to do or not to do something i.e., maintenance of a fence, or restrictions to trading from a premises

Credit Scoring - Lenders often use a system called credit scoring to help them decide whether to lend to you. They ask a series of questions about you and your finances and score your answers. Depending on your score you will be accepted or declined.

D

Debt Consolidation - The process of combining outstanding debts e.g. loans, credit cards etc, into one loan.

Deeds - Legal documents that show who owns a property or piece of land.

Defective Lease - A badly drafted lease. If this is serious, the vendor may have to obtain a "deed of variation" getting the freeholder's permission to change the original terms of the lease. This can be a lengthy process as it may affect other leaseholders.

Deposit - Sum of money which the buyer puts down to secure the mortgage loan after exchange of contracts, usually 5 to 10 per cent of the purchase price.

Dilapidations - Damage to a property, missing items in an inventory, re-decoration required etc, usually assessed on the check out at the end of the tenancy.

Direct Debit - A Direct Debit is an instruction from a customer to their bank or building society to make regular payments direct from their account.

Disbursements - All the various costs for carrying out the legal work in relation to buying or remortgaging your home.

Discharge - Paying off a mortgage.

Discount Mortgage - A discount offered by mortgage lenders to borrowers, reducing monthly mortgage repayments often for the first two or three years of the loan period.

Dutch Auction - The original meaning refers to an auction in reverse, where an offer price is announced and the auctioneer gradually reduces it until a bid is made. However this meaning has been lost, and a Dutch auction now refers to the informal bidding that takes place when two or more potential buyers are outbidding each other for a property.

E

Easements - A term given to a right which someone may enjoy over another property. These can be rights of way, drainage rights, or more likely access to a neighbourÂ’s land in order to carry out repairs to their own property.

Early Repayment Charge - A charge payable on some mortgages if they are repaid early (during an Early Repayment Charge period). The amount depends on the mortgage outstanding and the terms of the mortgage.

Easement - A legal right over land, for example the right to access a specified area of land, such as a right of way.

Equity - The difference between the value of a property and the amount of mortgage and / or secured loans owed.

Exchange of contracts - The point at which both buying and selling parties sign their copies of the contract which are exchanged by their respective legal representatives and are legally binding. The buyer usually pays a deposit at this point and the date of completion is agreed.

F

Financial Services Authority (FSA) - The regulatory authority for the UK financial services industry. The FSA has taken over the regulation of mortgages and all lenders and mortgage intermediaries must be directly authorised and regulated by the FSA, or must be an appointed representative of an authorised firm.

Fixed rate mortgage -A mortgage where the interest rate payment is fixed for a specific time. It then normally reverts back to a variable rate.

Fixtures and Fittings - Non-structural items included in the purchase of a property ranging from curtains to white goods and disclosed in the fixtures and fittings list.

Flexible Mortgage - An arrangement enabling the mortgage borrower to overpay, and with the overpayments that have been built up, borrow money back, take payment holidays or pay less in some months.

Flying Freehold - This can occur when first floor accommodation forming part of one freehold is located over ground floor accommodation forming part of another freehold. The first floor freeholder does not own the land beneath the property, and is then said to own a "flying freehold".

Freehold - Legal title that gives you absolute ownership of the land your property is on.

Full Structural Survey - A full structural survey looks at all the main features of the property, including walls, roof, foundations, plumbing, joinery, electrical wiring, drains, and garden. Click here for more information

Further Advance - An additional loan to your existing mortgage taken after the main mortgage has completed which is also secured against the property.

G

Gas Safety Certificate - If you are a landlord letting a property equipped with gas appliances you need to understand and comply with the law relating to gas safety. If you let a property, you must make sure that pipe work, appliances and flues provided for tenants are maintained in a safe condition. You need to have a gas safety check every year. A Gas Safe registered engineer must carry out the safety check in your properties. You must give your tenants a copy of the gas safety record within 28 days of it being carried out or before they move in. You are also obliged to show your tenants how they can turn off the gas supply in the event of a gas leak. Annual checks: As a landlord, you are legally responsible for making sure that a Gas Safe registered engineer checks the gas appliances in your rental properties every 12 months and gives you copies of the gas safety records. Gas safety records: When your Gas Safe registered engineer has checked the gas appliances in your rental property they will give you a gas safety record. This record confirms the gas appliances have been checked and are safe. You must give your tenant a copy of these gas safety records within 28 days of the checks being done, or give a copy of the gas safety record to a new tenant before they move in. Remember, you must keep a record of each safety check for two years.

