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| Sealing The legal process of removing a Charge at the Land Registry. Service Charge This usually applies when purchasing a flat. It is an annual maintenance charge for the upkeep of shared property, e.g. stairs and the exterior of the building. Shared Appreciation Mortgage (SAM) A mortgage where part of what the borrower pays for the loan is linked to the value of their property. The borrower agrees to share part of the growth in the value of their property from the time that completion takes place. Shared Ownership An applicant purchasing a share of a property (min. usually 25%), where rent and a mortgage payment is paid on a monthly basis. Stamp Duty A government tax based on your property value which the purchaser pays via his solicitor on completion of the mortgage. Applicable to all purchases equal to or over £125,000 in value. |