Glossary & FAQs

You might like to know…

During your search for a home you may have questions that you’d like to ask or you may have come across a word or phrase you’re unsure of. So we’ve prepared a glossary and a list of answers to questions we’re asked most often. And if you need any other information that we’ve not covered within this site, then please contact us and we'll respond to your request as quickly as possible.

View the Glossary

FAQs

• What is a valuation survey?
• What is the difference between Leasehold and Freehold?
• I need a solicitor. Where do I start?
• When does the sale of the house become legally binding?
• I need a mortgage. Where do I start?
• There are 'Common Areas' mentioned in the property details.
• What does this mean?
• How much can I afford to spend on a home?
• What happens if I have a house to sell?
• When should I insure my new home?

What is a valuation survey?

Prior to making a mortgage offer your lender will have the property valued for mortgage purposes. A small fee will normally be payable by you for this survey.

What is the difference between Leasehold and Freehold?

Leasehold: Land held under a lease for a specified number of years on which a ground rent (usually a nominal sum) is paid. Freehold: The full ownership of both the property and the land on which it stands.

I need a solicitor. Where do I start?

The solicitor's main job is to ensure a smooth transfer of the property and any fixtures and fittings agreed in the sale. He or she prepares the 'conveyance', which transfers legal ownership to you.

You should ensure that your solicitor is on the approved Law Society list, a copy of which can be obtained from your Town Hall or Citizen's Advice Bureau, or at http://www.solicitors-online.com

Often the best way of choosing a solicitor is to ask friends or relatives for recommendations. Alternatively look through Yellow Pages.

Before you instruct a solicitor to act for you, we recommend that you ask for a written estimate of all fees (including VAT) and details of all disbursements payable such as Local Authority searches, Land Registry fees and Stamp Duty.

When does the sale of the house become legally binding?

Your solicitor will arrange for you to sign a binding purchase contract. At this time any agreed deposits will need to be paid. Miller Homes will also sign their copy of the contract and send it to their solicitors.

Once these contracts are exchanged the transaction becomes legally binding.

If you are selling your present home, the timing of the exchange of contracts is finely worked out. It is up to your solicitor to ensure that both sets of contracts - the sale of your existing home and the purchase of your new one - are exchanged simultaneously and a suitable moving day arranged so at no time are you 'homeless'.

I need a mortgage. Where do I start?

There are many different types of mortgages available from a wide variety of lenders - including banks and building societies. Some mortgages can even be arranged over the phone or via the Internet. With so much choice you may feel that you need to seek some expert advice.

All financial representatives are bound by law to give the best advice for your needs. They must operate within the terms of the Financial Services Act (FSA) whether independent or tied.

Tied agents can only offer the products of the company with which they are linked, which in turn must be regulated by the FSA (Financial Services Authority).

Independent brokers can offer products from a variety of lenders. They must be authorised by the FSA (Financial Services Authority).

Some of the selling agents at Miller Homes' developments are registered to give advice. Some will be registered as tied agents. Feel free to seek their advice if you wish to do so.

There are 'Common Areas' mentioned in the property details. What does this mean?

These are the areas within a development which do not form a plot to be assigned to an individual proprietor. They include play areas, landscaped areas, roads and footpaths that are not intended for adoption by any of the relevant local authorities.

Within flatted areas on a development, this may include parking areas, street lighting, and communal stairways, which are not intended for adoption by the local authority.

How much can I afford to spend on a home?

In theory, you can afford a property costing no more than the combined total of the deposit that you saved (or can save) plus the amount you can borrow on mortgage. Typically, this is three times the principal income plus one times the second income. But some lenders will lend more.

What happens if I have a house to sell?

If you are selling your present home, the timing of the exchange of contracts is finely worked out. It is up to your solicitor to ensure that both sets of contracts - the sale of your existing home and the purchase of your new one - are exchanged simultaneously and a suitable moving day arranged so at no time are you 'homeless'.

When should I insure my new home?

Your new home will be insured by the seller until the moment of legal completion. From then on you are responsible for the insurance of both the buildings and its contents.

Your mortgage lender will insist on building insurance. They may recommend an insurer but you should also be able to shop around for the best deals - please check with your lender on the type and amount of cover required.

Contents insurance can in many cases be included within the building insurance policy. However you can have separate insurance providers for buildings and contents. It is your choice whether to insure your contents or not.