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New Mortgage Solutions and First Complete Ltd will process all information in accordance with the Data Protection Act 1998 and it will be treated as private and confidential now and in the future. The only exceptions to this will be when the law requires us to disclose information or, with your consent, where disclosure is necessary when arranging or servicing your mortgage or protection contracts.

To fulfil our regulatory obligations, we will retain copies of your records for no longer than is necessary or for the duration of any contract you may enter into. You have the right to inspect these records at any time.

Our Future Relationship

Our ongoing business relationship with you is important and we would like to be able to contact you by telephone, post or email from time to time to review your mortgage and associated protection product arrangements and introduce other services that may be of interest to you from ourselves or our associated companies.

To fulfil our regulatory obligations, we will retain copies of your records for no longer than is necessary or for the duration of any contract you may enter into. You have the right to inspect these records at any time.

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New to the buying process or just want the latest info? Look no further than our Useful Information pages.

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    Homebuyers’ Property Glossary

    Feeling baffled by property jargon? We’ve put together a glossary explaining some of the most common industry terms.   

    A

    Arrangement fee: A fee charged by the mortgage lender to enable them to arrange a loan.

    B

    Bridging loan: A short term loan to allow a buyer to complete on the purchase of a new property before selling their existing property.

    Building survey: (formerly full structural survey) A full inspection of the property by a surveyor to identify any property defects – usually recommended for older or deteriorating properties or those that have been extensively altered or extended.

    Buildings insurance: Required by mortgage lenders to cover any damage to your home in the event of a fire, flood or other incident.

    Buy to let mortgage: A mortgage specifically for people buying a property in order to let it out.

    C

    Chain: Each link in a property chain is a house sale, which is dependent both on the buyers receiving the money from selling their house and the sellers buying the house they move into. There can be multiple links in the chain.

    Closing date (Scotland only): A time and date which is set by the property seller’s estate agent, by which time they must have received an offer from anyone who wishes to make one on that property. This would usually be faxed from the buyer’s solicitor to the seller’s solicitor.

    Completion date: This is the date when the title of the property is transferred from the seller to you. From this date you can move in, having paid all money due.

    Completion statement: a statement provided by your lawyer or conveyancer listing all costs required to complete the transaction.

    Conditions of sale: These are the terms agreed between the buyer and seller, including any special terms.

    Contents insurance: Covers any loss or damage to furniture or possessions inside a property.

    Conveyancer: A conveyancing solicitor manages all the legal aspects of selling or buying a property and ensures their client’s rights are protected.

    Conveyancing: The legal process and preparation of documents for buying or selling a property and transferring ownership of that property.

    D

    Date of entry (Scotland only): This is the date when the title of the property is transferred from the seller to you. From this date you can move in, having paid all money due.

    Deed(s): The legal document(s) that gives title to a property. They prove property ownership and include its history of ownership.

    Deposit: See Mortgage deposit and Holding deposit.

    Disbursements: Fees and taxes paid by your solicitor, on your behalf, as part of the house-buying process. These include local searches, Stamp Duty and Land Registry fees. All costs are reimbursed by you.

    Disposition (Scotland only): The new title deed (see Title deeds). This is required in order to transfer the title of the property into your name.

    Draft contract: Initial but unconfirmed version of the contract issued by the seller’s conveyancer to the buyer’s conveyancer.

    E

    EPC: The Energy Performance Certificate (EPC) is provided to potential buyers or tenants when they look at a property. It shows the energy efficiency and carbon emissions of a property and gives an idea of the fuel bills.

    Equity: This is how much of the property you own. It represents the current market value of your home minus the remaining mortgage payments that you owe.

    Exchange of contracts: The buyer and seller sign and exchange identical contracts through their solicitors. Once they are formally exchanged the deal becomes legally binding and means they are committed to the transaction. At this time, the buyer may be required to pay a holding deposit.

    F

    Fixed rate mortgage: A mortgage where the interest you are charged stays the same for a set period of time.

    Fixed price (Scotland only): The price the seller should accept for the property.  However, there is no guarantee and so you may still be able to negotiate.

    Fixtures and fittings: A list of items at the property, included or excluded from the sale.

    Freehold: Outright ownership of the property and the land that you have purchased. You are therefore completely responsible for maintaining them. See also Share of freehold.

    Full structural survey (See building survey)

    G

    Gazumping: When a seller accepts a higher offer price from someone else after your offer has been accepted.

    Gazundering: When a buyer reduces their offer price after the original offer has been accepted by the seller.

    H

    Holding deposit: Some sellers may request a holding deposit on exchange of contracts to show that you are serious about buying the property. It is usually only refundable if the seller pulls out.

    Home Report (Scotland only): Documentation on the property given to potential buyers. The report consists of a property questionnaire prepared by the seller, a report on its condition and an energy report.

    Indemnity insurance: Insurance taken out by conveyancing firms and covers the buyer and mortgage lender in the event of any losses arising from errors or fraud in dealing with their matters.

