Norfolks online estate agents. Est. 2007

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AdvertisingTo publicise the qualities of a certain product - a house - in the case of an estate agent. Advertising can take numerous forms like internet advertising, newspaper advertising, radio advertising, window display advertising
AuctionA sale of goods or property at which intending buyers bid against on another for individual items
Bridging Loantemporary finance 'bridging' the period between completion on the purchase of a property and the sale of an existing property, funds from which are intended to finance/part finance the new purchase
Building Preservation OrderAct 1990 to protect buildings of special architectural or historic interest from demolition or alterations that would affect their interest.
Building Survey And Valuation(A more detailed inspection suitable for large or older type buildings).
Buildings surveyThis is a technical report following an inspection of the property. It will give you a comprehensive account of the condition of the property, describing any structural or other defects. See also: Surveys
Built indesigned or fitted as a fixed or permanent part. Example: Built in wardrobe
Buy to Let mortgageA type of mortgage designed for private individuals to invest in property to let. A large number of mortgage lenders now offer Buy To Let mortgages and take into account the rental income likely to be achieved
Capital Appreciationgrowth or gain in the value of a property or asset over time. Added to income. This contributes to the overall or total return on a property or financial investment.
Caveat EmptorLet the buyer beware. The buyer is responsible for making sure that a purchase is of reasonable quality - the onus is upon the buyer to discover, not on the seller to disclose.
Cavity WallAn external wall of a building that is made up of two leaves of masonry, bricks or blocks separated by a cavity
ChainA number of linked property transactions where exchange of contracts must take place simultaneously.
Commissionfee paid to your estate agent, usually following exchange of contracts.
Completionthe date when the purchaser and vendor complete the sale of land or property. The purchaser pays the balance of the purchase price and the vendor gives possession to the purchaser.
Contractthe formal document which details all the terms of sale. The contract is prepared by the vendor's solicitor and a copy is sent to the purchaser.
Conversionsthe sub-division of residential properties into bedsits, self-contained flats or maisonettes.
ConveyancingThe legal work involved in buying and selling properties.
CovenantA condition, contained within the Title Deeds or lease, that the buyer must comply with. This is usually applied to all future owners of the property. A restrictive covenant is one that prohibits the owner from doing something.
Deedthe legal documents relating to property. These will include all matters which relate to the property since it was built.
DepositThe money you pay on exchange of contracts as part of your initial contribution to the purchase of your home.
DisbursementsThe fees paid by your solicitor, such as Stamp Duty, Land Registry and search fees on top of conveyancing.
Draft contractUnconfirmed version of the contract.
Draft Transfera legal document issued by the vendor's solicitor to the purchaser's solicitor setting out the terms and conditions of sale.
Energy Performance Certificates (EPCs)These are needed whenever a property is: built, sold or rented. If you’re selling or renting your home, you must order an EPC for potential buyers and tenants before you market your property. In Scotland, you must display the EPC somewhere in the property - eg in the meter cupboard or next to the boiler. An EPC contains: information about a property’s energy use and typical energy costs and recommendations about how to reduce energy use and save money. An EPC gives a property an energy efficiency rating from A (most efficient) to G (least efficient) and it is valid for 10 years.
Edwardianproperty built between approximately 1901 -1910.
Elizabethanproperty built between approximately 1560 -1603.
Equitythe difference between what is owed by way of mortgage on a property and the value of the property.
Exchange of Contractspoint at which vendor and purchaser exchange binding contracts with the payment of a deposit, at the same time agreeing to a completion date.
Fixtures and Fittingsnon removable items within the property. These are items that permanently fixed in position. e.g. the bath, toilet, doors and radiators.
Freeholdlegal ownership of land.A freehold interest in property means absolute ownership, although technically all land is held from the Crown.
GazumpingGazumping is the term used to describe a situation in which the seller of an asset (let's say a house) accepts a purchase offer, having already accepted another lower offer from another potential buyer.
