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Mortgage in United Kingdom
GLOSSARY
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Tariff
A document detailing the costs and charges for a particular service or services.
Tenancy
A temporary possession of a property by a tenant.
Tenancy agreement
A legal agreement designed to protect the rights of the tenant and landlord and setting out all the terms and conditions of the rental arrangements.
Tenancy at will or licence
After exchange of contracts a purchaser may seek to take possession of a property before financial, legal completion. This could be to carry out repairs and decorations or to take up residence early. This can often be organised and a licence arranged between both parties' solicitors. The purchaser paying an appropriate rate of interest on the balance of the outstanding monies (i.e. purchase price less deposit paid) instead of rental.
Tenant
A person who has temporary possession of a property usually by way of lease.
Tenants in common
A form of ownership by two or more people holding property as co-owners. When one dies, his share of the property automatically passes to his estate. see also Joint Tenants
Tender - For sale by
This is the situation where the asking price is not actually stated, but offers (in writing) are invited. Details of the property are prepared, circulated and advertised. The closing date for the tender is noted. In most cases the vendor will reserve the right to refuse the highest offer, thereby not being committed to sell. Offers tendered are usually opened in the presence of the vendor's solicitors, at a prescribed date and time. An acceptance of an offer by the vendor constitutes an immediate contract, and in most cases, the party tendering will have made their financial arrangements and have had a structural survey carried out in advance.
Tenure
Conditions on which title to the property is held (ie: length of lease).
Term
The period of time over which your long term insurance policy or mortgage loan will run and must be repaid. Typically 25 Years or to expected retirement date if that comes first.
Term Assurance
This is the simplest form of life assurance policy that provides a lump sum in the event of the death of the policyholder during a specified period but has no encashment value at any time during or at the end of the term.
Terminal Bonus
This bonus is paid at the end of an endowment mortgage and will depend on the performance of the investment fund you are using to repay your mortgage.
Terraced house
A property which forms part of a connected row of houses.
Tied Agents
Most advisers and agents have access to mortgages that you would not normally find on the high street. They may be part of a particular financial organisation or estate agent. Therefore they are not fully independent.
Tie-in Period
The period you agree to stay with the lender when you take up a special offer mortgage (Fixed Rate, Discount, Cash Back etc). These sorts of products normally commit you to staying at least until the end of any special rate offer, and sometimes for an extended period. If you decide to repay your mortgage during the tie-in period you will normally have to pay Early Repayment Charge.
Timber Framed
A property whose major structural components are constructed from wood, rather than brick, stone or concrete. Typically an insurer will charge more for buildings insurance on a timber-framed property.
Title
The document that confirms the rights and liabilities that attach to the property.
Title - Absolute
The highest form of tenure available.
Title - Abstract of
A summary of title documentation used in the conveyancing of unregistered properties to prove that the vendor has the right to sell.
Title deeds
Legal documents describing the rights and liabilities that attach to the property and the legal prove ownership of property.
Title Insurance
An insurance policy against any loss resulting from defects of title to a specifically described parcel of property.
Title report on
Solicitors' certificate confirming that the title to the property is acceptable. A Lender must have one before an advance cheque for the mortgage monies can be issued.
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.
Top Up Loan
A form of second mortgage, used to provide an overall loan in excess of the loan to value ratio allowed by the primary lender. Top up loans will invariably be charged at a higher rate than the first mortgage.
Tracker
A type of mortgage where the interest rate is set at a stated percentage above a published rate (usually Bank of England Base Rate) then rises and falls in line with the chosen index.
Tracking
A process of following the progress of a loan application. This information should be fed back from the lender or packager to the introducer.
Traded Endowment Policy (TEP)
Another name for Second-Hand Endowment Policy (SHEP).
Transfer deeds
The land registry document that transfers legal ownership from seller to buyer.
Unadopted road
A road which has not been accepted by a Local Authority possibly as a result of it not meeting the standards laid down (e.g. road surfaces, drainage, etc.).This indicates the possibility of a road charge liability if and when the road is adopted.
Under offer
The status of a property for sale when a homebuyer has made a formal offer to purchase the property but the homeowner has not confirmed whether to accept or has accepted an offer from a purchaser but prior to exchange of contracts.
If the offer is rejected then the property remains on the market until the next formal offer is made at which point the homeowner must again decide whether to accept the offer or reject it. If the offer is accepted then it becomes 'Sold Subject to Contract' (SSTC).
Underpayment
Situation where repayments are reduced so that the mortgage is not repaid by the end of the agreed term. Some mortgages (flexible mortgages) allow for a specified level of underpayment, which can be useful for people with irregular income.
Unencumbered
A property that has no loans or borrowings secured on it.
Unit Linked
A type of life insurance in which the value of the policy is backed by investment in shares, either through the life company or the life company's unit trust.
Unitised with Profits
A version of a With Profits investment vehicle that seeks to reduce the peaks and troughs of stock market fluctuations.
Vacant Possession
The previous occupants must vacate the property before you move in, including any tenants.
Valuation
A basic survey of to value a property for mortgage or selling purposes, carried out by a surveyor. Mortgage lenders will insist on this before lending. Because the report is carried out for the lender or selling agent, if the surveyor makes a mistake you have no legal claim against him. For any other valuation purposes, alternative professional advice may be appropriate.
Valuation Fee
A fee charged to cover the cost of a valuation, normally paid by the borrower/buyer on application.
Valuation Report
A Valuation is a report for the lender's own use only and estimates the current value of the property and other information concerning the state of repair and construction type of the property and suitability for mortgage purposes.
Value
The market price of a property.
Variable Base Rate
The basic rate of interest charged on a mortgage.
Variable Rate Mortgage
A mortgage whose interest rate rises and falls roughly in line with a stated index, usually the Bank of England Base Rate.
Vendor
The legal owner of the property to be sold.
With Profits
A policy that is designed to offer a smoother return than other forms of stock market investments. Bonuses are declared at the end of the year, and are then guaranteed.
Writ or summons
Mode of commencing legal proceedings.
Yield
Income from a property calculated as a percentage of it's value.
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