Homebuying Jargon Buster

This is the last stage of the homebuying process and the moment when the property legally becomes yours. Once the balance monies have been transferred and received the ownership of the deeds will be handed over to you as the new legal home owners. After the completion you will receive the keys to your new home.

The contract is a document which sets out the agreement between Harron Homes and yourself in relation to the purchase/sale of your new home. The contracts are two identical documents; one is signed by the seller and the other by the purchaser. When these are exchanged, both sides are legally bound to complete the transactions.

The legal process of transferring property from one owner to another.

Payment towards the price of a property paid by the buyer on exchange of contracts.

This is when both the seller and buyer sign two identical contracts, making both parties legally bound to proceed with the sale and purchase of a home.

Full ownership of the property and the land it stands on.

These fees are paid through your Solicitor to register your ownership of the property with the Land Registry. The scale of fees is fixed by the Government.

Land held under a lease for a number of years on which ground rent is paid.

These are standard enquiries that your solicitor will send out to local authorities, water companies etc. The searches will be carried out in the vicinity of your new home, to check there are no problems affecting the land and locality which you are buying into.

This is the loan taken out to buy a property from a bank, building society or specialist mortgage lending company. Your Mortgage Adviser will explain in more detail the mortgages that are available to you.

Your mortgage lender will have the property valued before making a mortgage offer. You will be required to pay a fee to your lender which can vary dependant on the purchase price and lender.

A non-profit making body whose role is to both protect the home buyer and help the industry to construct good quality new homes. NHBC inspectors carry out spot checks and regular examinations on all properties at various stages of construction. The NHBC will also provide the 10 year Buildmark Warranty.

The Government tax on the purchase price of the property. This amount will vary depending on the value of your home, your solicitor will handle these payments on your behalf.

If you have any further questions about your home move, please speak to your Sales Executive who will be happy to help.