Jargon

Don’t know your Abstract Title from your Deeds of Sale? Then use our jargon buster for a simple explanation of all the weird and wonderful phrases affecting your nest.

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Stakeholder
A Stakeholder is a person or firm who holds the deposit as a quasi-trustee on behalf of both parties and who cannot release it without the consent of both parties
Stamp duty
This is a tax which is levied on the purchase of property. The tax is paid by purchasers and is currently levied at the following rates: 1% of property value £ 60,000 - £250,000 3% of property value £250,001 - £500,000 4% of property value £500,001 and above The appropriate rate is paid on the whole purchase price and not just the excess applying to that band i.e. a purchase price of £350,000 will attract £10,500 stamp duty, being 3% of £350,000.
Stamping Tenancy
Required under the Stamps Act 1891. On payment of duty, the amount of money detailed in the Act, due to the Inland Revenue.