Whether you've bought or sold a property before or not, there's lots of lingo to get your head around. Hopefully my explanations of these terms will help you.
Official who repossess your possessions or house if you cannot keep up on your mortgage/loan repayments.
A type of funds transfer that is normally electronically done it is normally free of charge.
Different to a cheque in that the money has already been debit straight from your account, therefore the person receiving the bankers draft is confident the money will come to them, whereas with a cheque there is no guarantee there will be any money until it has been cleared. There is normally an administration fee to obtain a bankers draft, as well as you having to give a notice period, normally of at least 24 hours.
A place to go for Mortgages & Loans.
This rate is set by the Bank of England and is used as a benchmark for lenders to set interest rates by. It represents the lowest rate of interest a bank will charge you when it lends you money. This rate is reviewed periodically thorough out the year and can go up as well as down.
This is the person owning land and who is therefore entitled to it for his/her own benefit. This is different from say a trust etc that may hold land for the benefit of someone else.
This refers to the agents that manage/act on behalf of the freeholds and leaseholds, normally for a block of flats or apartments. The will usually arrange things like, the insurance, tending the garden, general cleaning and re-decoration.
Another term meaning arrangement fee.
These are sometimes used in conjunction with fixed term tenancies. For example: in an AST after the first 6 months is over when it comes to renewal, either party (landlord or tenant), will often request that a break/release clause be entered into the agreement, if they are unsure whether they will want to continue renting the property for the duration of the next 6 months. This clause will normally allow either party to get out (normally with about 2 months notice) before the end of the new term.
An expensive temporary loan to tide you over when having to buy your new house before selling your old home.
This is a person that advises on mortgages etc. Known as a mortgage broker.
This is a type of insurance that is required to cover against the structure of your property being damaged or destroyed. The sum that is insured covers the estimated cost of rebuilding the property. (keep in mind this can vary greatly from the market value of the property.)
Another place to go for Mortgages & Loans
This is a specific mortgage that allows you to buy a property with the main aim being to find tenants and let it out. The income from renting the property out is taken into consideration by the lender.
