Official Copy/Office Copy
An official copy of a document held by a Public Office such as a Land Registry
Permission granted by a Local Authority to carry out improvements or developments on a property e.g. to build an extension. Approval by the local authority to the building or change of use or extension to an existing property
To pay off a loan or mortgage.
The exact amount of money needed to pay off a mortgage or loan. The redemption figure will include any penalties that are due (for example if there are penalties in your mortgage for paying it off early). The amount of the redemption figure can also change from day to day as many lenders add Interest on a daily basis and the amount of the redemption figure can also be affected by exactly when you made your last mortgage payment. Note that some lenders will charge interest on a monthly basis
Sum payable to a third party even though the property is freehold. Common in some parts of the country (including Greater Manchester) as a means of income for a former owner or, more recently, to enable covenants to be enforced. The owner of a freehold house paying a rentcharge may be able to redeem the rentcharge by paying a single lump sum. More information about redeeming rentcharges can be found on the Government website
Sellers Property Information Form
This is a questionnaire about the property completed by the sellers. It covers such items as guarantees, neighbour disputes and boundaries. If you are buying then time can be saved if you tell us at an early stage if there are any particular points about the property that concern you. We can then ask the seller's solicitors the relevant questions.
If you are selling and the buyer's solicitor asks a question to which you do not wish to give an answer to, for whatever reason, it is essential that you discuss it with us. Failure to disclose information could give the buyer grounds for taking action against you.
A payment made by a tenant/leaseholder to a landlord or his agent for repairs or maintenance to a property.
Stamp Duty Land Tax
This is simply a tax charged by the government, and only affects you if you are buy property for more than £125,000. It is paid by the buyer. If you buy for exactly £125,000 you pay nothing in stamp duty; if you pay from £125,001 to £250,000 stamp duty is charged at 1% on the whole of the purchase price. From £250,001 to £500,000 it is charged at 3%, and above £500,000 it is charged at 4%.
Report on the property commissioned by the purchaser.
This is a report carried out by a surveyor on the physical state of the property you are buying.
If you are buying a property you should be aware that the property is "sold as seen". It is for you, as the buyer, to discover any physical defects by means of inspections and surveys.
Most houses are bought with the assistance of a mortgage and the bank or building society, will require a mortgage valuation. However, this is not a survey - it merely ensures that they property is of sufficient value to protect the lender's interest. Our advice is that you should at least have an RICS Homebuyer's Report prepared by a qualified surveyor. This will cost more than a mortgage valuation but it is advisable.
Tenants in Common
Each owner owns a precise and specified share of the property and each is able to leave their share of the property by Will to whomever they choose. If the property is held as Tenants in Common, you must be specific about the proportions of ownership. e.g. Owner A is to own 30% and owner B is to own 70% See also Joint Tenants
Documentation providing proof of ownership and which set out the rights and obligations pertaining to the property.
These documents firstly act as evidence that the person selling the property actually owns it, and secondly set out any rights or obligations that affect the property.
If you are selling, then valuable time can be saved if your title deeds can be obtained by us at an early stage. If you have a mortgage then your bank or building society will be holding your title deeds. We will need to know your mortgage account number and the name and address of the lender. Some lenders charge a fee to send out your deeds but this will normally be added to your mortgage account.
Transfer Deed (TR1)
The document which transfers ownership of the property from the vendor to the purchaser. This is the document that passes the ownership of the property from the seller to the buyer.
It is dated with the completion date, and will be sent to the Land Registry after completion.
Having no tenant or occupant
Water Drainage Search
Details whether waste water from the property flows out into a public or private sewer and whether the property is connected to a public or private water supply. Also how the property is billed for the water and wastewater charges (either rateable value or water meter). Additionally confirmation whether the property is close to or is affected by water mains or public sewers.