Mortgage Offer – this is the written confirmation of the amount being lent to a Buyer, and a copy will be sent to the Buyer, their mortgage adviser, and a Solicitor’s copy will also be sent to the Buyer’s conveyancer with the mortgage paperwork that the Buyer will need to sign.
Searches – these are the searches carried out by the Buyer’s Conveyancer prior to the exchange of contracts and typically include a Local Authority Search, a Drainage & Water Search, and an Environmental Search, as well as any other specific search for the area in which the property is situated (e.g. Coal Mining, or Tin Mining etc.).
Survey – this is carried out by a qualified Chartered Surveyor at the Buyer’s expense and request, and is not to be confused with a mortgage Valuation Report (see below) and covers areas such as the property’s general condition, testing of walls for signs dampness, highlighting any apparent defects in the property, which may affect value and identifying urgent matters that need assessing prior to the exchange of contracts.
Transfer Report – this is the Deed that is signed in duplicate by the Buyer and the Seller and will transfer legal ownership of the property to the Buyer once their conveyancer has paid over the balance of the purchase price to the Seller’s conveyancer. Once the Deed has been dated it is then sent to the Land Registry to register the change of ownership.
Valuation Report – a Valuation Report is carried out on behalf of a mortgage lender when they are assessing whether a property is suitable for them to lend the mortgage against. This type of property survey is usually very basic and often consists of just one or two pages of confirmed information about the property, such as the type of property, number of bedrooms, and insurance rebuild figure. It is designed to be purely an assessment of value and condition from a lending perspective and cannot be relied upon by a Buyer.