Definitions - S
- Sellers Property Information Form
- This is a list of questions which the Seller’s have to complete and which forms part of the Contract papers which are sent to the Buyers solicitors. They include information as to who is responsible for the boundaries, whether there have been any alterations to the property, whether there are any guarantees which will be transferred on the sale of the property, whether there have been any neighbours disputes etc.
- Service Charge
- A payment required by a lessor or managing agent to cover the costs of maintaining and running a development (e.g. gardening and decorating and also insuring a block of flats).
- Smoke Control Order
- An order made by the local authority designating an area to be one in which only smokeless fuels may be burnt (i.e. not coal or wood).
- Stamp Duty
- This is a tax charged by the government, and only affects you if you buy a property for more than £125,000. It is paid by the buyer.
If you buy for exactly £125,000 you pay nothing in stamp duty; if you pay from £125,000 to £250,000 stamp duty is charged at 1% on the whole of the purchase price. From £250,001 to £500,000 it is charged at 3%, and above £500,000 it is charged at 4% - Subsidence
- Where a property moves due to inadequate foundations or severe change to the underlying ground resulting in an instability in the structure of a building often evidenced by cracks in walls.
- Survey
- An inspection and report on the property by a surveyor as to the state of the property and value.
