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STAMP DUTY LAND TAX

A tax payable by a person acquiring an interest in land. The tax is payable within 30 days of completion of a transaction...

Squatters Rights

‘Squatters rights’ refers to the right of anyone occupying land and buildings not to be ejected except by due legal process. This means that if the true owner, or someone who is legally entitled to occupation, wants to obtain possession lawfully then they will usually have to...

Sub-contractor

A Sub-Contractor is hired to perform building assignments through a building contractor. The sub-contractor will be paid for all of this work, which will often be conducted on a project basis. Homeowners are strongly advised to get a detailed quote before hiring a Sub-Contractor. There are a number...

Sealed Bid

In home buying, a sealed bid is where parties submit a letter to an auctioneer, disclosing the amount they would pay to purchase a property. The party submitting the highest bid will normally secure the property. However, some owners may prefer to choose bidders that they consider to be the lowest...

Smoke Control Order

A Smoke Control Order aims to cut air pollution by forbidding the use of fuel burning fires and other unauthorised fuels at a specified area. The Clean Air Act of 1993 permitted councils to declare smoke control areas to improve the local air quality. Residents are only permitted to use authorised...

Shortfall

A mortgage shortfall can occur when a property is repossessed and the owner has to pay liabilities. This can happen when a property sells below its estimated market value at auction. The owner will also be subject to legal costs and secured loan repayments and may only be able to write off the loan...

Snagging

The act of 'Snagging' is defined as a situation in which small defects continue to be present at a newly-built property, despite the builder confirming that the building is structurally complete. A buyer is advised to develop a 'snagging list', which will include all of the aspects of the building...

Stock transfer form

A stock transfer form is legal document that transfers the shares of one person to another. In the conveyancing process, shares can be transferred to the buyer from the seller's management company. All of the shares that are transferred between the seller and the buyer will be conducted using this...

Section 106 Agreements

An agreement made between a developer and a local council under section 106 of the Town and Country Planning Act 1990, for the provision of amenities, facilities or other works.

Statutory Declaration

A formal declaration made in accordance with the provisions of the Statutory Declarations Act 1835. Such declarations will be admissible as evidence in any legal proceedings. They are frequently used in conveyancing transactions where a buyer may require some evidence from the seller as to...