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

  • Penalties

    The costs that can be incurred if a borrower repays all or part of a mortgage prior to the end of an agreed period or switches between lenders.

  • Peppercorn Ground Rent

    A very nominal periodic rent usually paid per annum.

  • Pied à terre

    A property kept for temporary, secondary or occasional occupation.

  • Preliminary Enquiries

    Initial enquiries raised about a property that is being sold by the conveyancer which the seller must answer before exchange of contracts.

  • Premium

    The monthly amount payable for an insurance policy.

  • Principal

    The sum of the loan on which interest is calculated.

  • Probate

    The disposal of a property by an executor of a will following the death of the owner.

  • Public Liability Insurance

    Insurance which covers injury or death to anyone on or around your property.

  • Purchaser

    Anyone who is buying a property.