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 certificate that is issued by the land registry that proves ownership of land.
This is a government department where details of the ownership of properties and any charges against these properties are held.
A landlord can be a person, group of people, company or some sort of body that has a formal interest in a property and has the right to let that property out to tenants.
Document in which the owner of a freehold property lets out their premises to a named party at a certain price and for a specified time.
Related: Understanding leasehold and freehold, What is the difference between freehold and leasehold property?
This when a leaseholder is granted the right to use land/property for a fixed period of time. This ownership is subject to the annual payment of ground rent to the owner of the freeholder.
Related: Understanding leasehold and freehold, How long left on a lease is acceptable?
A company or person who lends you money for an agreed time period. Interest is generally charged.
Charge passed on to the buyer by lender for arranging a loan.
The fees incurred by the lender when arranging a mortgage. These costs are generally passed onto the buyer.
A valuation of the proposed property carried out by the lender before agreeing to give out a mortgage. This is only a valuation survey. A separate survey may be required by the buyer.
Related: Top ten ways to add value to your home, Can I contest my mortgage valuation?
This is the person etc. that grants a lease.
This is a mortgage that allows you to borrow money to buy a new home to move into while your current home is let out to tenants. The maximum you can borrow for your new mortgage will generally be calculated without taking your existing mortgage on your current home into consideration, as long as the rent covers the mortgage on the current home.
This is a variable rate mortgage that is linked to the London Inter-Bank Offered Rate and will normally be set at a certain percentage above the Libor rate within a given period of time. The Libor rate is often associated with lenders that offer Loans to borrowers with some sort of adverse credit history.
This is a term used for the legal right of one person to hold someone elses property as security for a debt.
An insurance policy which pays out a fixed lump sum on death of an individual.
This is a policy/insurance that repays the mortgage in the event of the insured person’s death. (This can also be known as Term Assurance).
