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JARGON BUSTER
Jargon Buster
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For help with understanding any key words and phrases used within our website, please use the jargon buster provided below.
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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Arrangement Fees
A fee, which is charged by mortgage lender to set up a loan.
Amenities
A characteristic that enhances pleasing appearances or value, particularly a property or a geographic place such as restaurants, cafes, shops and transport conveniences.
Basic Variable Mortgage Rate
The standard rate of interest of Mortgage lender’s, which may either go up or down every so often by the lender depending on the existing economic conditions.
Bridging Loan
A short term loan, which gives a financial security that lets a buyer to finalise on the buying of a new property before selling the earlier property.
Building Survey
Building Survey
A survey that is accomplished by a chartered surveyor, which involves a full inspection of the property to be bought and then writes a comprehensive report with any property faults. However, this type of survey is generally suggested for older properties, properties that have been badly maintained and for properties that have been considerably changed or expanded.
Buildings Insurance
An insurance, which is vital to the mortgage lenders to cover any unforeseen damages to your home (e.g. in the event of an earthquake)
Buildings Insurance
An insurance, which is vital to the mortgage lenders to cover any unforeseen damages to your home (e.g. in the event of an earthquake)
Buy To Let Mortgage
A kind of mortgage particularly intended for people purchasing a property with the purpose of letting it out.
A kind of mortgage particularly intended for people purchasing a property with the purpose of letting it out.
Chain
The conditions that arise when the purchaser is depending on the finalisation of the sale of his earlier property an in turn to finalise on the purchase of their new property.
Completion
The situation when all the transactions regarding the property’s sale are fulfilled and lawful transmission of possession is passed on to the purchaser.
Contents Insurance
An insurance, which allows you to protect your belongings within the property from any unforeseen loss or damage.
Contract
A legally binding agreement between the seller and the purchaser of a property to complete the transaction.
Conveyancer
Conveyancer
A qualified person such as a lawyer or a certified conveyancer, who particularly looks after the legal side of the purchasing and selling of a property.
Conveyancing
Long-established term for the lawful work concerned the buying and selling of a property.
Deeds
The deed that is generally held by the mortgage lender and is a legal instrument used to permit right.
Deposit
In order to swap the contracts the purchaser pays a certain amount of money (which is generally 10%).
In order to swap the contracts the purchaser pays a certain amount of money (which is generally 10%).
Detached
A property that is unconnected and isolated from all others.
Development
The term used to describe a newlyconstructed building or an older property, which has been renovated or refurbished.
Disbursements
The word described as fees such as stamp duty, land registry and search fines, which are paid by the purchaser’s lawyer on behalf of purchasers.
Draft Contract
The contract published by theseller’sconveyancer to the purchaser’s conveyancer, which is an introductory and unofficial version.
Endowment Mortgage
Also known as interest only mortgage, where the repayments are interest only joint with monthly premiums into an endowment policy intended to pay off the loan at the end of the term.
Equity
Equity
The word used to describe the difference between the price of a property and the amount of mortgage payable.
Exchange of Contracts
Exchange of Contracts
The time, at which signed contracts are actually exchanged, legally binding the purchaser and vendor to the buying and sale of a property at the approved price.
Excess
The sum the policyholder is required to pay for each and every occurrence of loss and damage when making an insurance claim.
Excess
The sum the policyholder is required to pay for each and every occurrence of loss and damage when making an insurance claim.
Fixed Rate Mortgage
A mortgage at which the interest rate is set for an arranged time period.
Fixtures & Fittings
All non-structural objects integrated in the purchase of a property.
Flexible Mortgage
Flexible Mortgage
An agreement where you may increase or decrease your mortgage repayments.
Freehold
Industrial word for the possession of the property, meaning that the owner is the proprietor with no restriction of time.
Freehold
Industrial word for the possession of the property, meaning that the owner is the proprietor with no restriction of time.
Gazumping
Where a seller agrees to a higher offer from a third party on a property that they have decided to sell to someone else, but have yet to switch contracts.
