Jargon-Buster

Sometimes we use slightly perplexing words in the property world, so if you're not sure what they mean, check out our jargon-buster.

  • Daily Interest

    When a payment is made the balance is reduced immediately and interest is calculated on the new lower balance from the next day.

  • Deeds

    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.

  • Deposit

    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.

  • Detached

    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.

  • Development

    Either a newly built residence or a refurbished and modernised older property.

  • Dilapidations

    Any damage or disrepair to a property

  • Disbursements

    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.

  • Discharge

    The term used to pay off (discharge) a mortgage.

  • Draft Contracts

    An unconfirmed and preliminary version of the contract, which is passed between solicitors to finalise.