Definitions - C
- Caveat Emptor
- Literally means let the buyer beware. The buyer is responsible for finding out the condition of the property by survey and any matters affecting the legal title to the property by using a conveyancer to check the title and carry out searches.
- Chain
- Where a property seller is also buying another property this is a chain of transactions and some chains can have many links.
- Charge Certificate
- An official certificate issued by the land registry where a property is registered detailing the ownership mortgages and interests in the property.
- Commons Registration Search
- A search at the local authority to check the property is not registered as common land or part of a village green resulting in third party rights over the property (e.g. grazing) resulting in the enjoyment of the property being limited.
- Completion
- The moment when the buyer becomes the new owner of the sellers house and the day the seller must have left the property.
- Completion Date
- The completion date is the date when the property becomes the Buyers and the Buyer can arrange to move into the property. This date is normally agreed between both Seller and Buyer prior to exchange of Contracts. Once a date has been agreed both parties should notify their solicitors once this date is known. It is only when Contracts are exchanged that a fixed completion date is known and therefore you should not make any commitments in respect of arranging removals etc.
Please note that if you are proposing to buy a new built property most developers insist that completion is on Notice which means that once the Developers Solicitors have received notice that the property is completed from the site office, their solicitors will issue a Notice to the Buyers solicitors stating that they have a certain number of days in which to arrange for completion to take place. Please note that most developers insist on completion taking place within 7/14 working days of notice being served. - Completion Statement
- A written calculation of all the receipts and payments due in respect of the transaction.
- Conditions of Sale
- The conditions of the sale are detailed in the Contract that the seller’s conveyancer prepares and sends to the buyer’s conveyancer. There are standard Law Society conditions to which the conveyancer adds any Special Conditions.
- Conservation Area
- This is an area protected by the Local Authority. Properties in a conservation area may be subject to planning restrictions particularly relating to the exterior of the property.
- Contaminated Land
- Land affected by contamination which could arise from a past use of a property (e.g. oil refinery) or by things stored on the property in the past (e.g. petrol station).
- Contract
- This is the agreement between the buyer and the seller. It sets out the main terms of what has been agreed such as the property, the price and the names of the parties. It also deals with the process if something goes wrong. Rather than making the buyer and the seller meet to sign the same contract, the sellers solicitor draws up two copies of the same contract, and each party signs their own copy. When both parties are ready to legally commit, the two contracts are then exchanged.
- Conveyance
- A document transferring ownership of an unregistered property from one person to another.
- Conveyancing
- The legal work needed to buy and sell properties.
- Council for Licensed Conveyancers (CLC)
- The organisation that governs Licensed Conveyancers in the same way that the Law Society governs solicitors.
- Covenants
- Legal obligations.
- Covenants/Restrictive Covenants
- These are obligations/restrictions that are attached to the property. For instance there may be an obligation to maintain a fence or boundary which is a positive covenant or there may be a restriction on the type of building on the land which is a restrictive covenant.
Terms - C
Mortgage competition 'great news' for buyers
Home buyers will benefit from a battle being waged between Britain's two biggest lenders, as they fight to secure new mortgage customers, it has been claimed.
Home sellers 'moving into letting sector'
With many sellers waiting for house prices to pick up before placing their properties on the market, a growing number are choosing to rent them out to tenants in the mean time, according to new research.
How to beat the credit crunch
New guide packed with practical ideas and tips to help you survive the Credit Crunch just launched
Landlord possession rates continue to drop
The number of landlords being forced to pursue possession claims against their tenants fell during the second quarter of 2008, according to the latest statistics from the Ministry of Justice.
Home sellers 'investing in long-term'
Given the current economic situation, home owners are becoming more prepared to increase the valuation of their existing house with improvements such as underfloor heating, it has been revealed.
Sellers need "kerb appeal"
As the slowdown in the housing market continues and industry experts seem undecided about whether prices will fall further, many homeowners are left struggling to sell their property.
Survey reveals 98 per cent of buyers can secure a mortgage
The vast majority of homeowners do not have an issue arranging a mortgage, according to new research from HSBC.