Gazumping - When a seller pulls out of a sale after accepting an offer above the asking price. Often mistakenly used by people who have made an offer below the asking price and where a higher offer is later accepted. If you don't offer the asking price, you may lose out.

Gazundering - A tactic whereby the buyer offers less than the agreed price just before exchange of contracts, usually at the last minute.

Ground Rent - The annual fee which a leaseholder pays to a freeholder.

Guarantor - A guarantor is someone who guarantees to pay your mortgage if you can't or won't for any reason.

H

Higher Lending Charge - This charge is payable (usually added on to your loan) if you borrow more, for example, than 90% of the valuation or purchase price of your property.

HMO - House in Multiple Occupation - This term covers many categories of housing where a house is 'occupied by persons who do not form a single household'. If in doubt, you should check with your local authority as in such cases, the property will need to be licensed if it falls into this category.

Home Buyers Report - This is an intermediate-level survey which is usually offered by the mortgage lender and prepared by their own surveyor. The homebuyer's report comments on the structural condition of most parts of the property that are readily accessible, but it does not involve in-depth investigation or the testing of water, drainage or heating systems.

Home Contents Insurance - A policy insuring household contents against theft and damage.

Home Envirosearch - A report on detailed flood, subsidence and land contamination history for each UK neighbourhood.

Holding Deposit- A holding deposit is intended to reserve a letting, and the landlord/agent does this by taking the property off the market, though new enquiries should still be recorded. If the letting goes through, the holding deposit should be credited to the main deposit or to rent. If the letting does not go ahead, through the fault of the prospective tenant, then it's usual for the deposit or part of the deposit to be retained in compensation for lost time - this belongs to the landlord. In this respect it's important not to take too much as a holding deposit - one week's rent is usually about right and should compensate fairly if retained. If the letting does not go ahead through the fault of the landlord / agent then the deposit should be refunded. In all cases there should be a written Holding Deposit Agreement / Receipt which makes it very clear what will happen to the deposit in these eventualities and when the deposit should be returned or retained. It is important to remember that paying a holding deposit is in no way legally binding on either party

I

IFA - Independent Financial Advisor.

IDD / Initial Disclosure Document - This is a document designed to assist you in comparing the services provided and the fees and charges made by lenders and intermediaries.

Informal Tender - Requires competing buyers to submit their best bids by a specific time and date. It is not a legally binding contract.

Interest Only Mortgage - This is where you only repay the interest on your mortgage debt each month. Alongside this you will need to put money into a separate investment vehicle which is designed to grow sufficiently to pay off your loan when your mortgage comes to an end. You are responsible for the repayment of the capital when the mortgage reaches the end of its term. You may want to seek professional advice on the investment vehicle.

J

Joint Mortgage - A mortgage where there is more than one named individual responsible for the contract.

Joint Sole Agency - This is when you employ two agents to sell your property and where both receive a commission irrespective of which one introduces a buyer. The agents agree to split the fee upon the sale of the property. The agent that sells the property usually gets a higher percentage of the fee. The ratio is pre-agreed with you and written into the agreement.

Joint Tenants - A form of ownership frequently used by couples which ensures that when one dies, the property passes automatically to the other. The alternative is Tenancy in Common.

K

Key Facts Illustration (KFI) - This document contains key mortgage information which is designed to help you compare the costs and features of different mortgages from one or more lenders. It is designed to make it easy to compare mortgages at a glance.

L

Land Certificate - A Land Registry certificate proving ownership of a property.

Land Registry - A government organisation that holds records of all registered properties in England and Wales.

Land Registry Fee - A fee paid to the Land Registry to register your details if you have bought a property or changed mortgage lenders.

Leasehold - To be given ownership of a property but not the land it is built on. This normally requires payment of ground rent to the landlord.

Life Assurance - Insurance which pays out on the death of the policy holder. Policies can run alongside your mortgage and will pay off all or part of the outstanding debt in the event of your death.

Listed Building - A building which is listed as being of special historical or architectural interest, which cannot then be demolished or altered without local government consent.

Local Authority Search - A search of the local area to highlight anything that may impact on the property or surrounding area, e.g. planned road building, planning permissions etc

Loan to Value (LTV) - The amount of mortgage expressed as a percentage of the property value. For example, if your mortgage amount was £80,000 and your property is valued at £100,000 your loan to value, or LTV, is 80%.

M

Maintenance Charge (or Service Charge) - The cost of repairing and maintaining external and / or internal communal parts of a building, which are then charged to the tenant or leaseholder.

