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Advance
Mortgage Loan
Advertising
To publicise the qualities of a certain product - a house - in the case of an estate agent. Advertising can take numerous forms like internet advertising, newspaper advertising, radio advertising, window display advertising
APR
Annual Percentage Rate, the total cost of a loan, including all costs, interest charges and arrangement fees, shown as a percentage rate and easily comparable with mortgage interest rates.
Auction
The sale of a property to the highest bidder.
Balance Outstanding
The amount of loan owed at a particular time
Bridging Loan
A temporary loan advanced to help buy a new property before the existing one has been sold.
Building Insurance
Insurance against the cost of repair or rebuilding a property from scratch following structural damage, for example by flood, fire or storm.
Building Preservation Order
Act 1990 to protect buildings of special architectural or historic interest from demolition or alterations that would affect their interest.
Building Survey And Valuation
(A more detailed inspection suitable for large or older type buildings).
Buildings survey
This is a technical report following an inspection of the property. It will give you a comprehensive account of the condition of the property, describing any structural or other defects. See also: Surveys
Built in
designed or fitted as a fixed or permanent part. Example: Built in wardrobe
Buy to Let mortgage
A type of mortgage designed for private individuals to invest in property to let. A large number of mortgage lenders now offer Buy To Let mortgages and take into account the rental income likely to be achieved
Capital Appreciation
growth or gain in the value of a property or asset over time. Added to income. This contributes to the overall or total return on a property or financial investment.
Caveat Emptor
Let the buyer beware. The buyer is responsible for making sure that a purchase is of reasonable quality - the onus is upon the buyer to discover, not on the seller to disclose.
Cavity Wall
An external wall of a building that is made up of two leaves of masonry, bricks or blocks separated by a cavity
Chain
A number of linked property transactions where exchange of contracts must take place simultaneously.
Closing Date
The date set for submission of offers when more than one party show interest in the property.
Commission
fee paid to your estate agent, usually following exchange of contracts.
Completion
the date when the purchaser and vendor complete the sale of land or property. The purchaser pays the balance of the purchase price and the vendor gives possession to the purchaser.
Completion Date
Completion of the legal transaction with all monies and documents having been distributed. This is also when the seller's solicitor will instruct the estate agent to release the keys.
Contents Insurance
Insurance against accidental damage or theft of all moveable contents, including furniture, appliances and soft furnishings.
Contract
A formal agreement between the buyer and the seller, usually prepared by a solicitor or licensed conveyancer, detailing the terms and conditions of the sale.
Conversions
the sub-division of residential properties into bedsits, self-contained flats or maisonettes.
Conveyancer
Person other than a solicitor who may conduct the conveyancing.
Conveyancing
The legal work involved in buying and selling properties.
Council Tax
Local council tax to cover the cost of local amenities and council services.
Covenant
A condition, contained within the Title Deeds or lease, that the buyer must comply with. This is usually applied to all future owners of the property. A restrictive covenant is one that prohibits the owner from doing something.
Deed
The legal documents relating to property. These will include all matters which relate to the property since it was built.
Deposit
The money you pay on exchange of contracts as part of your initial contribution to the purchase of your home.
Disbursements
The fees paid by your solicitor, such as Stamp Duty, Land Registry and search fees on top of conveyancing.
Draft contract
Unconfirmed version of the contract.
Draft Transfer
a legal document issued by the vendor's solicitor to the purchaser's solicitor setting out the terms and conditions of sale.
Early Repayment
A charge made by the lender if the borrower terminates a mortgage in advance of the terms of the particular mortgage. Normally occurs when the borrower has benefited from reduced payments or cash back in the early period of a mortgage.
Edwardian
property built between approximately 1901 -1910.
Elizabethan
property built between approximately 1560 -1603.
Energy Performance Certificates (EPCs)
These are needed whenever a property is: built, sold or rented. If you’re selling or renting your home, you must order an EPC for potential buyers and tenants before you market your property. An EPC contains: information about a property’s energy use and typical energy costs and recommendations about how to reduce energy use and save money. An EPC gives a property an energy efficiency rating from A (most efficient) to G (least efficient) and it is valid for 10 years.
Equity
the difference between what is owed by way of mortgage on a property and the value of the property.
