Online properties for sale - glossary of terms - "S"
Use the index links below to find the term you wish to look up.
Shared ownership
This is a hybrid form of home ownership. It is a half way house between owning a house and renting it.
SMS Updates
SMS Stands for Short Messaging Service. Move on the net are able to offer this as part of the service to both sellers in respect of property enquiries and buyers in respect of property alerts.
Stamp Duty
This is a tax charged by the government, and only affects you if you are buying a property for more than £120,000. The buyer pays it for.
If you buy for exactly £120,000 you pay nothing in stamp duty; if you pay from £120,000 to £250,000 stamp duty is charged at 1% on the whole of the purchase price. From £250,001 to £500,000 it is charged at 3%, and above £500,000 it is charged at 4%.
Survey
This is an examination of the property for sale carried out by a surveyor on the state of the property you are buying and a report of the survey is then prepared.
Most houses are bought with the assistance of a mortgage and the bank or building society will require a mortgage valuation survey at least, to confirm the value of the property.
