A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Party Wall

A wall which separates the properties of two adjoining owners, each of whom have certain rights over the wall.

Payment break/holiday

An option on flexible mortgages that allows you to stop making mortgage payments for up to six months.

Penalties

A specified charge that is levied by the lender under certain circumstances, usually for full or part repayment within a specific period linked to a discount, tracker, fixed or other product type.

Peppercorn ground rent

A nominal periodic rent usually paid annually.

Peppercorn Rent

A nominal rent where the landlord does not receive an annual payment in cash. When the owner of land or property wishes to grant a lease, he must charge a rent as an acknowledgement of the existence of the lease. Where the owner does not want to charge any rent but simply wishes to establish the lease exists, he can ask for a peppercorn each year as a token payment. In practice, this is not generally handed over!

Pied A Terre

A property kept for temporary, secondary, or occasional occupation.

Portable Appliance Test (PAT)

A test carried out by a registered engineer to ensure that all electrical installations and appliances within a property are safe in conjunction with the Electrical Equipment (Safety) Regulations 1994. Keatons are able to arrange this on your behalf.

Power Of Attorney

A document granting power to some person to act in the name of another. Normally left with a solicitor to enable a purchase to proceed in the absence of either the vendor or purchaser.

Preliminary Or Pre-contract Enquiries

These are enquiries made by the purchaser’s solicitors, requesting information on a property prior to exchange. It is at this stage that fixtures and fittings to be left or taken are agreed.

Premium

The monthly amount payable for an insurance policy.

Premium Lease

A lump sum paid up front as rental payment for a property. Most normally used by City firms for corporate lets.

Principal

The amount of debt outstanding (excluding interest).

Probate

A document which is issued by a court to an executor, to show that the will of a deceased has been proved and that the executor can distribute the assets.

Property Management

The management of a property on behalf of the owner.

Public Liability Insurance

Insurance which covers: injury to, or death of, anyone on or around a property.

Purchaser

A person who is buying a property.

Purpose Built Flats

These are properties which have specifically been designed and built as individual flats, as opposed to flats which are created by conversion of an existing building, such as a large Victorian house.