Sometimes we use slightly perplexing words in the property world, so if you're not sure what they mean, check out our jargon-buster.
When a payment is made the balance is reduced immediately and interest is calculated on the new lower balance from the next day.
Legal title documents that prove ownership of a property. Often these deeds will be held by the mortgage lender if a mortgage is lodged against the property.
On exchange of contracts a sum of money is paid by the buyer to the solicitors which is usually between 5% and 10% of the overall property value.
A term used to describe a property that stands alone and is separated from all other properties.
Detailed Building Survey
The most comprehensive type of property survey carried out by a professional surveyor that should give the buyer an indication of any structural problems or repairs required.
Either a newly built residence or a refurbished and modernised older property.
Any damage or disrepair to a property
These are various fees that your solicitor pays on your behalf to carry out your legal work. These can include Land Registry fee, search fees and stamp duty. They are added to your solicitor’s final bill.
The term used to pay off (discharge) a mortgage.
An unconfirmed and preliminary version of the contract, which is passed between solicitors to finalise.