Maisonette - Technically a maisonette is an apartment which is on two levels, with its own separate access. Although generally properties on two levels, with or without separate access, are sometimes referred to as maisonettes.

Monthly Interest - A method of calculating mortgage interest on a monthly basis.

Mortgage Deed - A legal document relating to the mortgage lender's interest in the property.

Mortgage Indemnity Guarantee - See Higher Lending Charge

Mortgage Offer - Sum of money that the lender offers to lend you to pay for a property.

Mortgage Payment Protection Insurance (MPPI) - This is insurance designed to pay your monthly mortgage payment for a limited period, usually a year, if you are unable to work through illness, accident or redundancy.

Mortgage Term - The length of time over which the mortgage is to be repaid. Often this is 25 years - but it can be shorter, or in some cases for longer periods of time.

Multiple Agency - This is when you employ the services of more than one agent. The agent that sells the property takes the whole fee. The downside is that fees will be higher and sometimes it can make your property look as if its difficult to sell when prospective buyers receive details from several sources. Additionally, buyers tend to be less confident as they are often concerned another buyer may appear.

Negative Equity - When the value of the mortgage which is outstanding on the property, is more than the market value of the property.

NHBC - National House Building Council. A warranty scheme for new properties providing cover against major structural defects for 10 years.

Non Resident Landlords - If you live overseas and are not a UK tax payer you can apply to receive rent without tax being deducted.

O

Office Copy Entries - If the property has a registered title, the vendorÂ’s solicitor will need to apply for office copy entries from the Land Registry before a draft contract can be prepared.

Ombudsman - An independent professional body which is set up by law to help settle individual disputes between consumers and firms, for example, estate agents, solicitors and insurance companies.

Outline Planning Permission - This is planning consent which is subject to certain reserved matters, such as design, appearance and siting of proposed buildings.

P

Peppercorn Rent - A nominal rent where the landlord does not receive an annual payment in cash. When the owner of land or property wishes to grant a lease, he must charge a rent as an acknowledgement of the existence of the lease. Where the owner does not want to charge any rent but simply wishes to establish the lease exists, he can ask for a peppercorn each year as a token payment.

Planning Permission- The permission granted by the local planning authority (usually the local council) for any new building or engineering operations or change of use of a building if it meets the public's interest.

Premium - The amount you pay regularly, monthly or annually, to an insurer for an insurance policy.

Private Sale - Sale of a property without the use of an estate agent.

Product Fee - There may be a fee involved when you apply for a mortgage. This is to reserve the mortgage and to cover administration costs. Also known as an arrangement fee.

R

Remortgage - The process of moving your mortgage without moving home. You take a new mortgage with a different lender to pay off your old mortgage.

Repayment Mortgage - Also known as a Capital and Interest mortgage. Your monthly payments pay off the interest and some of the capital borrowed. By the end of the term of your mortgage you will have paid off all your mortgage debt.

Repayment Type - How you pay back your mortgage. See Repayment Mortgage or Interest Only Mortgage.

Retention - Holding back part of a mortgage loan until any repairs to the property are satisfactorily completed.

S

Section 21 Notice The notice which must be served to end a tenancy. This can be served at any time after the deposit has been properly registered with an approved scheme but not less than 2 months before possession is required. A Section 21(1)(b) notice must be served to end a fixed term tenancy. A Section 21 (4)(a) must be used to end a periodic tenancy. In this case of a periodic tenancy, it must be served after term ends and expires following 2 mths after term ends. Example: let for 6 mths starting on 1 Jan. Term ends 30 June. Notice served 15 July. Notice expires after 30 September.

Share of Freehold - Share of freehold means that when you buy a flat the lease on the property comes with a share of ownership of the building. Leaseholders in a block with several properties often choose to buy the freehold between them and so share of freehold gives them more control over the management of the property. It is important to remember that when purchasing a property with a share of free hold, the property is still a leasehold property.

Sinking Fund - When you buy a leasehold property, part of the service charge may be paid into a sinking fund. The sinking fund builds up over the years to cover future projects that may be needed to repair or improve the building. The freeholder or the property management company will be responsible for the service charge management and will notify leaseholders if part of the service charge will be paid into a sinking fund.

Sole Agency - Where you employ the services of one agent to sell your property for an agreed period of time. Should you sell your property through another agent before your agreement with the sole agent has ended, then you may have to pay the original agent their fee as well. Likewise, the agent must respect the terms of the agreement and ensure that the service promised and agreed is delivered. If other agents approach you during the term of a sole agency agreement, they must warn you of a possible liability to pay commission to more than one agent. Sole Agency fees are lower than where more than one agent is instructed.