GazunderingTo lower the amount of money being offered to a seller of a property after a price has already been agreed.
Georgianproperty built between approximately 1714 -1800.
Ground Rentrent paid to the owner of freehold land by a person who has a Lease.
Guarantorsomeone who guarantees an obligation of another.
Habitable Roomall living rooms and bedrooms, but not kitchens, bathrooms, WCs or circulation space, are normally regarded as habitable for the purposes of density calculations. A room fit to be lived in.
Help to Buy mortgage guarantee The Help to Buy mortgage guarantee will help you buy a home with a deposit of only 5% of the purchase price. The scheme will help people buy any home worth up to £600,000. The Government will guarantee the next 15pc of the loan for a fee. Help to Buy mortgage guarantees will be open to both first-time buyers and home movers. However, you won’t be able to get a Help to Buy mortgage guarantee if you’re planning on renting out the property. The guarantee is provided to your lender - not to you. To qualify for a Help to Buy mortgage guarantee, the home you want to buy must be offered for sale at £600,000 or less, not be a shared ownership or shared equity purchase, the property can be newly built or already existing.You don’t have to be a first-time buyer and there’s no limit on your level of income. But you can’t use Help to Buy with any other publicly funded mortgage scheme.
Home buyers reportThe homebuyer's report comments on the structural condition of most parts of the property that are readily accessible, but does not involve in-depth investigation or the testing of water, drainage or heating systems.
Homebuyer Survey And Valuation(carried out by a Chartered Surveyor and designed to focus on urgent or significant matters requiring attention).
Land Certificateland document issued by the Land Registry to the owner of registered land as proof of ownership. It includes a copy of the register and the plan showing the extent of the land.
Land Registrythe Land Registry is a Government agency responsible for the registration of title to land. Registration enables the sale of land and property to take place without the laborious and expensive exercise of checking through title deeds. The Land registry website is www.landregistry.gov.uk
Land registry feeYour conveyancer pays this on your behalf to register your details in the Land Registry records once you've bought a property or changed your mortgage lender.
Land Searcha formal application for an inspection of the Land Registry register. A certificate is issued showing the current situation of the land in question.
LeaseholdTo be given ownership of a property but not the land it is built on. This normally requires payment of ground rent to the landlord. A leasehold is normally offered for either 999 years, 99 years or shorter terms.
LessorPerson responsible for granting a lease - normally the landlord.
LettingA property that is being Let
Listed Buildingbuilding or other structure of special architectural or historic interest
Listed Building Consenta permission required for the alteration or demolition of a listed building.
Local authority searchPart of the conveyancing process when you buy a property, carried out by your conveyancer. It gives details of any matters which, from the local council's point of view, affect the property. It reveals any proposed changes to the local area, such as road improvements, and details any planning permission given for the property, or tree preservation orders etc.
MezzanineIntermediate floor usually in a multi-story building, which does not extend to the full floor area of the whole building.
Multiple OffersTwo or more offers made by different purchasers within a short space of time.
OfferA bid made by a prospective buyer, this is not legally binding.
Open market valueAn opinion of the best price at which the sale of an interest in the property would complete unconditionally for cash consideration on the date of valuation.
Part-possessionThe term used when a property is being sold, where a tenant has legal right of occupation
Pre-contract enquiriesThese are enquiries made by the purchaser's solicitor to the vendor's solicitor requiring information relating to the property being purchased prior to exchange of contracts.
Private Treatyformal name given to the method by which most estate agents will undertake the sale of residential property. This term covers the whole range of services normally associated with the sale process, culminating in 'exchange of contracts' and 'completion' between vendor and purchaser.
Public Right of Waya way where the public has a right to walk, and in some cases ride horses, bicycles, motorcycles or drive motor vehicles, which will be designated either as a footpath, a bridleway, a road used as a public path (RUPP) or a byway.
