A	Advance	Money lent by a Bank or Building Society to buy or improve your house. Secured on the property and often called a Charge or Mortgage.
	Agreement	Document containing terms of your sale or purchase often called a Contract.
B	Banker's Draft	Cheque issued by a Bank or Building Society guaranteed to be paid.
	Bridging Loan	Loan from a Bank to enable property to be purchased before Sale of existing house. Very risky if it is an "open" bridge where Contracts have not yet been exchanged on your sale. High rates of interest apply generally.
	Buyer	The person purchasing a property otherwise known as the Purchaser
C	Chain	Successive buyers and sellers reliant upon one another to complete their transaction can only proceed as the pace of the slowest link.
	Charge Certificate	Document of Title issued by the Land Registry subject to a Mortgage.
	Completion Date	A date fixed in the Contract when all monies are paid over and the keys are released and the sale or purchase is finalised.
	Completion Statement	A Statement prepared by your legal adviser setting out the income and expenditure involved in your transaction
	Conditions of Sale	Legal conditions implied into the Contract which are in a standard form agreed by the Lawyers. may not necessarily be reproduced in the Contract. Generally only referred to if things go wrong.
	Contract	The document setting out the parties, the properties and any special terms and conditions relating to your sale or purchase
	Conveyance	The legal document transferring ownership from seller to buyer.
	Covenant	A legal promise incorporated in the Title requiring either the seller or the buyer to do or not to do something in relation to the property.
D	Declaration of Trust	A document binding joint owners of property governing the division of proceeds of sale upon completion.
	Deeds	Legal documents proving ownership of the property.
	Deposit	Monies paid by the buyer on exchange of Contracts. Generally at least 5% of the purchase price.
	Disbursements	Fees paid out by your legal adviser to other parties such as Stamp duty, Land Registry and Local Authorities.
E	Easement	Right given to someone who is not the owner of the land such as a right of way or a right to lay or maintain pipes for services.
	Engrossment	The final copy of the Conveyance or Deed which you will be asked to sign
	Exchange of Contracts	The time at which the Contract becomes legally binding and you are then committed to the transaction.
F	Filed Plan	Plan prepared and held by the Land Registry identifying the extent of the property.
	Fixtures and Fittings Form	A form annexed to the Contract listing the items included in the sale.
	Freehold	Absolute ownership of the land upon which the property is built.
	Full Structural Survey	A detailed examination of the structure of the property undertaken by a qualified surveyor.
J	Joint Tenants	Where one person owns a property jointly with others. Upon the death the survivor automatically inherits the deceased's share of the property.
L	Land Registry	Central Registry responsible for recording ownership of land
	Land Registry Fees	Fees paid to Land Registry to record your purchase.
	Leasehold	An interest in land subject to an annual payment or rent to the freehold owner (Landlord) for a specified term.
	Lease	The document containing the terms and conditions of occupying leasehold land.
	Lender	Institution that lends money to assist your purchase such as a Bank or Building Society.
	Lessee	Someone who holds the lease.
	Lessor	Someone who grants a Lease otherwise known as a landlord.
	Local Search	Enquiries raised of the Local Authority to confirm whether the property is affected by any proposals, restrictions or rights of way which could materially affect the enjoyment of the property.
M	MIG	Mortgage Indemnity Guarantee usually insisted upon by Building Societies if you are borrowing more than 90% of the purchase price. Effectively an Insurance Policy for the Exclusive benefit of the Building Society which guarantees Repayment of their loan if default offers within 12 months. Premiums sometimes paid by you or the Building Society.
	Mortgage	Loan taken from your Building Society to assist your purchase secured on your property and registered at the Land Registry.
	Mortgage Deed	The document signed by you ultimately recorded at the Land Registry containing the terms and conditions of your loan. The Lender is entitled to hold the deeds as security against the loan to ensure that it is fully repaid.
	Mortgagee	Bank or Building Society.
	Mortgagor	The Borrower
	Mortgage Valuation	A valuation undertaken on behalf of the Mortgagee to decide how much to lend on the security of the property.
N	NHBC	National House Building Council. Regulatory body for new or converted properties who issue a 10 year structural guarantee.
O	Office Copy Entries	Copy of the details held by the Land Registry relating to the property
	Property Information Form	Form completed by a Seller giving details of the property such as ownership of boundaries, guarantees and disputes.
	Purchaser	The Buyer of a Property.
R	Redemption	Payment made when repaying a mortgage.
	Redemption Figure	The actual sum needed to repay a mortgage including interest and redemption penalties.
	Redemption Penalty	A sum charged by a mortgagee for early repayment of a mortgage. Generally only applies when advantageous terms were given by the mortgagee at the time the mortgage was granted i.e. Fixed Rate Interest.
	Registered Land	The Title of Property which is registered at one of the government land registries.
	Registration	The process whereby your Solicitor registers your purchase at the Land Registry
	Retention	A sum of money held back from a mortgage advance until certain works specified by the mortgagee have been carried out.
S	Searches	Checks made with the Local Authority and Land Registry to find our whether any matters adversely affect the property.
	Seller	The person selling a property.
	Stamp Duty	Duty Payable to the Inland Revenue by the buyer for properties coasting over £60,000. At the present time the rate payable on completion is 1% of the purchase price between £60,000 and £250,000, 3% for properties exceeding £250,000 but less that £500,000 and 4% thereafter.
	Subject to Contract	A negotiated sale that is not binding on either party to the transaction until actual exchange of contracts.
T	Telegraphic Transfer	Method of moving money electronically on completion from one Solicitor's bank account to another to complete the purchase. Banks normal make a charge for this service.
	Tenants in Common	Denotes the capacity in which joint owners hold the property usually in defined shares.
	Transfer	Final document transferring the property from Seller to the Buyer used where the title is registered at the Land Registry.
U	Unregistered Title	Where the property is not registered at the Land Registry and ownership much be proved by Title Deeds which must date back at least 15 years.
V	Vendor	The Seller of the Property.

Property jargon buster

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