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Annual Percentage Rate of Charge, total cost of the credit to the consumer, expressed as an annual percentage of the total amount of credit, including interest and other charges applying.


Any late or unpaid rent.
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Balance Outstanding

The amount of loan owed at a particular time.

Bridging Loan

A temporary loan advanced to help buy a new property before the existing one has been sold.
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A number of linked property sales where exchange of contracts must take place simultaneously.

Completion Date

Completion of the legal transaction with all monies and documents having been distributed. This is also when the seller's solicitor will instruct the estate agent to release the keys.

Closing Date

A number of linked property sales where exchange of contracts must take place simultaneously.


A formal agreement between the buyer and the seller, usually prepared by a solicitor or licensed conveyancer, detailing the terms and conditions of the sale.


The legal work involved in buying and selling properties.
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Legal documents assigning ownership of a property and/or land.


Sum of money that represents the personal capital that the buyer is putting toward the purchase of the property.


Fees, such as Stamp Duty, Land Registry and search fees on top of conveyancing which you normally pay via your solicitor.
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Early Repayment Charge

A charge made by the lender if the borrower terminates a mortgage in advance of the terms of a mortgage. Normally occurs when the borrower has benefited from reduced payments or cash back in the initial period of a mortgage.

Energy Performance Certificate (EPC)

All properties let for private residential purposes must have an EPC. It is used to report the energy performance of a property.


The difference between the value of a property and the amount of mortgage owed.
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Ownership of the property and land upon which the property is situated.

Full Structural Survey

A full structural survey looks at all the main features of the property, including walls, roof, foundations, plumbing, joinery, electrical wiring, drains, and garden.
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Someone chosen to guarantee the payments of rent for the tenant should they fall into arrears.
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Home Buyers Report

The homebuyer's report comments on the structural condition of most parts of the property that are readily accessible, but does not involve in-depth investigation or the testing of water, drainage or heating systems.

House in Multiple Occupancy

A term applied to a property which has three or more tenants who are not a family unit.
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An inventory is conducted before the tenancy starts to provide an accurate list of the rental property's contents and their condition.
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Land Certificate

A Land Registry certificate proving ownership of property.

Land Registry

The Government organisation that holds records of all registered properties.


To be given ownership of a property but not the land it is built on. This normally requires payment of ground rent to the landlord. A leasehold is normally offered for either 999 years, 99 years or shorter terms.
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Mortgage Offer

A formal written offer made by a bank or building society to lend an approved amount to purchase a property.
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Negative Equity

When the value of a property is less than the outstanding sum owed on a mortgage.


A declaration given by either a landlord or tenant that the tenancy agreement is coming to an end.
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A bid made by a prospective buyer, this is not legally binding.
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A process by which an applicant (ie. the tenant) is credit checked, as well as checks on their current employer and residence.

Repayment Mortgage

Your monthly repayment includes part interest and part capital repayment. So long as you meet all of the payments required by the lender on time, your mortgage will gradually reduce until it is repaid in full at the end of the mortgage term.


When loans are in default, the mortgage lender can repossess the property and sell it so they can repay the debt.


Holding back part of a mortgage loan until repairs to the property are satisfactorily completed.
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Sale Agreed

A verbal agreement from the seller.

Security Deposit

A sum of money taken from the tenant at the beginning of the tenancy and held against non-payment of the rent and any damage to the property (above and beyond reasonable wear and tear).

Stamp Duty

A tax paid to the Government by the buyer upon completion.
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Tenancy Deposit Scheme

A landlord is legally required to register the tenant's security deposit in a Tenancy Deposit Scheme, which protects the money for the tenant and will assist with any disputes at the end of the tenancy.
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The legal name sometimes used to describe the seller of the property.