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.
These are the legal documents associated with a property.
This is when you have failed to make payments as you have agreed to. In property terms this is normally used when talking about missed payments on your mortgage.
Completion is classed as delayed if they take over 28 days to complete after exchange of contracts a delayed completion needs to be agreed before exchange of contracts.
This is normally a lump sum paid to the seller towards the overall cost of the property it is normally held by solicitors until completion of contracts.
Direct debits are used to make payment directly from a bank account. Direct debits are used usually used when the amount being paid might vary otherwise Standing Orders are used.
A new form of mortgage lender who deals solely over the telephone.
Expenses paid by the solicitor on behalf of the purchaser.
A Discounted rate mortgage will have an interest rate lower than the lender's Standard Variable Rate.
This is a variable rate mortgage that is discounted from the Bank of England’s base rate. It is usually discounted by a set percentage for a set period of time. In practise there are usually early repayment charges that will be charged if the loan is repaid within the discounted period.
An agent who is acting on behalf of both the buyer and the seller in practice this is a term sometimes used for an Estate Agent who reveals the seller's lowest asking price to the buyer in order to make a quick sale. An agent should be acting on behalf of only their client who is generally the seller.
