you came to the right place for more.

‘0

Subject to Contract: The term used to cover the period after a Price has been agreed by the Buyer and Seller, but before a formal exchange of contracts make the sale and purchase

legally binding.

Gazumping: Is where a SELLER accepts a higher offer

from someone else.

Gazumping can occur at any time, but Gazundering is most likely just before an Exchange of Contracts to

ensure maximum advantage for the Buyer.

Gazumping occurs in a rising Housing Market;

Gazundering occurs in a falling Housing Market.

The Seller gives up possession of the

property to the Buyer in return for the balance of

the purchase price.

Contract Rate: A penalty rate of

interest, payable by either the seller or the buyer, if the sale or purchase does not complete on the Completion Date.

Property Information Form: A questionnaire completed by the Seller which gives information about the property such as extensions, rights of way,

disputes and flooding.

‘0

Ground Rent: Annual payments made to a

Landlord. Applies only to leasehold properties.

Not to be confused with a Rentcharge.

Tenure: The Legal Title to a Property can be either Freehold or Leasehold.

Deed of Variation: A Deed that changes the

terms of a Lease.

‘0

£

It will also show whether the property may be affected by Radon gas, flooding, landslip,

coal mining or subsidence.

500m

‘0

Mortgagor: The borrower who gives security to the lender.

Redemption Figure: The amount required

to pay off an existing mortgage

on a property.

‘0

There are other ways Declaration of Trusts can be used but mostly they are

used where the owners are neither married nor in a civil partnership.

Shared Equity: where a buyer purchases a

percentage share in a property and the

developer/housing association keeps the

remaining percentage share.

Shared Ownership: This scheme allows buyers to purchase a

house for as little as a 25% share in the property. The other 75%

share is paid as subsidised rent.

Engrossment: The final version of a document after any agreed amendments have been made to

the original draft.

X X

By the power of the Internet, this

presentation is available for sharing. We would love it if you shared this with your

family, friends, and colleagues.

Clutton Cox Solicitors are based in Chipping Sodbury, Bristol but we really do cover all of

England and Wales.

Follow Us on Twitter @cluttoncoxlegal Or Just Plain (see what we did there) get in touch

info@cluttoncox.co.uk

01454312125