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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z S
second mortgage - a further loan on a property over and above the original mortgage, either with the existing lender or another lender. self-build - where you design, manage and build your own home, either doing the work yourself or employing others. Loans on unfinished properties are usually given to you in tranches, subject to you completing a certain stage of construction to the lenderís satisfaction. self-certification - where you state your level of income to the lender which it will generally accept with the minimum of checks. semi-commercial property - a property which is also used commercially, such as a shop with a flat above. shared equity - a method of property purchase in partnership with a builder which offers a deposit interest free or as a deferred loan as an incentive for you to buy. shared ownership - buying a home in partnership with a housing association. The schemes available are designed for those who could not otherwise buy their own home. sitting tenant - someone who has a legal right of occupation, even if the property is sold to someone else, and can apply to the local authority to set a fair rent. sole occupancy - where only you and your family live in the property, with no paying tenants in residence. solicitor - the legal representative that will carry out the conveyancing work for your property purchase. special status - see non-status. stamp duty - a government tax on the purchase price. Properties up to £60,000 incur no tax; those up to £250,000 cost 1 per cent; those sold for up to £500,000 cost 3 per cent; and those above £500,000 cost 4 per cent. Payment is made through your solicitor. standard construction - brick walls with a tile or slate roof. Lenders may not be happy to lend on buildings of non-standard construction, although different lenders have different criteria. standard variable rate (SVR) - the basic rate of interest a lender charges on its straight variable-rate mortgages. survey - a report carried out by a professional chartered surveyor as to the condition of a property. studio flat - a one-room dwelling, plus a bathroom and possibly a separate kitchen. Some lenders will not lend on these properties as they are sometimes more difficult to sell. sub-prime - borrowers with adverse credit are sometimes referred to as "sub-prime" by lenders. sum assured - the maximum amount an insurance company will pay out on a particular policy. |
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