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.
This is a fee that is sometimes charged if you pay off all or part of your mortgage before a pre-agreed time.
Type of mortgage where monthly payments are made into a endowment (life assurance) policy. The loan is paid off in one lump sum at the end of the loan period.
This certificate is part home information pack and gives you information as to how energy efficient your home is in a similar way to the stickers you see on fridges.
This is the final and formal version of a document that has been prepared by a solicitor in preparation for signing following the agreement of the final draft between parties.
This is when someone has some legal rights to a property but these rights do not include the right to sell its legal title.
This is the difference between the market value of a property and the amount of the mortgage that is still owed to the lender on that property.
Property agents who link up buyers and sellers. Estate Agents advertise houses & arrange viewings.
The initial sum you have to pay on an insurance claim.
The point at which buyer and seller are legally bound to the sale and purchase of the property.
This mortgage is called an exclusive mortgage because it is only available through a specific packager in conjunction with the Lender who is going to provide the funding.
This is when a deed is signed, sealed and delivered in front of an independent witness.
This is a service with no advice, just carried out the orders of a customer.
