This is also often referred to as equity. It is the amount of money either used to buy a property or to place a deposit.
This 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.
This is the fee the estate agent charges for selling the property.
Normally 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.
This is the finalisation of a sale after the contracts have exchanged, money has changed hands and the purchaser now has access to the property.
On this date the remaining money is transferred to the seller’s solicitors and as such the buyer becomes the legal owner of the property.
This is the process of transferring ownership from vendor to purchaser.
Council of Mortgage Lenders
The 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.
County Court Judgement (CCJ)
A 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.
These are any regulations or stipulations in regard to the property, contained in its Title Deeds or Property Lease.
A 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.