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Home condition report
Part of the HIP that contains essential information about the property.
Homebuyer survey
A standard report that evaluates any urgent repairs.
Home Information Pack (HIP)
From August 2007 it will be compulsory to produce an information pack about your property before putting it on the market.
Listed building
A building that has special preservation orders on it.
Mortgage agreement in principle
An expression of a mortgage lender's willingness to enter into an agreement subject to other conditions being met. Also known as an MAP.
Mortgage arrangement fee
A cost charged direct to you by a mortgage broker or independent financial adviser, usually charged on an hourly basis.
Mortgage valuation
A report commissioned by your lender to check the property is valued correctly.
Planning permission
When permission has to be sought from the local council for changes to be made to a property.
Sale contract
Contract with an estate agent.
Search
Information on planning and environmental matters obtained from the local authority.
Selling price
Price actually achieved, can be lower or higher than the asking price.
Stamp duty land tax
Tax paid when you buy a property.
Sum insured
The amount for which you have insured your property or items. For example, it might be £30,000 for contents or £175,000 for rebuilding costs. This is the 'sum' you have 'insured' and are paying annually or monthly for. If something goes wrong, it is the most the insurer will pay out.
Survey
A report on the condition of a property.
Unlimited cover
Where there is no upper value on the amount you are covered for on your insurance. This is worth considering if you have many high-value possessions, although remember that you will have to specify individually any high value items.