User guide
Click on a letter to find an explanation to the jargon.
Click on a letter to find an explanation to the jargon.
Abstract Of Title
A document prepared by the Vendor’s solicitor which relates to unregistered land proving the Vendor owns the land, and that any previous mortgages have been paid settled.
Additional Security Fee
An upfront one-off fee paid to the lender, in order to protect them against the borrower defaulting on the loan. Also known as a Mortgage Indemnity Guarantee.
Administrator
The person appointed by the courts to manage the affairs of a deceased person who died without specifically naming someone in their will to carry out that work.
Ancient Covenant
A restrictive covenant preventing certain work to a property which may have been imposed hundreds of years ago. It can be possible to take out insurance against such a covenant being enforced.
Annual Percentage Rate (APR)
The total cost of a loan, which includes the costs, interest charges, and arrangement fees.
Architect’s Certificate
A certificate provided by an architect, which confirms their overseeing of the construction of a building. Building societies are unlikely to lend on a new-build house in the absence of either an architect’s certificate or an NHBC Guarantee.
Architrave
A shaped moulding which frames door and window openings.
ARLA
The Association of Residential Letting Agents.
ARMA
The Association of Residential Managing Agents.
Assignment
The transfer of ownership of an insurance policy or lease.
Auction
The sale of a property to the highest bidder, provided the amount exceeds any reserve. Buyers are required to sign a contract and pay a deposit immediately.
