Jargon


Void

An empty area or space.

Value

The price of a property under normal conditions, i.e. when the buyer is not forced to buy and the seller not forced to sell.

Tracker Mortgage

A type of mortgage whereby any changes in the rate of interest charged follow exactly (‘track’) another, specified, interest rate or index. Typically a tracker mortgage will track the Bank of England base rate.

Title Search

An investigation carried out by a conveyancer or solicitor into the history of ownership of a property. The search will check for liens, unpaid claims, restrictions or any other problems that may affect ownership.

Title Insurance

An insurance policy which a buyer can take out to allow a sale to complete where there is a potential problem with the documentation in proving legal ownership of some part of the land they are buying.

Standard Variable Rate

Mortgage lender’s standard rate of interest, which may be increased or decreased periodically by the lender depending on prevailing economic conditions.

Sole Occupancy

A property that is occupied (lived in) only by the mortgage applicant(s) and their direct family.

Share of Freehold

Where the freehold on which the property stands is owned by a limited company and the shareholders of that limited company are the owners of the property.

Office Copy Entry

An official document from the Land Registry confirming ownership of and borrowings against a property.