Stamp Duty Land Tax
Stamp Duty is payable when land or residential property is bought for more than a certain price.

Searches
A range of searches commissioned by the purchaser's legal representatives to ascertain whether there are any restrictions affecting a property and/or land in question such as planning permission, underground sewage pipes, tree preservation orders, etc.

Second Charge
A term, sometimes referred to as a Subsequent Charge. It represents lender's interest in the property. However, in case the borrower defaults on his repayments, Second Charge lender will have any claim on the property only after the First Charge lender has been dealt with.

Second-Hand Endowment Policy (SHEP)
A type of endowment policy, sometimes referred to as the Traded Endowment Policy (TEP), whereby the original policy is sold at the current market value, sometimes attracting better price than surrendering policy before the end of term.

Second Home
Alternative accommodation which is not the place of main residence, as such becomes a subject to capital gains tax.

Second Mortgage
A loan taken against the property in addition to the original one. This type of mortgage will have a second charge on the property.

Secured (loan)
A type of loan where the money is lent against the value of the property.

Self-Build Loan or Mortgage
A type of loan where a certain percentage is released at a time to ensure that the value of the property is not less than the amount released. It usually requires the involvement of the qualified architect.

Self Certification
A type of mortgage, specifically designed for the borrowers who cannot provide conventional evidence of their income in the form of payslips and/or audited accounts. Nonetheless, they are able to provide alternative evidence demonstrating their pay ability. This type of mortgage tends to attract bigger deposit or higher rate of interest.

Self Employed
For the purposes of obtaining mortgage, this term refers to the sole traders and business partnerships.

Semi Commercial property
It is a type of property, part of which is used for commercial purposes, for example, a shop.

Semi Commercial Loan
A type of mortgage arranged for semi commercial properties.

Semi-detached
A type of property that shares one of it's walls with another property.

Shared Equity
A term referring to the circumstances where part of the property is bought by a 3rd party, such as a housing association and/or local authority. There is no rent payable to the 3rd party involved. However, this 3rd party is to benefit from any increase in the value of the property in accordance with the agreed ratio.

Shared Ownership
A term referring to the circumstances where part of the property is bought by a 3rd party, such as local authority. This 3rd party, however, is to receive a rent payment every month in respect of their property share.

Simple Valuation
A type of valuation that is mainly concerned with how much the property is worth on the market. It does not check the structure of the property.

Sitting Tenant
A term referring to a tenant, who at a time of the sale, continues to rent or reside at the property in question, has tenancy agreement or other right to reside and cannot be removed just by way of the sale. Most properties are sold with vacant possession as not many lenders will entertain lending money against the property that is already occupied.

Sold subject to contract
A phrase referring to the one of initial stages in the property sale where the vendor accepts the purchases offer and starts the procedure of buying the property with assistance of their solicitors.

Sole Agent (Sole Agency)
An agent, usually and Estate Agent or Agency, who are solely instructed by the vendor to deal with the property sale. The vendor does not have to use the Estate Agents. And, if wishing to do so, may sell his property privately.

Sole Occupancy
A term referring to the circumstances where there is only mortgagee and his famiy who resides in the property and where there is no other tenants residing at the same property.

Sole-selling rights
A right of the Estate Agent, who has been instructed solely to deal with the sale of the property, to the full fee notwithstanding how the property is sold.

Studio Flat
A type of flat that has a main room, usually an open plan living room with the kitchen and sleeping area. The bathroom and/or shower are usually separate.

Subject to Contract
An agreement that is not signed and not legally binding.

Sole-selling rights
The rights of the estate agent, the only one instructed to deal with the sale of the property, to claim their agreed fee upon completion of sale.

Solicitor
Legally qualified professional who is instructed to deal with legal side of the sale and/or purchase process.

Special Conditions
Conditions of the mortgage offer pertaining to specific property and/or offer.

Stamp duty
A type of tax, often referred to as SDLT, that purchaser pays government upon completion of his property purchase. Tax rates are subject to change by government and currently are as follows:
No SDLT on transactions up to £175 000 (currently until 02/09/09)
1% on transactions between £175 000.01 and £250 000
3% on transactions between £250 000.01 and £500 000
4% on transactions over £500 000.01
Government may identify some areas in the country as being 'disadvantaged' and offer more advantageous tax rate.

Standard Construction
A term referring to a property that was built by using standard materials and conventional techniques, such as bricks, stone and have slate or tiled roof.

Standard Variable Rate (SVR)
Main rate of interest of a particular lender that, at the discretion of that lender, could be decreased or increased.

Start-up Business
A business not older than three years and, as such, cannot provide business accounts for the last three years.

Status Loan
A type of loan, where the borrower is able to provide evidence of his income by way of payslips and/or P60s as opposite to Non-Status Loan.

Stepped Rate Mortgage
A type of mortgage with the rate of interest increasing gradually over the loan period.

Structural Survey
A type of most detailed report on the property undertaken by chartered surveyor. This survey provides comprehensive description of the property structure, notes anterior and interior flaws, offers advice on what requires attention (immediately or within near future). This is not the same as Building Survey that is undertaken by chartered building engineer.

Surrender
The process of cashing in one's investment policy, for example: endowment policy, before it has matured.

Survey
A process of checking the property by a surveyor commissioned by lender or purchaser to ascertain current state/condition of the property in relation to its structure, anterior or interior defects that require urgent attention. There are three various surveys available: Valuation (the most basic), Home Buyers (more detailed) and Structural (the most comprehensive).

Survey Fee
An agreed sum of money paid to surveyor for his services.

Surveyor
An professional expert who is qualified to undertake the property survey to check for any structural or other defects and to estimate current value of the property.

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