Gazundering
When a buyer proposes the seller a lower bid just before contracts are about to be exchanged.
Ground Rent
The yearly charge made by the freeholder to the leaseholder to give them right to reside in a property.
Guarantor
The lender might occasionally want a borrower to employ a guarantor. This is a third party who assures to pay the borrowers debt if the borrower fails to pay.
Gazundering
When a buyer proposes the seller a lower bid just before contracts are about to be exchanged.
Ground Rent
The yearly charge made by the freeholder to the leaseholder to give them right to reside in a property.
Guarantor
The lender might occasionally want a borrower to employ a guarantor. This is a third party who assures to pay the borrowers debt if the borrower fails to pay.
IFA
Independent Financial Advisor
Interest-Only Mortgage
There are 2 types of mortgages, interest-only or capital repayment. Interest-only mortgage remains constant all through the life of the mortgage. Interest and a premium to an investment vehicle are paid on a monthly basis. At the close of the term, the profits from the investment vehicle are intended to pay off the mortgage. The sum will depend on the functioning of the investment vehicle. If you desire an interest only mortgage you will be accountable for making sure that you have adequate funds readily available to pay off your mortgage at the end of the term.
Inventory
A list which describes the state of furnishings and contents of a leased property at the start of the tenancy so that any decrepitude during the tenancy can be recognised.
Joint Tenants
A type of ownership for two parties where should one of them die, their stake in the property will automatically shift to the remaining party, giving them full ownership (in spite of the terms of the deceased owner's will).
Land Registry Fee
A payment that is made to the Land Registry to register ownership of a property.
Lease
A legal document that the freeholder issues, which grants occupancy for a given time period.
Leasehold
Means that the rights of the property is by way of a lease.
Lender’s Arrangement Fees
Charge passed on to the buyer by the lender for organising a loan.
Lender’s Legal Fees
The cost sustained by the lender when organising a mortgage. These costs are transferred on to the buyer.
Listed Building
A building legitimately listed as being of particular architectural or historic significance, which cannot be destroyed or changed with no (local) government approval.
Loan To Value (LTV)
The amount of the mortgage as a percentage of the property’s worth.
Local Authority Search
Procedure where a buyer's solicitor makes an enquiry to the local council concerning any outstanding enforcement or prospect development issues that may have an effect on the property or the immediate area.Homebuyer's Survey
This is a survey report, which is not as comprehensive as a structural survey, it is performed by a chartered surveyor to evaluate the condition of a property and its price.
A payment that is made to the Land Registry to register ownership of a property.
Lease
A legal document that the freeholder issues, which grants occupancy for a given time period.
Leasehold
Means that the rights of the property is by way of a lease.
Lender’s Arrangement Fees
Charge passed on to the buyer by the lender for organising a loan.
Lender’s Legal Fees
The cost sustained by the lender when organising a mortgage. These costs are transferred on to the buyer.
Listed Building
A building legitimately listed as being of particular architectural or historic significance, which cannot be destroyed or changed with no (local) government approval.
Loan To Value (LTV)
The amount of the mortgage as a percentage of the property’s worth.
Local Authority Search
Procedure where a buyer's solicitor makes an enquiry to the local council concerning any outstanding enforcement or prospect development issues that may have an effect on the property or the immediate area.Homebuyer's Survey
This is a survey report, which is not as comprehensive as a structural survey, it is performed by a chartered surveyor to evaluate the condition of a property and its price.
Maintenance Charge (or service charge)
The fee for repairing and maintaining external or internal public fragment of a building charged to the tenant or leaseholder.
Maisonette
A property set more than one floor (i.e. a portion of the house).
Mortgage
An sum of money put forward by a lender, for example, a bank or building society on the security of a property and repayable over a long period.
Mortgage Deed
A legal document relating to the mortgage lenders stake in the property and encloses the terms of the mortgage
Mortgage Rate
The standard variable interest rate estimated by all mortgage lenders that usually adjusts with the Bank of England base rate. All discounted rates are centered on this mortgage rate.
Mortgage Term
The time period over (repayment mortgage) or at the end of (endowment mortgage) the loan is paid off.
