Sealing fee
See Discharge Fee.
Search fee
A fee charged by the local authority to a solicitor when they request information regarding the property to be purchased.
Second charge
Generally a mortgage will be secured with a first charge on the property, this means that if a client defaults on repaying the mortgage, the lender has the first right to sell the property. If the property has sufficient equity then a client may borrow against this with a second lender who is prepared to take a second charge and therefore has second call on the sale proceeds of the borrower defaults.
Self-certification
A mortgage where the borrower advises the lender of his/her income. The lender does not verify the income. Usually the deposit required by the lender is higher.
Shared ownership/equity
A scheme offered that allows you to buy a percentage of your home with assistance from a shared ownership scheme. The percentage of the home that you do not own is rented.
Sitting tenant
An existing tenant who has rights over the property according to law. They cannot normally be evicted unless they break the law. Lenders will not usually assist with properties containing sitting tenants because of the rights they enjoy.
Sole occupancy
Means that the property is occupied by the applicant and their direct family.
Solicitors fee
A fee charged by a solicitor for the work they complete on your behalf.
Special conditions
Conditions applied to your mortgage offer that are unique to your application, as opposed to standard conditions that will appear on every mortgage offer.
Special rate
A term we use to describe the interest rate applicable with a Fixed, Discounted or Capped rate mortgage.
Special rate period
The term we use to describe the period when a Fixed, Discounted or Capped rate applies.
Stamp duty
A tax on the purchase of property based on the price paid. No stamp duty is applicable on purchases up to £60,000. Above this level, the duty is: 1% of the total purchase if it is above £60,000 and up to £250,000, 3% of the total purchase price if it is above £250,000 and up to £500,000 and 4% of the purchase price if it is above £500,000.
Stepped rate mortgages
Stepped Rate Mortgages in our 'Mortgages Explained' section.
Structural survey
This is a detailed and thorough investigation of the structure of a property. The surveyor will report on the property in great detail and is responsible for his/her report. Full structural Surveys are not usually available on flats but are recommended on older properties. They are not to be confused with a Structural Engineer's report that comments on the actual fabric of the building and any defects.
Studio flat
A property consisting of one room. Some lenders do not lend on this type of property.
Survey fee
The fee payable to arrange the inspection of the property. Can be arranged in three forms - Valuation, Homebuyers Report and Structural Survey.