Jargon Buster
Understand property related jargon.
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
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CML
The council of mortgage lenders, which as devised the Mortgage Code to ensure lenders treat customers fairly.
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Capital
The amount of the loan on which interest is calculated.
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Capped mortgage
Normally agreed for a fixed period of time, many lenders provide mortgages with an upper limit on the interest rate. Thus if the standard interest rate is lower than the upper limit you will be charged the lower rate, but if the standard variable rate is higher you will be charged at the agreed rate.
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Chain
The situation that occurs when a buyer is reliant upon completion of the sale of his existing property, in order to complete on the purchase of his new property.
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Completion
The point at which all transactions concerning the property's sale are concluded and legal transfer of ownership passes to the buyer.
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Conditions of sale
The details which determine the rights and duties of the buyer and seller. These may be national, statutory, or the Law Society's conditions.
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Contents insurance
Insurance to cover any loss or damage to your possessions within the property.
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Contract
A legal agreement between the seller and buyer of a property which binds both parties to complete the transaction.
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Contract race
When two parties have made an offer on the same house. The vendor will sell to the first party to exchange contracts, ie: it's a race!.
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Conveyancer
A qualified individual such as a solicitor or licensed conveyancer who deals with the legal aspects of buying or selling a property.
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Conveyancing
Traditional term for the legal work involved in the purchase and sale of a property.
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Covenants
Rules and regulations governing the property, contained in its title deeds or lease.
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