Exchange of Contracts
Thge point at which vendor and purchaser exchange binding contracts with the payment of a deposit, at the same time agreeing to a completion date.
Fixtures and Fittings
All non-structural items included in the purchase of a property, non removable items within the property. These are items that permanently fixed in position. e.g. the bath, toilet, doors and radiators.
Freehold
Ownership of the property and land upon which the property is situated.
Full Structural
A full structural survey looks at all the main features of the property, including walls, roof, foundations, plumbing, joinery, electrical wiring, drains, and garden.
Gazumping
The practice by a seller accepting a higher price than that previously agreed with someone else.
Gazundering
The practice by a buyer lowering his offer just before exchange of contracts.
Georgian
property built between approximately 1714 -1800.
Ground Rent
The annual fee which a leaseholder pays to a freeholder.
Guarantor
someone who guarantees an obligation of another.
Habitable Room
all living rooms and bedrooms, but not kitchens, bathrooms, WCs or circulation space, are normally regarded as habitable for the purposes of density calculations. A room fit to be lived in.
Help to Buy mortgage guarantee
The Help to Buy mortgage guarantee will help you buy a home with a deposit of only small percentage of the purchase price. 
Higher lending charge
Required by some lenders if your loan is for more than a required percentage of the value of the house. Although the borrower pays the premium, the policy protects the lender not the borrower.
Home buyers report
The homebuyer's report comments on the structural condition of most parts of the property that are readily accessible, but does not involve in-depth investigation or the testing of water, drainage or heating systems.
Homebuyer Survey And Valuation
Carried out by a Chartered Surveyor and designed to focus on urgent or significant matters requiring attention.
Housing Associations
A non-profit making body which lets you buy a percentage of the property and pay rent on the rest.
IFA
Independent Financial Advisor
Instruction
When a seller instructs an estate agent to market a property.
Joint Agency
Where two estate agents work together to market a property.
Joint Mortgage
A mortgage where there is more than one individual named responsible for the mortgage.
Land Certificate
land document issued by the Land Registry to the owner of registered land as proof of ownership. It includes a copy of the register and the plan showing the extent of the land.
Land Registry
The Government organisation that holds records of all registered properties in England and Wales.
Land registry fee
Your conveyancer pays this on your behalf to register your details in the Land Registry records once you've bought a property or changed your mortgage lender.
Land Search
a formal application for an inspection of the Land Registry register. A certificate is issued showing the current situation of the land in question.
Leasehold
To be given ownership of a property but not the land it is built on. This normally requires payment of ground rent to the landlord. A leasehold is normally offered for either 999 years, 99 years or shorter terms.
Letting
A property that is being Let
Listed Building
building or other structure of special architectural or historic interest
Listed Building Consent
a permission required for the alteration or demolition of a listed building.
Local authority search
Part of the conveyancing process when you buy a property, carried out by your conveyancer. It gives details of any matters which, from the local council's point of view, affect the property. It reveals any proposed changes to the local area, such as road improvements, and details any planning permission given for the property, or tree preservation orders etc.
Maintenance charge
A charge made towards the upkeep of a leasehold property.
Mezzanine
Intermediate floor usually in a multi-story building, which does not extend to the full floor area of the whole building.
Mortgage
Mortgage deed
A legal document relating to the mortgage lenders interest in the property.
Mortgage offer
A formal written offer made by a bank or building society to lend an approved amount to purchase a property.
Multi-agency
The selection of two or more estate agents to act on the seller's behalf, usually incurring a higher fee than if the sale is completed by a sole agency.
Multiple Offers
Two or more offers made by different purchasers within a short space of time.
Negative Equity
When the value of a property is less than the outstanding sum owed on a mortgage.
Offer
A bid made by a prospective buyer, this is not legally binding.
Offers Over
Offers are invited above the price shown.
Ombudsman
Independent professional bodies who investigate complaints on behalf of customers against estate agents, solicitors and insurance companies.
Open market value
An opinion of the best price at which the sale of an interest in the property would complete unconditionally for cash consideration on the date of valuation.
Part-possession
The term used when a property is being sold, where a tenant has legal right of occupation
Pre-contract enquiries
These are enquiries made by the purchaser's solicitor to the vendor's solicitor requiring information relating to the property being purchased prior to exchange of contracts.
