Glossary Of Terms

Some of the terminology used can be a little confusing. At Manorlane we are trying to make the home buying process as clear as possible by offering simple explanations wherever possible. The following glossary should help you understand some of the terms you are likely to hear.

Survey

Your mortgage lender will want to carry out an inspection of the property you are buying to give them the confidence that the property is suitable for them to lend the money on.

Valuation Fee

This is the fee you pay for the survey above. Some lenders refund this after legal completion.

Stamp Duty

This is a tax paid to the government of the registration of the property in your name. The amount due depends on the purchase price of the property.

Searches

These are carried out by your solicitor with the local authority and the land registry to check there are no outstanding unfulfilled obligations on the property. A bankruptcy search would also be made to check your financial history.

Conveyancing

This is the part of the process carried out on your behalf by your solicitor.

Conclusion Of Missive

This takes place between the buyer's and vendor's solicitors. From this moment the sale is irrevocable without considerable expense to either you or Manorlane, depending on who is at fault.

Deposit

This is due at Missive and is normally 1 percent of the purchase price and is paid to your solicitor who passes it on to Manorlane.

Legal Completion

This is the moment that all monies are transferred and ownership of the property passes to you.