Mortgagee
The mortgage lender (e.g. bank or building society)
Mortgage Agreed In Principle
A turn of phrase of a mortgage lender's eagerness to come into an agreement, subject to other circumstances being met, such as credit checks and an adequate property appraisal.
Negative Equity
Where the price of the property drops to below the outstanding mortgage.
Offer
An amount of capital that the buyer offers to pay for a property.
Open Market Value
The value a property would attain where there is an enthusiastic buyer and a keen seller.
Payment Break
An alternative on flexible mortgages that permits you to make mortgage payments for up to six months.
Penalties
Costs that may be incurred if the borrower repays the loan too early or switches between lenders
Premium
The monthly sum to be paid for an insurance policy.
An alternative on flexible mortgages that permits you to make mortgage payments for up to six months.
Penalties
Costs that may be incurred if the borrower repays the loan too early or switches between lenders
Premium
The monthly sum to be paid for an insurance policy.
Re-Mortgage
Refinancing a property by either changing a mortgage from one lender to another or by acquiring a second mortgage to draw down any equity achieved by an increase in value.
Repayment Mortgage
A mortgage paid off by through monthly repayments of capital combined with interest.
Repossession
When the mortgage lender takes ownership of your property due to a default on the mortgage.
Redemption
This is when a mortgage is fully paid.
Search
A demand or enquiry for information regarding the property held by a local authority or by the land registry.
Semi-Detached
A property that is connected to one other house.
Sole Agent
When a seller decides that only one estate agent may advertise their home.
Solicitor
Legal specialist managing the entire documentation for the sale or purchase of a property.
Stamp Duty
A tax paid by buyers of properties with a charge in excess of £120,000, of between 1% and 4% depending on price.
Studio Flat
A flat that contains one main room or open-plan living area featuring cooking and sleeping facilities and an individual bathroom/shower room.
Subject To Contract
Words to point out that a contract is not yet legally binding.
Surveyor
Professionally-qualified specialist who performs the survey.
Tenancy
Provisional ownership of a property by a tenant.
Tenancy Agreement
A legal contract intended to safeguard the rights of the tenant and landlord and stating all the terms and conditions of the rental preparations.
Tenant
A person who has short-term possession of a property.
Tenant’s In Common
A form of possession by two or more individuals in which if one of them dies, their share of the property forms part of their estate and doesn’t automatically go to other(s).
Tenure
Circumstances on which a property is held (i.e. length of lease).
Terraced House
A property, which forms part of an attached chain of houses.
Title Deeds
Documents detailing the legal rights of a property.
Transfer Deeds
The land registry document that transfers legal rights from the seller to the buyer.
Provisional ownership of a property by a tenant.
Tenancy Agreement
A legal contract intended to safeguard the rights of the tenant and landlord and stating all the terms and conditions of the rental preparations.
Tenant
A person who has short-term possession of a property.
Tenant’s In Common
A form of possession by two or more individuals in which if one of them dies, their share of the property forms part of their estate and doesn’t automatically go to other(s).
Tenure
Circumstances on which a property is held (i.e. length of lease).
Terraced House
A property, which forms part of an attached chain of houses.
Title Deeds
Documents detailing the legal rights of a property.
Transfer Deeds
The land registry document that transfers legal rights from the seller to the buyer.
Under Offer
The position of a property for sale, when a seller has agreed to a bid from a purchaser but before the exchange of contracts.
The position of a property for sale, when a seller has agreed to a bid from a purchaser but before the exchange of contracts.
Valuation
An amount that an agent will put on a property once the obligatory surveys have been accomplished.
Valuation Survey
A survey that must be carried out on behalf of the mortgage lender to determine the quantity and stipulations of the loan.
An amount that an agent will put on a property once the obligatory surveys have been accomplished.
Valuation Survey
A survey that must be carried out on behalf of the mortgage lender to determine the quantity and stipulations of the loan.
Yield
Revenue from a property computed as a percentage of the price.
Revenue from a property computed as a percentage of the price.
