Legal documents proving ownership, generally held by the mortgage lender.
Deeds release or discharge fee
The fee charged by lenders at the end of a mortgage term to cover the administrative costs of transferring the property ownership documents to the borrower.
A badly drafted lease. If this is serious, the vendor may have to obtain a “deed of variation” getting the freeholder’s permission to change the original terms of the lease.
A situation in which prices are falling (the opposite of inflation).
This is a sum of money required from the buyer when he enters into an enforceable agreement. This is usually on the signing of the contract, and can be between 5 and 10 per cent of the purchase price if buying, or 4-6 weeks rent for tenants.
The decline or reduction in the value of a property caused by changes in market conditions (the opposite of appreciation).
A term used to describe a property that stands alone, separate from all others.
A newly built residence or an older property that has been refurbished and modernised.
These refer to disrepair or damage done to a rented property.
These are fees paid by the buyer’s solicitor on the buyer’s behalf, such as stamp duty, land registry fees, and search fees.
Paying off a mortgage.
Mortgages charged at a rate discounted from the published bank standard variable rate for a set period of time. The rates are variable and are subject to go up or down in line with any changes to the Bank of England base rate.
When the lender restricts the amount you can borrow after the surveyor’s valuation report indicates the property is not worth the sum sought.
This is a preliminary unconfirmed version of the contract, prepared by the vendor’s solicitor.