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
New buyers told to sit tight
First-time buyers have been advised to sit tight if they find themselves in negative equity.
New buyers prefer terraced homes
A new report on terraced properties shows that the house type is the most popular among first-time buyers.
Govt expands Homebuy scheme
A new scheme has been launched by the government to help first-time buyers onto the property ladder.
New buyers seek intermediary advice
New figures show that first-time buyers are increasingly turning to mortgage intermediaries for advice.
Debate reveals confidence in housing market
A debate among experts on the UK housing market has revealed that the majority believe now is a good time to invest.
Now is a good time to buy
Homebuyers have been advised that now is a good time to enter the market.
Prime market going strong
The UK's prime property market continues to perform well despite the global credit crunch.
Region strategy for east of England receives mixed response
The government has published its Regional Spatial Strategy (RSS) for the east of England.
Financial advisors have a role to play
Independent financial advisors have a role to play in helping homeowners in financial difficulties.
Rise in millionaire households
A new report has revealed a substantial rise in the number of UK properties sold for at least £1 million.
Tory leader to speak on countryside housing issues
David Cameron is to give a speech on the future of the UK countryside.
Market conditions suit some investors
The collapse of investment company Inside Track should not be of concern to buy-to-let property investors who look to the long-term.
Rics calls for mortgage continuity
The Royal Institution of Chartered Surveyors (Rics) is keen to see more continuity in the mortgage market.
Buyers' market enables first-time buyers to drive a hard bargain
First-time buyers are forcing down property prices, it has been claimed.
Spending plans altered as credit crunch hits consumers
The credit crisis is impacting on people's spending habits, it has been revealed.
Buy-to-let market affected by credit crunch
A rise in the demand for rented accommodation has not been accompanied by an increase in the number of buy-to-let mortgage products on the market, it has been revealed.
Gazundering issue leaves Brits in a flux
UK homebuyers have strong opinions when it comes to the issue of gazundering - but many of them are conflicting, it has been revealed.
Govt needs to focus on empty homes
The government needs to look at bringing empty homes back into use if it is to meet its housing targets.
Poll points to rate freeze
A new poll suggests that the Bank of England's Monetary Policy Committee (MPC) will wait until June before cutting the base rate of interest.
SLS receives CML support
The Bank of England's Special Liquidity Scheme (SLS) has received support from the Council of Mortgage Lender.
Lenders and intermediaries remain upbeat
It appears that many mortgage lenders and intermediaries remain confident about the prospects for the housing market in 2008.
"No doubt" that gardens add value to property
Homeowners can add to the value of their properties by carrying out work on their gardens.
Homeowners told not to panic
Recent negative house price figures should not lead to panic among homeowners.
House prices rise annually
House prices in England and Wales increased by 3.6 per cent year-on-year in March, according to the latest figures.
House price growth set to return
The UK property market is not likely to crash and prices should pick up towards the end of the year.
Borrowers could take payment holiday
Homeowners are being urged to check the terms of their mortgages to see if they are entitled to a repayment break.
Brits still aiming for dream home
A new survey shows that 60 per cent of Britons still aim to own their dream home.
Buyers need to consider price fluctuations
Homebuyers need to consider every possibility when it comes to purchasing a property.
Semi-detached homes win in the popularity stakes
A new report from Nationwide shows that semi-detached properties account for 32 per cent of home sales in the UK.
Landlords expected to purchase more properties
UK landlords are expected to take advantage of the current economic climate and expand their portfolios.
Lenders promise fair play in current climate
The chancellor of the exchequer has held a meeting with senior government ministers and prominent figures from the mortgage industry.