Assets Glossary ( British isles )


When you are presented and take a mortgage loan supply from a lender this is what you need to have to signal and return.


Stands for ‘Annual Percentage Rate’ relating to interest on a mortgage


The phrase used by an estate agent to refer to you when you are a likely purchaser of a assets.


When providing your home an estate agent will ‘appraise’ your home to figure out a recent worth for it.

Arrangement Price

Some lenders may inquire for this charge for providing or ‘arranging’ a bank loan


The transfer of ownership from one particular person to one more. For instance if you buy a leasehold home possession is ‘assigned’ to you by way of the contract.

Foundation Level

This is the most affordable amount of fascination a lender will cost when it lends you income and is employed as a benchmark to set interest prices for borrowers. This rate set by the Lender of England and is reviewed many occasions a 12 months. Lenders will cost debtors a margin previously mentioned the foundation amount.

Bridging Finance/Loan

You might need to have ‘Bridging Finance’ if you are getting a new residence just before providing your existing property. This is to ‘bridge’ the gap before you have sold your property so as to complete the getting system of your new residence just before selling your current house.


This is a person who advises on home loans and financial loans, known as a ‘mortgage broker’

Capped Price

The utmost established interest level you will fork out on a home loan for a set period of time of time. This means that the desire rate can’t go higher than the capped fee during the specified time period, typically the to start with few yrs of the personal loan.


This refers to a sequence of purchasers and sellers. Most people who promote their houses are also obtaining at the similar time. There can be a ‘chain’ of quite a few consumers and sellers, every dependent on just about every other for the sale and invest in of their new homes. If 1 consumer or vendor drops out the total chain may collapse, primary to a domino effect the place the paperwork for a number of qualities is delayed or cancelled altogether.

Chain Totally free

This is when the owner of home does not will need to market the residence in order to buy another, hence it is provided chain cost-free.


Your residence is ‘Collateral’ when utilized as a promise you will repay a personal loan to your loan provider. If you do not maintain up with compensation your dwelling could be sold by the lender to get again the money they have loaned you.


This is the closing phase of the property buying course of action – when the agreed sale price has been paid by the buyer to the seller. Legal ownership has been transferred from the seller to the purchaser of the house.

Contents Insurance policy

This insurance plan is taken out to deal with/secure personalized belongings that are in your household.


This is the agreement that the moment signed by the purchaser and seller binds both of those parties to the sale and order of the house.


This can refer to a assets that has experienced the loft transformed into a place, or a residence that has been transformed into flats.


The title of the legal procedure that transfers home ownership from the vendor to the buyer.


A necessity by law on the operator of a house to either do or not do a thing with their residence.


Stands for Existing Account Property finance loan


This stands for County Court docket Judgement. If you have a judgement towards you for defaulting on a credit card debt it may perhaps signify you are turned down for foreseeable future financial loans or pay out a better curiosity amount.


The authorized paperwork pertaining to a residence.


This is a time period utilized when you do not do as you agreed, eg. failing to make a mortgage loan payment. If you are unsuccessful to make home finance loan payments (or default), your residence could be repossessed.

Delayed Completion

Usually completion can take less than 28 days right after the trade of contracts. If it requires position just after 28 times then it is identified as ‘delayed completion’


In conditions of home loans a deposit is the preliminary lump sum payment the buyer contributes to the complete obtain price tag of the home.


This is another term for the legal fees associated with buying a home.

Discounted Price

This form of mortgage loan has an curiosity price decreased than the lender’s Normal Variable Charge (SVR).

Early Repayment Charge

This is a charge or ‘fee’ payable if you fork out section or all of your mortgage off previously than agreed. This is applied to compensate the loan provider for desire that would have been paid if the property finance loan experienced run for the total time period agreed.

Equitable Desire

When a individual has some lawful legal rights to a assets but not together with sale of the house.


This is what you really personal – it is the distinction involving the industry benefit of your assets and the amount of money of the loan you still owe to the financial institution.

Exchange of Contracts

This is the stage at which the purchaser and seller are lawfully certain to total the sale.

Execution Only

A support with no tips, just have out the orders of a purchaser.

Mounted Level Home finance loan

A mortgage which has a ‘fixed’ level of fascination for a established time period of time.

Fixtures and Fittings

These are items in a residence that are involved in the sale. For instance lighting fixtures, carpets and so on – these must be agreed / verified prior to a sale.

