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Foreman Homes

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Glossary

Apartment A single storey self-contained housing unit occupying part of a building. Agency sales fee A fixed amount or percentage of the value of your home paid to an Estate Agent when they sell your home. Arrangement fee A fee to be charged by the lender when applying for a mortgage. Arrangement fees are usually paid on completion of the mortgage and anything from £250 to £500 is fairly common. Back Garden Scheme Development schemes utilising domestic gardens Boundaries These are the areas around a property which identify the start and end of the land and ownership. Brown Land Land that has been previously developed. Building survey Also known as a full survey, this involves an extensive investigation of the property and a thorough examination of all the major aspects and minor details that are visible. Bungalow Typically single or one and a half story dwelling. Cashback Where cash is made available to the purchaser on completion. Completion On completion of the sale, your solicitor forwards the remaining balance of the purchase price to the seller's solicitor. You then have the right to take occupancy of the property. Contract A legally binding agreement or set of 'promises'. Conveyancing The act of transferring the legal title for a property from one person to another. Deposit The money required at the point of reservation when purchasing a property. Detached A dwelling standing as a separate building with no adjoining properties. En suite A shower/bathroom that directly adjoins a bedroom. Estate Agent The representative of the person selling a property. Exchange The point at which the purchase of a property becomes legally binding. Green Land Previously undeveloped land. Handover The point on Completion where you will receive the keys to your property. IFA An independent Financial Advisor able to give advice on a varying range of financial products. Mortgage The loan that most people use to fund the purchase of a property which becomes the security for the loan. Mortgage Offer The offer to borrow an amount of money from a financial institution. This is not a guarantee of a loan but an offer which is subject to certain requirements being satisfied. Part Exchange A 2nd hand property that has been taken as part payment against a new property. Planning Consent Where permission has been given by the Local Authority to agree that certain building work can be carried out. Semi Detached A property adjoined by only one other property. Settlement When the land upon which a new property has settled after construction, very small cracks can occur. This is very common and can be easily rectified. Shrinkage When a new property 'dries out', shrinkage commonly occurs and is easily rectified. Site Manager The person responsible for managing the construction of a particular site. He will report to the Construction Manager. Snagging The production of a list of construction issues at the end of a build process. Solicitor Legal professional who is instructed to act on behalf of the buyer in the purchase of a home. They check the legal position of the house, carry out a local authority search, land registry searches and oversee the smooth exchange of contracts between the relevant parties. Stamp Duty Stamp Duty Land Tax is charged on buying a residential house. There are different bands of tax relating to the purchase price of the property. Terraced Where a row of identical or mirror-image houses share side walls. the first and last of these is called and End Terrace. Townhouse Usually properties arranged over three floors.