Legal documents proving ownership, generally held by the mortgage lender.
Deeds release or discharge fee
The fee charged by lenders at the end of a mortgage term to cover the administrative costs of transferring the property ownership documents to the borrower.
A situation in which prices are falling (the opposite to inflation).
A sum of money (usually equating to 1 month to a possible 6 weeks rent) paid by the tenant prior to moving into a rental property.
The decline or reduction in the value of a property caused by changes in market conditions (the opposite of appreciation).
A term used to describe a property that stands alone, separate from all others.
Development: A newly built residence or an older property that has been refurbished and modernised.
Any disrepair or damage to a rented property. The costs of the dilapidations are usually recovered from the deposit.
Fees paid by the buyer’s solicitor on the buyers behalf such as stamp duty, land registry and search fees.
Paying off a mortgage.
Mortgages charged at a rate discounted from the published bank standard variable rate for a set period of time. The rates are variable and are subject to go up or down in line with any changes to the Bank of England base rate.
When the lender restricts the amount you can borrow after the surveyors valuation report indicates the property is not worth the sum sought.
Preliminary, unfinalised version of the contract.