UK Move - Glossary of House moving terms and terminology

Negative Equity: When the value of any outstanding mortgage on your home exceeds the open market value of your house.

Stamp Duty: A tax levied by the Government on house sales. The tax is a percentage of the purchase price and varies depending on the price paid for the house.

HomeBuy: A range of schemes which aim to help first time buyers and key workers get onto the property ladder by offering various forms of shared equity ownership.

Freehold Definition: A freehold property is where the owner has complete and absolute ownership of the land, and all buildings that stand on the land.

Leasehold: This means that you own the property for the period of the lease only, and you do not own the land on which it is built.

Tenants in Common: Each owner has a definite share in the property. For example A and B could own the property in equal shares, or A could own one fifth with B owning four fifths. This would be the most appropriate agreement where people want to own a property in separate pre-determined shares.

Joint Tenancy: Tthe joint owners together own the whole property and do not have a particular share in it. If one of the owners dies the other automatically becomes the sole owner.

Trust Deed: A legal document outling the rights of partners when a property is in joint ownership

Home Buyers Report: This is a combination of a valuation and a survey and should help you identify any major faults in the property that you are considering buying. 

Life Insurance Policy: A life insurance policy provides protection to cover outstanding mortgage repayments should you die before you have finished paying it off. It is paid as a lump sum on death.