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.
Relates to a mortgage packager; people that get all the documents relating to your application to a lender, ready for you.
PCM stands for “Per Calendar Month” and is normally used when talking about the rental figure per calendar month (PCM).
Monthly repayments made up of a) Interest on loan and b) contribution to a personal pension scheme. The loan on the house is paid off in one lump sum at the end of the loan period. This can be a tax efficient way to save.
This is a term used to mean a ground rent that is of a trivial sum in reality no actual money changes hands.
Related: What is the difference between freehold and leasehold property?
Personal Equity Plans (PEPS) were tax efficient investments that where available in the 1980’s and 1990’s. Many people used them as an investment vehicle to go along with an interest only mortgage.
A portable mortgage is one which allows the borrower to move their mortgage from one property to another without penalty within an early repayment charge period. Portable mortgage can be very important, for example: if there are early repayment charges for the first 3 years on your mortgage, then if you wanted to move house after say 19 months and didn't have a portable mortgage, then you would have to pay the charges and then get a new mortgage product.
These are set of questions that are raised by solicitors on the sale/purchase of a property. They can be completed in advance of an agreed sale (along with a fixtures and fittings form) to avoid any delays once a property is under offer.
The monthly amount payable to an insurance policy.
The sum of the loan on which interest is calculated.
A tax relief relating to your principal home.
Probate is the official process of proving a will is valid. If the will involves a property, things such as inheritance tax etc need to be taken into account. A probate valuation can be obtained which is normally a negotiated value with the district valuer who represents the Inland Revenue. It is vital for a potential purchaser and the seller to understand that the sale of a property in this situation cannot proceed to exchange until probate is granted.
See Introducer Fee
Insurance which covers injury or death to anyone on or around your property.
