Advance
The payment of mortgage monies by a lender

Anti Money Laundering Search
This is a search against electronic databases to confirm your identity.

APR
Annual Percentage Rate. A guide to help compare interest rates among lenders. It takes into account extra items such as booking fees

Assignment
The transfer of a lease

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Bank Draft
The payment of funds guaranteed by a bank

Bank Transfer Fee
This is a charge for transferring money through the banking system on the day of completion, used to ensure that the seller gets your money on the day of completion. A further charge may be made for Cheque Special Clearance.This is necessary for when we make payments from funds received before those funds are cleared.

Bankruptcy Search
This is a check at the Land Charges Registry carried out by us on behalf of your mortgage lender to check no bankruptcy order has been made or any petition pending. This obviously only applies if you are having a mortgage.

Bridging Loan
A short term loan

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Chancel Repair Liability
Chancel repair liability is a medieval anomaly whereby the Parish Church was granted powers to charge those owning "rectorial land" for the upkeep of the chancel of the church. This search checks if the property is such an area or parish.

Chancel Search
The Chancel Search is a search to establish whether the property is at risk of having to contribute to the upkeep of a local parish church. This is a hangover from a medieval law which is still, technically, enforceable today.

CHAPS payment
The electronic payment of funds in cleared funds from by one bank to another - also refered to as a &telegraphic transfer&

Charge
A debt secured on the property. Monies borrowed from a lender for the purchase of a house are usually secured against the property

Coal Mining Search
This is required or recommended in areas of the country where there is or has been mining activity. It tells us if the property is likely to be affected by mining related subsidence or developments. When something is revealed by this search, further enquires may be necessary. If we do not need to do a search in your area there will be no charge for this.

Collateral
Security pledged for repayment of a loan

Completion
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

Condition of sale
A legal term of the contract governing the purchase

Contract
The legally binding agreement between buyer and seller

Conveyancing
General term for the legal process of buying and selling land

Covenants
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.

Creditor
Someone who is owed money

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Deed of Covenant
A document stating that someone will comply with the rules and conditions affecting a property

Deposit
Part of the purchase price which is paid on exchange of contracts to confirm commitment to the purchase

Drainage Searches
A search at the water authority to confirm, amongst other things, whether or not the propertys sewers and surface water drains are adopted and maintained at public expense.

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Easement
A right granted over another's property (such as a right of way)

Encumbrance
An (usually unfavourable) obligation affecting a property

Endowment mortgage
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

Energy Performance Certificate (EPC)
An EPC gives home sellers an "A to G" rating for their home's energy efficiency to help cut carbon emissions and fuel bills, (a similar rating to labels found on new domestic appliances).

Engrossment
A document in its final form to be signed by all relevant parties

Environmental
The Enviromental Search is to check landfill sites located in the area of the property. It also provides a limited amount of information on flood risk.

Exchange of Contracts
The stage at which the transaction between the seller and the buyer becomes legally binding

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Freehold
Outright ownership of a property and the land on which it stands

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Ground rent
Annual payments made to a landlord. This applies only to leasehold properties

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Headlease
A leasehold term that is granted out of the freehold estate. The Headlease may be subject to subleases

Home Information Pack (HIP)
The HIP contains important information that buyers and sellers need to know. HIPs including Energy Performance Certificates have now been implemented across all property transactions in England and Wales. Since 2010 HIPs are no longer needed.

HomeBuy Scheme
This is a government-backed shared equity scheme whereby the someone purchases a proportion of their home and rents the remainder, with the option to purchase more of the property in the future.

Homebuyer survey
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

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Intestate
Dying without having made a will

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Joint tenants
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

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Landlord
One who owns property and rents it to others

Land Registry
A government department which maintains the national property register in England and Wales

Land Registry Fee
This is a disbursement charge by H.M Land Registry for registering a new owner.

Land Registry Search
This is a check at H.M. Land Registry to check the property belongs to the Seller and what mortgages or other charges need to be paid off. It should also reveal whether there are any legal restrictions on the use of the property.

Lease
A document made between a landlord and a tenant, setting out the terms of occupation of a property

Leasehold
The occupier owns the right to reside in a property for a fixed term but does not own the land on which it stands

Licence to assign
A formal permission sometimes required from a landlord to enable a buyer to purchase a leasehold property

Local search
These are standard forms of questions sent to the local authority, the answers to which may show, for example, whether any alterations have had planning consent and building regulations approval and whether the property is connected to them ains drainage and water.Note: These searches are against the house itself. They do not show up information about nearby property.

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Management company
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

Mortgage A loan secured against a property. In the event of non-payment, there is usually a right to sell the property

Mortgage indemnity policy
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

Mortgage protection policy
An insurance policy which guarantees mortgage payments in certain circumstances such as unemployment

Mortgagee
A money lender, such as a building society or bank, who secures the loan against a property

Mortgagor
The borrower who enters into a Mortgage with a Lender

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NHBC
National House Builders Council. The NHBC provide a ten year warranty against major structural defects for new properties

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Official Copies
A copy of the title registered at the Land Registry, confirming ownership of the property

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Personal representative
The person appointed by a will or on when a person dies intestate to act for the deceased owner

Property Information Form
A form completed by the Seller setting out information about the property, its use and condition

Property Information Questionnaire (PIQ)
The PIQ is a document completed by the seller containing details of utilities and services to the property, access arrangements, council tax bands, changes to the property parking arrangements, damage to the property and leasehold information. The PIQ is a required part of the Home Information Pack (HIP)

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Quarter days
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

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Redemption
Paying off a mortgage

Registered land
Land which is registered has its ownership details recorded at the Land Registry

Repayment mortgage
A mortgage where the borrower makes interest and capital payments to the lender

Requisition on title
Queries raised about the ownership of the property and how that ownership will be transferred

Retention
Monies held back from a mortgage advance pending completion of conditions attached to the mortgage offer

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Service charge
Money requested by a landlord for repairs and maintenance to a Leasehold or Commonhold property

Stamp Duty
A government tax currently charged to buyers purchasing properties for more than £120,000.00. Note: if you are a first-time buyer and your property purchase is no more than £250,000 then you will be exempt from Stamp Duty.

Subject to contract
Negotiations which do not become binding until contracts are exchanged

Structural survey
An assessment of the essential framework of a build

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Tenant
A person who pays rent to another for the use of a property or land

Tenants in common
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

Tenure
The type of property: Freehold, Leasehold or Commonhold

Term
A period of time, such as the length of a mortgage

Title Information Document
The document issued by the Land Registry on completion of the registration of a change of ownership or mortgage

Title Insurance Policy
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

Transfer
The document transferring ownership from seller to buyer

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Underlease
A leasehold term which is granted from a longer leasehold term

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Valuation
An assessment of a property&s value

Vendor
The property seller

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Water & Drainage Searches
A search at the water authority to confirm, amongst other things, whether or not the propertys sewers and surface water drains are adopted and maintained at public expense.

Will
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

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