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Glossary Page 2 of 3
F
Failed Valuation Survey
When the lender turns down your mortgage application after reading the surveyor's valuation report.
Freehold
Absolute ownership of property and land.
G
Gazumping
A common practise whereby the seller, having already accepted an offer from Party A, accepts a higher offer from Party B.
Gazundering
When the buyer blackmails the seller into accepting a lower offer just before contracts are about to be exchanged.
J
Joint Agents
When the seller commissions two independent Estate Agents to sell their house
L
Land Registry
Carried out by the solicitor to register buyer as the new owner of the house.
Lease
Document in which the owner of a freehold property lets out their premises to a named party at a certain price and for a specified time.
Leasehold
The ownership of a lease.
Lender's Arrangement Fees
Charge passed on to the buyer by lender for arranging a loan.
Lender's Legal Fees
The fees incurred by the lender when arranging a mortgage. These costs are passed on to the buyer.
Lender's Valuation
A valuation of the proposed property carried out by the lender before agreeing to give out a mortgage. This is only a valuation report. A seperate full structural is needed by the buyer.
Life Assurance
An insurance policy which pays out a fixed lump sum on death of an individual. Life Assurance helps protect from financial difficulties.
Loan-to-Value
A percentage expressing size of mortgage:value of house. For example, House Value=£100,000, Mortgage Size=£90,000. Loan-to-Value=90%.
Local Authority Search
A search carried out by the Solicitor to find out if there are any Local Authority Notices, with respect to the building itself (e.g. has it been condemned?), and the surrounding area (e.g. have plans gone through to build a motorway next to the house?).
M
MIG
Mortgage Indemnity Guarantee. See Additional Security Fee
Mortgage
A long term loan to fund the buying of a property.
Mortgagee
The lender of a mortgage.
Mortgage Term
Period over which mortgage is to be repaid.
N
Negative Equity
When the value of your house falls to less than your mortgage. Over 1.5 million home owners have experienced this during the recent recession.
Cardiff Houses Sale
Mobile: 07974 777715
Telephone: 02920471827
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