The payment of mortgage monies by a lender Annual Percentage Rate. A guide to help compare interest rates among lenders. It takes into account extra items such as booking fees The transfer of a lease The payment of funds guaranteed by a bank A short term loan The electronic payment of funds in cleared funds from by one bank to another – also refered to as a “telegraphic transfer” A debt secured on the property. Monies borrowed from a lender for the purchase of a house are usually secured against the property Security pledged for repayment of a loan The day on which either the purchase or sale of a property or remortgage occurs. Usually, on a sale or purchase it is also the moving date. A legal term of the contract governing the purchase The legally binding agreement between buyer and seller General term for the legal process of buying and selling land Rules and conditions contained in the deeds that relate to the use of the property setting out things you must do or refrain from doing. Someone who is owed money A document stating that someone will comply with the rules and conditions affecting a property Part of the purchase price which is paid on exchange of contracts to confirm commitment to the purchase A right granted over another's property (such as a right of way) An (usually unfavourable) obligation affecting a property A mortgage covered by a policy that is designed to pay off the capital owed on the mortgage by the end of the term of the mortgage A document in its final form to be signed by all relevant parties The stage at which the transaction between the seller and the buyer becomes legally binding Outright ownership of a property and the land on which it stands Annual payments made to a landlord. This applies only to leasehold properties A leasehold term that is granted out of the freehold estate. The Headlease may be subject to subleases This report is less detailed than a full building survey. It gives general details of a property i.e. age, state of repair and valuation. Most Lenders will accept this sort of report Dying without having made a will When property is owned by two people as ’joint tenants“, on the death of the first of those people, the property passes outright to the survivor regardless of what is contained in the deceased's will. See also Tenants in Common below One who owns property and rents it to others A government department which maintains the national property register in England and Wales A document made between a landlord and a tenant, setting out the terms of occupation of a property The occupier owns the right to reside in a property for a fixed term but does not own the land on which it stands A formal permission sometimes required from a landlord to enable a buyer to purchase a leasehold property Enquiries made of a local authority concerning planning – this covers the property only and not adjoining or surrounding properties and their use A company set up to manage the building and common parts of a property in which a leasehold property is situated – sometimes this is owned by the occupiers and will also own the freehold A loan secured against a property. In the event of non-payment, there is usually a right to sell the property An insurance policy taken out by a mortgagee to cover any loss in the event of a forced sale. Usually, the company providing the policy has the legal right to recover the loss from the borrower An insurance policy which guarantees mortgage payments in certain circumstances such as unemployment A money lender, such as a building society or bank, who secures the loan against a property The borrower who enters into a Mortgage with a Lender National House Builders Council. The NHBC provide a ten year warranty against major structural defects for new properties A copy of the title registered at the Land Registry, confirming ownership of the property The person appointed by a will or on when a person dies intestate to act for the deceased owner A form completed by the Seller setting out information about the property, its use and condition Older leases sometimes specify that the rent and/or service charges are payable on "the usual quarter days". The usual quarter days are: 25 March - Lady Day, 24 June - Midsummer Day, 29 September - Michaelmas, 25 December - Christmas Paying off a mortgage Land which is registered has its ownership details recorded at the Land Registry A mortgage where the borrower makes interest and capital payments to the lender Queries raised about the ownership of the property and how that ownership will be transferred Monies held back from a mortgage advance pending completion of conditions attached to the mortgage offer Money requested by a landlord for repairs and maintenance to a Leasehold or Commonhold property A tax currently charged to buyers purchasing properties for more than £120,000.00 Negotiations which do not become binding until contracts are exchanged An assessment of the essential framework of a building A person who pays rent to another for the use of a property or land Where two or more people own a property as "tenants in common", and one of those people dies, the deceased's share of the property will pass according to what has been stated in the deceased's Will (or according to the rules of intestacy, in the event of no will having been made). See also Joint Tenants above. The type of property: Freehold, Leasehold or Commonhold A period of time, such as the length of a mortgage The document issued by the Land Registry on completion of the registration of a change of ownership or mortgage An insurance taken out to cover a ’defect“ found when buying a property, such as a lack of rights or a breach of planning permission or building regulation approval. It usually covers the owner and his lender as well as successors in title and their lenders The document transferring ownership from seller to buyer A leasehold term which is granted from a longer leasehold term An assessment of a property's value The Seller Your instructions to deal with your possessions and assets after your death. Everyone should make a Will regardless of the value of their assets. If you die without making a Will then the law will deal with your Estate as Intestacy and this may not be dealt with in accordance with your wishes. Contrary to popular belief under the law everything does not automatically pass to a wife when her husband dies