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Here’s our A-Z of useful terms that you’ll come across when buying and selling a house. Whether you’re looking to understand a specific term, get an overview of house buying terminology or start your research into a particular topic, hopefully this will help. Advance – another term used to describe your mortgage loan.
- Completion
And if you’re in a housing chain there is always the risk...
- Completion
- Pay Your Deposit
- Sign and Then Exchange Contracts
- Make Sure You Are Covered
- A Date For Completion Is Set
- The Lender Releases The Money
- Final Checks Are Made
- The Seller Receives The Money
- Time to Pick Up The Keys
The buyer pays a deposit to their solicitor or conveyancer. It is usually about 5% of the total agreed price of the house but it can be up to 10%. If the buyer pulls out after this stage they will lose this deposit and may face legal action from the seller. This is also the point where the buyer will also pay any other costs due to their solicitor,...
The buyer’s solicitor will provide a series of legal documents to sign, including identical contracts which will be signed by both the buyer and the solicitor. These will then be sent by recorded delivery to each other’s solicitor or conveyancer. At this point, the deal is legally binding and no one can back out.
At this stage, protect yourself with buildings insurance cover and consider life insurancetoo. There are big sums of money involved in buying a house and it is essential to prepare for any unexpected events.
Completion is when the money changes hands and you are able to finally get hold of the keys to your new place. A time of two weeks is usually allocated between exchanging contracts and completion, although it can be even quicker than this. The buyer’s solicitor can be sued if they fail to meet the deadline. Use this time to plan your move, pack you...
When the lender has received a Certificate of Title from the buyer’s solicitor, they will release the money to them. The Certificate of Titlecontains detailed information of the history of ownership of the property, and a complete legal description of it.
Right before the lender releases the money, they’ll do a final check to make sure your circumstances haven’t changed. It’s a good idea not to do anything which might affect your credit rating around this time, such as maxing out any credit cards or making any large purchases.
Once the buyer’s solicitor receives money from the lender, they will forward it on to the seller’s solicitor. The sale is complete once the seller has received the money.
With the sale complete, there is now only one thing left to do – pick up the keys to your new home and move in.
Raked or vaulted ceilings are an incline ceiling, where the roofline soars upwards to merge at a single point. Unlike your usual ‘flat ceiling’, raked ceilings make use of the unused space above you and provide additional height to select rooms in your home.
A raked ceiling allows your lights more options to bounce off different walls and create a well-lit area for collective activities – like dinner parties. Increases your resell value. Because of the precision and careful craftsmanship that goes into building a raked ceiling, it is not a common feature.
May 2, 2023 · In addition to adding more light to a space via larger window areas, raked ceilings tend to reflect both natural and artificial light to make your home seem even brighter.
Light and Space. As raked ceilings are most commonly paired with oversized windows, the extra ceiling surface can reflect more natural or artificial light to let your home stay bright and flooded with brightness. Airflow. By heightening the ceilings, the raked style helps to increase airflow throughout the space.
People also ask
What is a raked ceiling?
What are the benefits of a raked ceiling?
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Why are raked ceilings more expensive than flat ceilings?
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Should you choose a high or raked ceiling?
A raked ceiling is a type of ceiling that is sloped or angled rather than being a flat or level surface. Raked ceilings are often used to create a sense of height and spaciousness and add architectural interest and visual appeal. Raked ceilings are becoming increasingly popular in home designs.