Law Commission's plans to regulate buy-to-let market
The Law Commission has announced plans to tighten the regulation of the buy-to-let and private rented market which it hopes will improve standards.
Shard-equity mortgage enquiries on the up
Those trying to get onto the housing ladder may want to consider a shared-equity mortgage.
Industry body calls on government to make decision on 'stamp duty holiday'
The latest report from the Royal Institute of Chartered Surveyors (Rics) has hinted at a stabilisation of the housing market over the coming months.
Northern Rock rate cuts - sign that 'competition is returning to home loan market'
The fact that Northern Rock has launched a range of new mortgages is sign that "competition is returning to the home loan market", the Guardian reported.
Industry body gives tips to landlords
Whilst many landlords are reaping the benefits of increasing demand for rental properties and high yields on properties, an industry body has issued advice on surviving the economic downturn.
Scottish housing market 'most resilient' while London and south-east 'strongest'
Consumers concerned about falling house prices should consider Scotland or London and the south-east.
Rental demand 'high' and yields 'good'
As the housing market cools, professional investors could be set to benefit from falling prices, the Times has reported.
AHIPP claim Hips help process of buying and selling
According to the Association of Home Information Pack Providers (AHIPP), there is no doubt that Home Information Packs (Hips) have delivered benefits to both buyers and sellers.
Sale and rent back scheme code of practice for landlords
The sale and rent back system that offers those facing repossession the option to sell their property and then have it rented back to them is being examined by the National Landlords Association (NLA).
Tips for selling property
It is currently taking, on average, 11 weeks to sell a property and Simon Hills of the Times has revealed tips on how "canny sellers" can beat a cooling housing market.
High street bank cuts rates
Cash-strapped borrowers will be pleased to hear that Abbey is cutting the rates on some of its two and three-year fixed and tracker deals by up to as much as 0.10 per cent.
Housing market 'is stabilising'
Those in the capital looking to sell property will be pleased to hear that the market is stabilising.
Sellers look to home improvements to boost property value
Homeowners are making improvements to their property in the hope of making it more attractive to prospective buyers.
Stamp duty suspension could help first-time buyers
First-time buyers may benefit from a government proposal to waive stamp duty to help struggling consumers get onto the housing ladder.
Energy performance certificates could make homes 'more desirable'
As the credit crunch hits homeowner's pockets those who are considering moving are keeping a close eye on the associated costs and are keen to find ways to find ways of cutting back.
'Kid's digs' are 'adding value' for those looking to sell property
Homeowners who are keen to add value to their property before selling it may want to consider building a wooden chalet in their garden.
Shared ownership schemes popular
As lending criteria becomes tougher and borrowers are expected to raise larger deposits, shared ownership schemes are giving first-time buyers a lifeline to get onto the property ladder.
Estate agents accused of not providing buyers with Hips
A number of estate agents have been accused of breaking the law by not providing prospective buyers with Home Information Packs (Hips).
Consumers urged to keep house price figures 'in perspective'
Whilst the Nationwide house price index has shown that house prices have fallen again by 1.7 per cent, the National Association of Estate Agents (NAEA) has said that the figures need to be taken in context.
Proposal for improvements to Hips
A new Property Information Questionnaire (PIQ) may be introduced to help simplify the information contained in Home Information Packs (Hips).
Buy-to-let investors need to be 'selective' about property
Buy-to-let investors can still make money in the current market but they must be "very careful" to ensure they get the correct advice and select the right property.
Lender cuts rates on buy-to-let mortgages
Property investors will be pleased to learn that one of the high street's biggest lenders has announced that is will be cutting interest rates on its buy-to-let mortgages.
Buy-to-let investors looking at UK holiday homes
There are an increasing number of buy-to-let investors who are hoping to put money into a holiday home in the UK, according to new research.
Next two years 'excellent time to snap up' bargains
There are opportunities for those in a strong financial position to snap up a bargain as the housing market slowdown signals the start of the "Great British property sale".