S

Sale Contract
Legal agreement between a seller and an estate agent.

Searches
Enquiries made to the local authority and Land Registry for determining whether any matters adversely affect the property or the surrounding area.

Security
Property used to secure the mortgage loan.

Seller
Person who is selling a property. Also known as the Vendor.

Semi-Detached
Property where one side wall is shared with an adjoining property.

Service Charge
Charge to a tenant or leaseholder made by a landlord to cover costs of maintaining a property. Also known as Maintenance Charge.

Sole Agency
Where only one estate agent is instructed exclusively by a seller to market a property.

Sole Selling Rights
Where one estate agent has exclusive rights to market a property and is entitled to a fee irrespective of how the property is sold.

Solicitor
Professionally qualified legal expert who prepares documents for the sale or purchase of a property.

Stamp Duty Land Tax (SDLT)
Tax paid to the government by a buyer on the purchase of a property. Rates vary between 1% and 4% depending on the purchase price.

Standard Variable Rate (SVR) Mortgage
Mortgage with interest rates that fluctuate at the discretion of the lender based on market conditions.

Structural Survey
Detailed report on construction and any defects of a property, following a thorough inspection carried out by a Chartered Surveyor. Also known as a Building Survey.

Studio Flat
Flat consisting of one principle living area comprising both cooking and sleeping facilities with a separate bathroom/shower room.

Subject to Contract
Term used to indicate a provisional agreement prior to exchange of contracts that is not yet legally binding.

Survey
Report on the condition of a property.

Surveyor
Qualified expert who carries out the survey of a property.