Glossary Of Terms

FREEHOLD
Complete ownership of a property, including the land it is built upon.

LEASEHOLD
To 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.

SHARE OF FREEHOLD
The flats within a building are owned on a leasehold basis - meaning that the leaseholders still have obligations not to change the character of the building etc - but the freehold is divided between the flat-owners.

GROUND RENT
The money paid to the freeholder by the leaseholder. This is usually paid annually or semiannually.

SERVICE CHARGE
The charge made by the managing agent or landlord of a property. These charges vary and can be substantial. The charges may cover insurance, water, heating and the maintenance of lifts and the common areas of the building.

STAMP DUTY
Government tax levied on the purchaser of a property and calculated as a percentage of the purchase price

SOLE AGENT
Where for a minimum agreed period the vendor appoints John Payne to exclusively market the property for sale. Sole agency offers the lowest level of fees.

JOINT SOLE AGENT
Where two agents agree to jointly market the property on behalf of the same client. John Payne will accept joint sole agency instructions subject to there being a recognised fee sharing arrangement with the second agent. A joint sole agency will usually attract a higher level of fees than a sole agency.

MULTI AGENT
The highest fees are charged when the vendor instructs two or more estate agents to independently market the property.

COMPLETION
The date that the purchaser & vendor complete the sale of land or property. The purchaser pays the balance of the purchase price & the vendor gives possession to the purchaser.

EXCHANGE OF CONTRACTS
The point at which vendor and purchaser exchange binding contracts with the payment of a deposit, at the same time agreeing to a completion date.

CHAIN
A sequence of linked house purchases, each of which is dependent on the preceding and succeeding purchase.

OIRO : Offers In the Region Of.
OIEO : Offers In Excess Of.

EPC : Energy Performance Certificate -
An energy survey needed to produce an EPC is performed by an inspector who visits the property, examines key items such as loft insulation, domestic boiler, hot water tank, radiators, and so on. He or she then inputs the observations into a software programme which actually performs the calculation of energy efficiency. The programme gives a single number for the rating of energy efficiency, and a recommended value of the potential for improvement. There are similar figures for environmental impact and the potential for improvement is also presented. The householder will have to pay for the survey, which costs around £65.

THE PERIODS
The dates of the periods are not hard and fast and vary in different publications. Within reason the following are usually accepted:

Queen Anne - 1702-1714
Georgian - 1714-1830
Victorian - 1837-1901
Edwardian - 1901-1910

TITLE
The ultimate record of ownership of a property, the evidence of which is found in the title deeds

FIXTURES & FITTINGS
non removable items within the property. These are items that permanently fixed in position. e.g. the bath, toilet, doors and radiators.


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