    Interest-only mortgage:  A borrower makes monthly repayments for an agreed period but these will only cover the interest on the loan.

    L

    Land Registry: A government office that registers and stores records of the ownership of land and property, and any charges against the property such as a mortgage.

    Land Registry fees: Fees paid to the Land Registry for changing the records that they hold about your property. For example, to update you as the legal owner and to show your mortgage. The fees are based on the purchase price of the property.

    Leasehold: A leasehold means you have the temporary right to live in a property and occupy the land it is on. The length of the lease can vary, but it is usually 99 years, 125 years or 999 years.

    Legal fee: The solicitor or licensed conveyancer’s fee for carrying out any conveyancing and legal work connected with buying and selling a property.

    Lender’s arrangement fee: (see Arrangement fee)

    Licensed conveyancer: A specialist lawyer trained and qualified in all aspects of property law.

    Loan to value (LTV): The size of the mortgage as a percentage of the property’s value.

    Local authority search:  The procedure whereby a buyer’s solicitor makes an enquiry to the local council regarding any legal restrictions or development proposals which might affect the property or its immediate area.

    M

    Mortgage advisor: Helps buyers find and apply for the right mortgage, providing the right information about what’s available.  Contact New Mortgage Solutions for more information 020 8295 2935.

    Mortgage deposit: This is the percentage of the overall price of the property that you must pay up front. It is also know as a Down Payment or Home Loan Deposit.

    Missives (Scotland only): These are the written agreements that make up the contract for sale. The conclusion of missives is your agreement in writing via your solicitor to all the terms of the contract, to which you are then bound.

    Mortgage deed: This is legal document that gives your mortgage lender legal title to your property in the event that you do not pay your mortgage.

    N

    Negative equity: When the value of the property has become less than the outstanding mortgage.

    Note of interest (Scotland only): This registers that you’re interested in the property so that you will be notified if any other offers are made on it. It doesn’t oblige you to buy it.

    O

    Offers over: The lowest price a seller will accept for their home.

    Open house or open viewing: This is when a seller sets a period of time on a specific day when all potential buyers can view the property for sale, rather than having separate viewings.

    P

    Property information questionnaire: This is a document provided by the seller containing information about the property, for example, details of utilities and services, access arrangements, council tax bands, changes or damage to the property and parking arrangements.

    R

    Redemption:  Mortgage redemption occurs when the loan has been paid in full.

    Remortgage: Refinancing a property either by switching a mortgage from one lender to another or by taking out a second mortgage to make use of any equity gained by a rise in the property’s value.

    Repossession: When the mortgage lender takes possession of a property due to the buyer defaulting on payments.

    S

    Searches: These are carried out by your conveyancer to make sure you have all the information about the property that you plan to purchase, and to identify anything that may affect its value. A Local Authority Search must be carried out prior to exchanging contracts.

    Share of freehold: This could either mean that the freehold is jointly owned by up to four of the flat owners in their names, or that a company is the owner of the freehold and each of the tenants hold a share in that company.

    Stamp Duty: This is a tax on every home costing more than £125,000. It starts at 2% and rises in increments up to 12% for homes above £1.5 million.

    Standard Variable Rate: Mortgage lenders charge a standard interest rate, which can increase or decrease, especially if there are rises and falls in the base rate set by the Bank of England.

    Survey: This is done by a qualified building surveyor to evaluate the building’s condition and to check the structure for any faults. There are three main types of structural survey to choose from, each providing a more advanced level of information. See also Building Survey and Valuation Survey.

    Subject to contract: This means that although the buyer’s offer has been accepted, the contracts have not yet been exchanged and so nothing is legally binding.

    Subject to survey: An offer is usually made ‘subject to survey’. This means that the price offered by the buyer is provisional and dependent on what the survey reveals. Survey results could lead to negotiation on the price if expensive faults are uncovered and work needs to be done.

    T

    Title burdens (Scotland only): These are conditions included in the title deeds. They include restrictions on use, rights and obligations.

    Title deeds: The legal document(s) that provide details of the property and land you own and any rights and conditions attached to it.

    Transfer document: The final legally binding document that transfers the title of the property and all its rights from the seller to the buyer. It must be signed by both buyer and seller. (For Scotland see also Disposition)

    V

    Valuation: The amount that an estate agent thinks a property could sell for.

    Valuation survey: Carried out by the lender’s surveyor, this gives the lender an independent confirmation of the value of the property.

  • Homebuyers’ Property Glossary

    Feeling baffled by property jargon? We’ve put together a glossary explaining some of the most common industry terms.

    Read more
  • First time buyers guide

    We can help you to wade through the options and to find the best solution for you.

    Read more
  • Guide to Mortgages: the different options

    There are lots of different types of mortgage to choose from on the market. Here is our guide to mortgages giving you a quick breakdown of the different options.

    Read more

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