Adaptable Mortgage loan

As the identify indicates this home finance loan is flexible in phrases of how you pay the personal loan again. An instance could be that it makes it possible for you to make overpayments or pay out off your mortgage early.


Complete possession of a piece of land and the property that is on it.


This is when a vendor (seller) accepts an offer but later rejects it to take a bigger provide by a further consumer.


This is the opposite of gazumping – when the consumer threatens to pull out just in advance of the trade of contracts if the rate is not decreased.


Using loaned money to development investments. For example, getting a property with a small deposit and the relaxation with a home loan and then offering the assets on at a better price tag, earning a gain.

Floor Rent

This is rent paid out on a yearly basis by the leaseholder of a house to the operator of the freehold. Usually it is paid out to the entrepreneurs of the land on which the home/attributes are constructed.


A man or woman who agrees to guarantee that they will spend a financial debt or financial loan if you default on payment.

Dwelling Info Pack ( HIP )

Also acknowledged as a ‘Sellers Pack’ this will be a required Study from the 1st of June 2007 to be developed by a home operator or advertising agents through a household inspector in advance of a property can be set on the open up current market. The goal is to enable enhance the approach of buying and promoting a dwelling, it is element of the conveyancing process and will include things like in-depth data about a house.


Impartial Monetary Adviser


This is when you give an estate agent ‘Instructions’ or the appropriate to promote or let your assets.

Joint / Multiple Agency

This is when you instruct far more than a single estate agent to sector your residence.

Land Certification

The certificate that proves possession of land issued by the land registry.

Land Registry

A authorities business office that retailers documents of land ownership and any fees like a house loan.


A lawful document detailing an arrangement designed involving a freeholder and people occupying their assets for a specified period of time. It lists all the circumstances which the leaseholder should abide by and what the landlord’s obligations are.


Land or property is ‘leasehold’ when the operator has to pay the freeholder an once-a-year sum of income.

Loan company

A particular person or business that lends money for an agreed time period of time. They hope to have the money repaid back again with desire added – your mortgage corporation is a lender.


Bank loan To Value

Upkeep Demand

A landlord fees for the yearly upkeep of a home which must be agreed in your deal. This contains holding the exterior of the property in good get and gardening solutions in communal areas.


Home loan Indemnity Guarantee – an insurance policies quality some loan companies may perhaps need to have you to consider out on sure mortgages.


Funds borrowed from a financial institution to buy a home. The borrower agrees to use his or her assets as security versus it right until the bank loan is paid back.

Property finance loan Deed

A doc which has the particulars of a home loan arrangement.

Mortgage loan Present

An provide from a loan provider which particulars the conditions and circumstances of a financial loan.


The specific who is borrowing cash for the objective of buying a house.

Adverse Equity

When you owe additional than the current market benefit of your residence, or have compensated or are having to pay back again more than a residence is worthy of.


An offer you, normally beneath the inquiring selling price, you make on a property.


Open up Market Benefit – the price a residence can realize when there is a prepared purchaser and seller.


This is the instant when you pay back off your home loan

Registered Land

Land like any residence on it that is registered with the land registry.

Ideal Of Way

The lawful accessibility to a piece of assets so as to entry your individual house.


Return On Investment – how a lot you get out of what you put in.


The method of acquiring out if there are any undesirable consequences now or prepared for the future on a assets.

Sole Company

When a one (sole) estate agent has been supplied the right to sell or permit a home.

Stamp Duty

Tax compensated to the authorities on the obtain price tag of property.

Issue To Deal

The point at which both equally parties are absolutely free to pull out of an arrangement in advance of trade of contracts.


A study is the report created by a setting up surveyor for the intent of pinpointing the benefit of the residence and if it is structurally audio.


A particular person or folks (can be a enterprise or organisation) who is entitled to occupy a home underneath the phrases and circumstances of a tenancy agreement.


The sort of ownership of a property these as Freehold or Leasehold


The authorized right to possession of a home.

Title Deeds

A Document that shows possession of a house.

Beneath Present

When a home has had an present recognized but contracts have not been exchanged.


A company by an estate agent or independent qualified to ascertain the value of a property in the latest market.


The person who is marketing a assets.

This is intended as a typical guideline and should really not be observed as legal advice.

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