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
-
Higher lending charge
An up-front, one-off fee paid to the lender to protect them against the borrower defaulting on the loan. Usually charged on mortgages over 75% of the house value.
-
Home Information Pack (HIP)
A Home Information Pack (HIP) is a collection of legally required documents relating to a property. A HIP contains an Index of Information, a Statement of Sale, evidence of Title, Title Plan, Energy Performance Certificate (EPC), Standard Searches (inc local authority, land charge and water and drainage searches), a copy of the Lease (for leasehold properties only) and a Property Information Questionnaire (PIQ). It is a legal requirement to have a HIP prior to marketing a residential property for sale.
-
Homebuyer's survey and valuation
This is a survey report, which is not as detailed as a structural survey, carried out by a chartered surveyor to assess the state of a property and its value.
-
Household insurance
An insurance policy that protects against loss or damage to the property caused by fire, some natural causes and acts of vandalism. Also see Buildings insurance and Contents insurance.
-
Houses in Multiple Occupancy (HMO)
A building of three floors or more which is to be occupied by three or more people and where these people live as more than one household and share facilities such as bathrooms, toilets or cooking facilities.
