Jargon Buster

Search

This is a request or enquiry relating to information about a property that is held by the local authority or the Land Registry.

Security

The property which the lender can sell to repay the loan if the borrower does not keep up the mortgage payments.

Semi-Detached

A property which is joined to one other house.

Service Charge

The costs that are incurred by a freeholder for repairing and maintaining internal and external communal parts of a building which is passed to the leaseholder.

Sole Agent

This is a single estate agent entrusted with the sale of a property usually for an agreed term.

Solicitor

A legal expert who handles all documentations of a sale or purchase of a property.

Stamp Duty

The tax paid by the buyer for a property where the purchase price exceeds £125,000. The rates of duty paid currently range from 1% to 4% of the purchase price depending upon the total value of the property bought. Some areas may be exempt from this charge depending on local conditions.

Standard Variable Rate (SVR)

The standard variable rate is the normal interest rate lenders change. This rate can change from time to time.

Structural Survey

The most comprehensive type of property survey carried out by a professional surveyor that should give the buyer an indication of any structural problems or repairs required

Studio Flat

A property that consists of one main room or open plan living area which incorporates both sleeping and cooking facilities generally with a separate bathroom or shower room.

Subject to Contract

The term used to confirm that a transaction is not legally binding.

Surveyor

A professionally qualified expert who carries out an instructed survey.