SUBJECT TO CONTRACT
A phase of a property sale after an offer has been made and accepted but before contracts have been signed and exchanged. The term ...
STANDARD VARIABLE RATE (SVR)
The default mortgage interest rate a lender will charge after the initial mortgage deal period ends.
STAMP DUTY LAND TAX (SDLT)
Stamp Duty is a government property tax which is payable when buying a UK property over a certain value. Read more on Stamp Duty ...
SPECIAL PURPOSE VEHICLE (SPV)
Often used as a vehicle to purchase investment property, a Special Purpose Vehicle is a non-trading limited company that exists with a sole purpose. ...
SOLE AGENT INSTRUCTION
The term “sole agent instruction” refers to a situation in which a property owner has granted exclusive rights to a single property agent or ...
SHARE OF FREEHOLD
A form of property ownership (see also ‘Freehold’ and ‘Leasehold’) where several individuals own a portion of the property through a limited company. The ...
SECTION 106 AGREEMENT
A Section 106 planning restriction is a legal agreement that is put in place to regulate the use of a property in a way ...
SEARCHES
Conveyancing searches are investigations that are conducted by solicitors or conveyancers as part of the process of buying or selling a property in the ...
SA302 TAX CALCULATION
The SA302 Tax Calculation is a statement provided by HMRC that provides evidence of your earnings for a given tax year. You will have a different ...
REPOSSESSION
Repossession is the process by which a lender reclaims a property that has been used as security for a loan or mortgage. Repossession may ...
RETENTION
The lender will offer the amount you have asked to borrow but will hold back all or part of the loan until you have ...
REVERSION RATE
This is the interest rate that you will pay on your mortgage once any special product rate period has expired. Products most commonly revert ...
RESIDENTIAL MORTGAGE
The most common type of mortgage which is used to purchase or remortgage the home you live in.
REMORTGAGE
Changing a mortgage without moving property to save money, change to a different type of mortgage or release equity from the property. Our Remortgaging ...
REGULATED BRIDGING LOAN
A bridging loan will be regulated if the loan is secured against a property which the borrower currently occupies or intends to occupy.