Sole Selling Rights - This means that the appointed selling agent will be due the agreed fee, even if you end up selling your property privately or through another agent. This usually applies to development / land, new homes, auction and properties being sold by tender.

Solicitor - Legal expert handling all documentation for the sale and purchase of a property.

Stamp Duty Land Tax - A tax you must pay on a property when you buy it. The duty must be paid at the point of completion.

Statutory Periodic Tenancy - If at the end of a fixed term tenancy, neither parties do anything and no further agreement is made, the tenancy will automatically run from one rent period to the next on the same terms as the preceding fixed term assured shorthold tenancy. It will continue to run on this basis until replaced by a new agreement or by one party giving the other notice. Once notice is served, it will only be effective from the start of the next period of renewal and will end on the last day of that period. The tenant will have to provide not less than 1 months notice and the landlord not less than 2 months.

Subject to Contract - Words to indicate that an agreement is not yet legally binding.

Settlement - caused by the weight of a new building/structure or part of it. Buildings are heavy things and, as their weight is taken up by the ground, a little movement caused by this adjustment sometimes occurs as the ground consolidates under the new load - this is settlement. It usually occurs early in the life of a building and rarely recurs, although, there are exceptions, for example, in soft clay soils. Settlement rarely causes problems, although differential settlement (differing degrees of settlement between connected parts of the same structure) can cause damage. Not to be confused with subsidence.

Subsidence - This results from external factors which cause the disruption, displacement, contraction or distortion of the ground under or around a building. Some of the more common causes include- TREES - trees extract moisture from the ground which then contracts, particularly in shrinkable clay soils, causing buildings above to move (subside). DRAINS - leaking drains can wash away or erode the adjacent ground which then partially collapses reducing the lateral (sideways) strength of the ground. The support provided by this ground will then be reduced causing any building above to move (subside). There could be movement in the ground beneath your home if you find: New or expanding cracks in plasterwork;New or expanding cracks in outside brickwork or rendering; Sticking doors or windows; Rippling wallpaper with no other apparent cause e.g. damp.

Survey - A thorough report on the property you are planning to buy. This can be a full structural survey, a homebuyers report or a basic mortgage valuation.

Surveyor - Person who conducts the survey.

T

Tenants - People living in a property on a non-ownership basis.

Tender - This is an arrangement whereby prospective purchasers are invited to submit sealed bids by a previously stated date and time. The moment the offer is accepted by the seller, the arrangement becomes a legally binding contract.

Tenancy in Common - A form of ownership by two or more people in which, if one dies, their share of the property forms part of their estate and does not automatically pass to the other(s).

Tenure - A collective term which relates to the nature of the owners title to a property i.e. is it freehold or leasehold.

Title - The record of ownership of a property, the evidence of which is found in the title deeds.

Total Amount Payable - The total cost of repaying a mortgage.

Tracker Mortgages - Tracker mortgage normally follow movements in the base rate set by the Bank of England. The interest rate is then set at a constant level above or below the base rate, rising and falling in line with any changes during the tracking period. This means that if the base rate falls, the amount you pay falls. Likewise, if the base rate goes up, so will your payments. Tracker mortgages tend to be for a set period of time, say five years, after which you usually transfer to a new tracker rate, or to a different type of rate altogether.

Transfer Deeds - The Land Registry document that transfers legal ownership from seller to buyer.

Transfer of Equity - Adding or removing a party to / from a mortgage.

U

Under Offer - A term applied to a property for which the seller has provisionally accepted the buyer's offer.

Underpinning - In construction, underpinning is the process of strengthening and stabilizing the foundation of an existing building or other structure. Underpinning may be necessary for a variety of reasons: The original foundation is simply not strong or stable enough; The usage of the structure has changed ; The properties of the soil supporting the foundation may have changed (possibly through subsidence) or were mischaracterized during design; The construction of nearby structures necessitates the excavation of soil supporting existing foundations; It is more economical, due to land price or otherwise, to work on the present structure's foundation than to build a new one.

V

Valuation - A valuation of the property for mortgage purposes to ensure that the property is worth the amount requested for a mortgage

Valuation Fee - The charge for the valuation of the property.

Variable Interest Rate - Rate of interest payment that fluctuates over time with general interest rates.

Vendor - The seller of a property or piece of land.