Property Glossary ( UK )


Acceptance

When you’re supplied and accept a loan offer from a lender this is what you need to signal and go back.Image result for Property Glossary ( UK )

APR

Stands for ‘Annual Percentage Rate’ referring to the hobby on a loan

Applicant

The term utilized by a property agent to refer to you while you are a potential client of assets.

Appraisal

When promoting your house an property agent will ‘appraise’ your own home to decide a modern-day value for it.

Arrangement Fee

Some creditors might also ask for this fee for offering or ‘arranging’ a mortgage

Assignment

The switch of ownership from one man or woman to every other. For instance, in case you buy a leasehold belongings ownership is ‘assigned’ to you through the settlement.

Base Rate

This is the bottom charge of interest a financial institution will rate whilst it lends you cash and is used as a benchmark to set interest charges for debtors. This charge set through the Bank of England and is reviewed several instances a 12 months. Lenders will charge borrowers a margin above the base rate.

Bridging Finance/Loan

You may additionally want ‘Bridging Finance’ if you are shopping for a new property earlier than selling your current house. This is to ‘bridge’ the distance before you’ve got bought your private home in order to complete the shopping process for your new assets earlier than selling your existing home.

Broker

This is someone who advises on mortgages and loans, known as a ‘mortgage broker’

Capped Rate

The maximum set interest rate you will pay on a loan for a set time frame. This method that the hobby charge can not pass better than the capped charge throughout the specified term, generally the primary few years of the loan.

Chain

This refers to a series of consumers and sellers. Most people who promote their houses also are shopping for at the identical time. There may be a ‘chain’ of several customers and dealers, each depending on every other for the sale and purchase in their new houses. If one consumer or seller drops out the whole chain may additionally collapse, main to a domino impact wherein the office work for several properties is not on time or cancelled altogether.

Chain Free

This is while the proprietor of assets would not need to sell the property so as to shop for another, thus it’s far provided chain lose.

Collateral

Your residence is ‘Collateral’ while used as a assure you may repay a mortgage to your lender. If you do now not preserve up with repayment your property will be offered by way of the lender to get again the cash they have got loaned you.

Completion

This is the very last level of the belongings shopping for process – whilst the agreed sale price has been paid by using the buyer to the vendor. Legal possession has been transferred from the seller to the consumer of the property.

Contents Insurance

This coverage is taken out to cowl/defend non-public belongings that are in your property.

Contract

This is the settlement that when signed by the consumer and seller binds each event to the sale and purchase of the assets.

Conversion

This can discuss with a belonging that has had the loft transformed into a room or a house that has been converted into apartments.

Conveyancing

The call of the prison procedure that transfers belongings possession from the vendor to the buyer.

Covenant

A requirement by law at the owner of assets to either do or not do something with their property.

CAM

Stands for Current Account Mortgage

CCJ

This stands for County Court Judgement. If you have a judgment against you for defaulting on a debt it could mean you are turned down for future loans or pay a higher interest price.

Deeds

The criminal documents concerning assets.

Default

This is a time period used when you do not do as you agreed, eg. Failing to make a loan payment. If you fail to make mortgage payments (or default), your private home might be repossessed.

Delayed Completion

Typically crowning glory takes less than 28 days after the change of contracts. If it takes region after 28 days then it’s far known as ‘delayed completion

Deposit

In terms of mortgages, a deposit is the initial lump sum price the purchaser contributes closer to the overall purchase price of the property.

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