Annual Percentage Rate: a compound interest rate figure used to compare different mortgages. APR shows the true cost of borrowing over the entire term and should appear on all mortgage illustrations
Appraisal Value: value of the property, as estimated by a surveyor
Bridging Loan: a short-term loan taken out to cover the interval between two transactions, typically the buying of one house and selling of another
Collective Enfranchisement: is the right of owners of flats in parts, or the whole, of the building to join together and buy the freehold of that building, requires coordination of at least 50% of the buildings tenants
Completion: the final step in the legal process of transferring ownership of property. Completion is usually the point at which the purchase price for the property is paid and the transfer documents are dated.
Conveyancing: In law, conveyancing is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or a lien.
Discharge Fee: paid to some lenders for releasing their hold over a property once you’ve paid off your loan. Often applies if you’ve paid it off early.
Exchange: the exchange of contracts, when the agreed terms become binding on the buyer and seller.
Freehold: when the owner of the property also owns the land
Gazumping: when a seller accepts a higher offer from a 3rd party on a property that they have already agreed to sell to someone else prior to exchanging contracts
Ground Rent: the annual charge levied by freeholder to leaseholder
Land Registry: the Government department responsible for registering ownership of land
Negative Equity: is when the value of an asset falls below the outstanding balance on the loan used to purchase that asset.
Peppercorn ground rent: nominal periodic rent usually paid annually
Redemption: when a mortgage is fully repaid
Ring Fenced: refers to money held in such a way that it can only be used for a specified purpose. So in the case of a tenancy deposit, it can be used only for the purposes set out in the tenancy agreement.
Title deeds: paper documents showing the chain of ownership for land and property. They can include: conveyances, contracts for sale, wills, mortgages and leases.
Title Search: investigation carried out by a conveyancer or solicitor into the history of ownership of a property. Will check for liens, unpaid claims, restrictions or any other problems that may affect ownership
Void Period: period of time when the property is empty/unoccupied by the tenant
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