Purchaserthe buyer of a property.
Regencyproperty built between approximately 1800 -1837.
Reinstatement valueA surveyors valuation report or survey will show the reinstatement value of the property. This figure is not the value of the property, but it is the cost of totally rebuilding the property. Any insurance you get for the property must cover a rebuilding cost at least equal to the reinstatement value of the property.
RetentionHolding back part of a mortgage loan until repairs to the property are satisfactorily completed.
Searchesprocedure undertaken by a solicitor or legal representative during the conveyancing process to establish whether any issues exist which may adversely affect the property which is to be purchased.
Semi detached propertyA property joined to a neighbouring building by a shared wall.
Sole agencyThe choice of a single estate agent to act on the seller's behalf, incurring a lower fee than multi-agency.
Stamp Dutya Government tax levied on the purchaser of a property and calculated as a percentage of the purchase price. For more info HMRC have provided and handy onlline calculator here : Stamp Duty Calculator
Statutory Undertakers/Statutory Utilitiesproviders of essential services such as gas, electricity, water or telecommunications.
Structural surveyA specialist report from a structural engineer on the condition of a property.
Subject to contractWhen an offer is made to purchase a property 'subject to contract' it means that all the dealings are subject to the actual exchange of the contract itself. Nothing is binding on either the vendor or purchaser until the contracts are exchanged.
Surveythe three main types are: Buildings survey, Home buyers report, Homebuyer Survey And Valuation, Structural survey
Tenancy In Commonwhen property is held jointly between two people and each of them own an individual share which can be passed on under a Will.
Tenantperson occupying a property, normally subject to the terms of a lease agreed with the landlord.
Tenderin the process known as 'For Sale By Tender' the asking price will not be stated. Instead, written offers will be invited and a closing date for such offers published. All offers are normally opened at the same time, usually with the vendor's solicitor present. Generally, the vendor is not committed to accepting the highest or any offer.
Tenurea collective term relating to the nature of the vendor's title to a property i.e. freehold, leasehold or crownhold.
Terrace propertyA row of houses built together in the same style, separated only by shared dividing side walls.
TitleThe ultimate record of ownership of a property, the evidence of which is found in the title deeds.
Transferthe legal transfer of ownership on completion of the sale of registered land or property.
Tree Preservation Order (TPO)direction made by a local planning authority that makes it an offence to cut, top, lop, uproot or wilfully damage or destroy a tree without that authority's permission.
Tudorproperty built between approximately 1485 -1550.
Under offerWhen the seller has accepted an offer on the property but contracts have not yet been exchanged.
Unregistered landLand which is not registered with the Land Registry. Proof of ownership is by production of the Deeds.
Vacant Possessionthe date by which the vendor agrees to give up possession of the property (see 'Completion'). A well used estate agency phrase which means that the property being offered will be vacant upon completion of the sale. The property is therefore offered free from any such encumbrances as a sitting tenant or service tenancy.
ValuationArranged by your lender to find out if the property is worth the amount you've agreed to pay, and therefore suitable to lend a mortgage on.
Vendorthe legal owner of a property which is being offered for sale.
Victorianproperty built between approximately 1837 -1901.
 
Surveythe three main types are: Buildings survey, Home buyers report, Homebuyer Survey And Valuation, Structural survey
1. Building Survey And Valuation(A more detailed inspection suitable for large or older type buildings).
2. Buildings surveyThis is a technical report following an inspection of the property. It will give you a comprehensive account of the condition of the property, describing any structural or other defects. See also: Surveys
3. Home buyers reportThe homebuyer's report comments on the structural condition of most parts of the property that are readily accessible, but does not involve in-depth investigation or the testing of water, drainage or heating systems.
4. Homebuyer Survey And Valuation(carried out by a Chartered Surveyor and designed to focus on urgent or significant matters requiring attention).
5. Structural surveyA specialist report from a structural engineer on the condition of a property.