Private Treaty
formal name given to the method by which most estate agents will undertake the sale of residential property. This term covers the whole range of services normally associated with the sale process, culminating in 'exchange of contracts' and 'completion' between vendor and purchaser.
Property
Your home or the property you wish to sell or buy.
Public Right of Way
a way where the public has a right to walk, and in some cases ride horses, bicycles, motorcycles or drive motor vehicles, which will be designated either as a footpath, a bridleway, a road used as a public path (RUPP) or a byway.
Purchaser
the buyer of a property.
Regency
property built between approximately 1800 -1837.
Reinstatement value
A surveyors valuation report or survey will show the reinstatement value of the property. This figure is not the value of the property, but it is the cost of totally rebuilding the property. Any insurance you get for the property must cover a rebuilding cost at least equal to the reinstatement value of the property.
Repayment
Monthly interest combined with capital repayment against the original sum borrowed.
Repossession
When loans are in default the mortgage lender can repossess the property and sell it so they can repay the debt.
Retention
Holding back part of a mortgage loan until repairs to the property are satisfactorily completed.
Sale Agreed
A verbal agreement from the seller.
Searches
Checks of local council records for planning applications and restrictions, etc.
Semi detached property
A property joined to a neighbouring building by a shared wall.
Sole agency
The choice of a single estate agent to act on the seller's behalf, incurring a lower fee than multi-agency.
Solicitor
Legal expert handling all documentation for the sale and purchase of a property.
Stamp Duty

A Government tax levied on the purchaser of a property and calculated as a percentage of the purchase price. Reformed on the 3rd December 2014 the rate is calculated at part of the property price that falls within price bands so: 0% in first £125,000; 2% on the portion up to £250,000; 5% up to £925,000; 10% up to £1.5m; 12% on anything above that.

Statutory Undertakers/Statutory Utilities
providers of essential services such as gas, electricity, water or telecommunications.
Structural survey
A specialist report from a structural engineer on the condition of a property.
Subject to contract
When an offer is made to purchase a property 'subject to contract' it means that all the dealings are subject to the actual exchange of the contract itself. Nothing is binding on either the vendor or purchaser until the contracts are exchanged.
Survey
An inspection made by a qualified surveyor. The three main types are: Buildings survey, Home buyers report, Homebuyer Survey And Valuation, Structural survey. Valuation report (for mortgage purposes), Homebuyers report (also comments on general condition), Full Structural survey (examines structural detail).
Tenancy In Common
when property is held jointly between two people and each of them own an individual share which can be passed on under a Will.
Tenants
People living in a property owned by someone else.
Tender
The process whereby the seller asks for written offers on a property usually with a set closing date.
Tenure
a collective term relating to the nature of the vendor's title to a property i.e. freehold, leasehold or crownhold.
Terrace property
A row of houses built together in the same style, separated only by shared dividing side walls.
Title
The ultimate record of ownership of a property, the evidence of which is found in the title deeds.
Transfer
the legal transfer of ownership on completion of the sale of registered land or property.
Transfer Deeds
The Land Registry document that transfers legal ownership from seller to buyer.
Tree Preservation Order (TPO)
direction made by a local planning authority that makes it an offence to cut, top, lop, uproot or wilfully damage or destroy a tree without that authority's permission.
Tudor
property built between approximately 1485 -1550.
Under offer
When the seller has accepted an offer on the property but contracts have not yet been exchanged.
Unregistered land
Land which is not registered with the Land Registry. Proof of ownership is by production of the Deeds.
Vacant Possession
the date by which the vendor agrees to give up possession of the property (see 'Completion'). A well used estate agency phrase which means that the property being offered will be vacant upon completion of the sale. The property is therefore offered free from any such encumbrances as a sitting tenant or service tenancy.
Valuation
Arranged by your lender to find out if the property is worth the amount you've agreed to pay, and therefore suitable to lend a mortgage on.
Variable Interest rate
Rate of interest payment that fluctuates over time inline with general interest rates.
Vendor
The legal name sometimes used to describe the seller of the property.
Verbal Offer
Offer from prospective purchaser, not legally binding on either party.
Victorian
property built between approximately 1837 -1901.
Writ
Mode of commencing legal proceedings.

 

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