The Gleeson glossary - a guide to home buying terminology
At Gleeson, our mission is to build affordable, quality homes, with our homes typically sold at 20% below the average market price. We even have homes available for just £100,000, or £50,998 with Home Reach part buy- part rent, meaning with Gleeson you get a stunning brand new home for a fraction of the price you’ll find elsewhere.
We have many schemes to help you purchase your beautiful new home. However, we know along the way it’s easy to be baffled by home buying jargon, especially if you are a first-time buyer. So, we've put together a glossary of home buying terms, to help you navigate your way through your home buying journey, helping you own it.
Buildings insurance - You’ll need to purchase buildings insurance on your new home. This will cover you in very rare circumstances such as a major fire, where you would need to rebuild some of or all of your home.
Build stage – this is how far along your home is. We have 21 build stages, ranging from when we put the first slabs and groundwork in, all the way to adding the finishing touches like plaster and paint.
CML, The Council of Mortgage Lenders – An industry body which regulates mortgage lenders and banks, they give us the certificate that we need to confirm that our warranty provider deems the property habitable, without this, we’re unable to proceed.
Completion date / legally completed – The most exciting day of all! Your completion date marks the end of the legal transaction with all money and legal documents officially being tied up. From this day you are able to move into your beautiful new home and our sales executives will organise handing over your keys.
Contract - A formal agreement between you as the buyer and Gleeson as the seller, prepared by your solicitor, this states the terms and conditions of the home sale.
Contents insurance - You’ll need to make sure that your contents are insured in case they are ever damaged or stolen. Some policies will cover items when they’re out of the house, for example laptops or personal items. You can also choose to insure against accidental damage too if you like.
Covenants - Covenants are legally binding conditions that are written into a property’s deeds. Some covenants may apply for different time periods of a property’s ownership and explain things homeowners can and cannot do with their property by law.
Conveyancing – A specialist solicitor who deals with the purchasing of properties, transferring ownership of your new home from us, to you.
Council tax – Once you move into your Gleeson home, you will have to pay council tax. This is paid to your local council to cover your use of amenities and services, such as your bin collection, road maintenance and use of your local NHS services.
Deeds - Legal documents assigning ownership of a property or land.
Deposit – The amount of money that you are putting towards the purchase of your new home from your pocket.
Exchange of contracts – The point in which the home sale becomes legally binding and neither us nor you can withdraw without financial difficulty.
Extras – At Gleeson we have tonnes of additional extras, whether you want an upgraded Symphony kitchen, extra plug sockets, or your lawn turfing. You name it our optional extras range has got it.
Freehold - Ownership of the property and land that it is built on..
Lifetime ISA – Available from a range of banks, having a Lifetime ISA means that for every £200 you save, you'll receive a government bonus of £50. The maximum government bonus you can receive is £3,000. If you have a Lifetime ISA set up, you can use the money within it towards the purchase of your Gleeson home.
Home Reach / Shared ownership / Part buy - part rent – You may see shared ownership referred to by all of these names. Essentially, this scheme is created to make home ownership possible, getting thousands of people out of the rent trap every year. With Home Reach you buy a share of your chosen home and pay a low monthly rent on the part you don’t buy. This scheme is available on selected developments only.
Home demo – Once close to your completion date your site manager and sales executive will give you a tour of your home, showing you how everything works and pointing out any issues they will resolve before you move in. It’s a great opportunity to ask our friendly team any questions you may have prior to moving in.
House styles – With Gleeson there are 21 house styles to choose from. Whether you’re after a 2 bedroom home with one bathroom or a 4 bedroom home with a large bathroom and an ensuite, we have got the home for you.
Joint mortgage - A mortgage where there is more than one individual named as responsible for the home and the mortgage payments.
Meridian Mortgages – Meridan Mortgages are our recommended expert mortgages advisers. They know new build mortgages inside out and work with 80% of our customers to get them a great deal.
Mortgage offer – Once you’ve completed your mortgage application you will hopefully receive a mortgage offer. A mortgage offer is official confirmation from a lender that they will give you a mortgage.
Mortgage in principle – A mortgage in principle is an indication of what a lender may let you borrow providing you can account for your credit history and it is approved.
Mortgage calculator – Our mortgage calculator helps you work out what you can borrow based on your deposit, income and which schemes you are eligible for.
National House-Building Council (NHBC) - NHBC is the leading home construction warranty and insurance provider for new build homes in the UK. They govern over all our homes, ensuring they are up to a brilliant standard every time.
Notice to complete - A notice to complete is the point in which you instruct a solicitor to complete the purchase of your Gleeson home.
Options – Once you reserve your home, depending on the build stage, you’ll be invited to choose your tiles, flooring and other items to really make it yours. You’ll also be able to upgrade some items (see extras).
Reservation – Another super exciting part of buying a Gleeson home is the reservation stage. This is when you visit our sales centre, pick your plot and pay your reservation fee to ensure that it is yours.
Searches – Enquiries made by your solicitor to find out more information about the Gleeson home you plan to purchase.
Solicitor – A solicitor is a legal professional who will help you complete your home purchase successfully and legally.
Stamp Duty – Currently frozen until March 2021, Stamp Duty is a tax paid on a home purchase applicable to those who are not first time buyers and those purchasing a home worth more than £150,000.
Survey - A home survey is an experts inspection and opinion determining whether a property is fit for a buyer to purchase.
Tenure - This is the type of ownership on the property and the land that it’s built on. Most of our homes are freehold, but should any of them be leasehold, this will be made clear on our website and explained by your sales executive.
At Gleeson we aim to make your home buying journey as easy as possible and we hope this glossary has helped along the way. Our friendly, helpful sales executives are always on hand to assist you with any further jargon or terminology you are unsure of. To speak to a member of your local sales team you can find your nearest development here. Meanwhile, you can discover our beautiful 2, 3 and 4 bedroom house styles here. Why rent when you can own it?