MyLondonHome Sales JargonThis is also often referred to as equity. It is the amount of money either used to buy a property or to place a deposit.


 

MyLondonHome Sales JargonThis is a mortgage with a pre-set maximum level of interest that the lender can charge, usually applicable for the first few years of a loan.

 


MyLondonHome Sales JargonThis is the fee the estate agent charges for selling the property.


 

 

MyLondonHome Sales JargonNormally carried out by a surveyor, a comparative search looks at the value of similar sold properties in the area and as such gives an indication of the accurate sale price.


 

MyLondonHome Sales JargonThis is the finalisation of a sale after the contracts have exchanged, money has changed hands and the purchaser now has access to the property.


 

MyLondonHome Sales JargonOn this date the remaining money is transferred to the seller’s solicitors and as such the buyer becomes the legal owner of the property.


 

MyLondonHome Sales JargonThis is the process of transferring ownership from vendor to purchaser.


 

MyLondonHome Sales JargonThe Council of Mortgage Lenders is the trade association for the mortgage lending industry. The Council created the Mortgage Code, this code ensures lenders treat their customers in a fair and just manner.


 

MyLondonHome Sales JargonA County Court Judgement is issued by a magistrate when an individual is taken to court for failure to pay a bill. This CCJ will only be removed once the debt has been cleared.


 

MyLondonHome Sales JargonThese are any regulations or stipulations in regard to the property, contained in its Title Deeds or Property Lease.


 

MyLondonHome Sales JargonA check of a mortgage applicant’s credit history, often conducted by one of the large credit check agencies on behalf of a mortgage lender. Checks are extensive and examine the full credit history of an applicant, including credit card repayments, outstanding debts, arrears and County Court Judgements.


 

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