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Hub You - Property Glossary ( UK )
In the last section we covered your rights against harassment and abuse by collectors. We also covered some options that your creditor may have to help you resolve your delinquent debt. Again I repeat that this is not legal advice but a guideline of your rights and options. Before we begin I would like to share a little info about myself. I was a collector for about 10 years until health problems forced me to leave the profession in 2003. I was really proficient and often resolved account no one else could. My supervisors would sometimes have poor performers sit next to me and the next month they would be getting bonus money. With that experience I may have some insight to share.If your account is in collections and you simply can’t catch them up you still have options. We will explore all of them.1) Check with your creditor to see what programs they may have to assist.2) Pay the furthest past due payment each month.-This doesn’t catch you up ever but it keeps the situation from getting worse3) Consumer Credit Counseling--- there are many different organizations that do this. Some of them are businesses, some are not for profit. Check with the United Way. You simply pay them a set amount each month and they disperse it to your creditors. Most creditors will give special benefits to someone on this program. Typically they will bring the account current after 3 consecutive payments.(Similar to the
Equity
This is what you actually own - it is the difference between the market value of your property and the amount of the loan you still owe to the lender.
Exchange of Contracts
This is the point at which the buyer and seller are legally bound to complete the sale.
Execution Only
A service with no advice, just carry out the orders of a customer.
Fixed Rate Mortgage
A mortgage which has a 'fixed' rate of interest for a set period of time.
Fixtures and Fittings
These are items in a house that are included in the sale. For example lighting fixtures, carpets and so on - these should be agreed / confirmed before a sale.
Flexible Mortgage
As the name suggests this mortgage is flexible in terms of how you pay the loan back. An example could be that it allows you to make overpayments or pay off your mortgage early.
Freehold
Complete ownership of a piece of land and the property that is on it.
Gazumping
This is when a vendor (seller) accepts an offer but later rejects it to accept a higher offer by another buyer.
Gazun
You’re nervous. You’re so nervous that you crave a smoke. So you light up, and as you puff away, it feels so relaxing, right? Well, what’s good for your nerves is not so good to when you’re job hunting.What?! What does smoking have to do with job hunting? It has to do with the fact that if you-the job hunter-are a smoker, and your interviewer is a non-smoker, then your chances of getting hired are very slim.And yes, legally, an employer can’t say “You’re a smoker, I’m not going to hire you!” However, it is an unofficial fact that if all things are equal, a non-smoker will be hired over a smoker every time. If you’re a smoker, this is a disadvantage to you.So if you’re not going to quit smoking, then get into the habit of doing so outside! This is especially important during your job hunt. Why? Because if your interviewer is a non-smoker, he or she *will* know you are a smoker. You will reek of smoke IF you smoke inside (I, the author, am a non-smoker—I know what I’m talking about).Because of this employer prejudice, while job hunting and especially before an interview, be sure that you dry clean all of your clothes (I’m talking: your suit jacket, shirt, and pants-male. And skits or dress pants-female). Buy new neckties (or bowties), socks, underwear, t-shirts, and hosiery (female) and keep all these clothes in some kind of air-tight bag. Put all these clothing items in a part of y
When you are offered and accept a mortgage offer from a lender this is what you need to sign and return.
APR
Stands for 'Annual Percentage Rate' relating to interest on a loan
Applicant
The term used by an estate agent to refer to you when you are a potential buyer of a property.
Appraisal
When selling your house an estate agent will 'appraise' your property to determine a current value for it.
Arrangement Fee
Some lenders may ask for this fee for providing or 'arranging' a loan
Assignment
The transfer of ownership from one person to another. For example if you buy a leasehold property ownership is 'assigned' to you via the contract.
Base Rate
This is the lowest rate of interest a bank will charge when it lends you money and is used as a benchmark to set interest rates for borrowers. This rate set by the Bank of England and is reviewed several times a year. Lenders will charge borrowers a margin above the base rate.
Bridging Finance/Loan
You may need 'Bridging Finance' if you are buying a new property before selling your current house. This is to 'bridge' the gap before you have sold your property so as to complete the buying process of your new property before selling your existing home.
Broker
This is a person who advises on mortgages and loans, known as a 'mortgage broker'
Capped Rate
The maximum set interest rate you will pay on a mortgage for a set period of time. This means that the interest rate cannot go higher than the capped rate during the specified time period, usually the first few years of the loan.
Chain
This refers to a sequence of buyers and sellers. Most people who sell their homes are also buying at the same time. There can be a 'chain' of several buyers and sellers, each dependent on each other for the sale and purchase of their new homes. If one buyer or seller drops out the whole chain may collapse, leading to a domino effect where the paperwork for several properties is delayed or cancelled altogether.
Chain Free
This is when the owner of property doesn't need to sell the property in order to buy another, thus it is offered chain free.
Collateral
Your house is 'Collateral' when used as a guarantee you will repay a loan to your lender. If you do not keep up with repayment your house could be sold by the lender to get back the money they have loaned you.
Completion
This is the final stage of the property buying process - when the agreed sale price has been paid by the buyer to the seller. Legal ownership has been transferred from the seller to the buyer of the property.
Contents Insurance
This insurance is taken out to cover/protect personal belongings that are in your home.
Contract
This is the agreement that once signed by the buyer and seller binds both parties to the sale and purchase of the property.
Conversion
This can refer to a property that has had the loft converted into a room, or a house that has been converted into flats.
Conveyancing
The name of the legal process that transfers property ownership from the seller to the buyer.
Covenant
A requirement by law on the owner of a property to either do or not do something with their property.
CAM
Stands for Current Account Mortgage
CCJ
This stands for County Court Judgement. If you have a judgement against you for defaulting on a debt it may mean you are turned down for future loans or pay a higher interest rate.
Deeds
The legal documents regarding a property.
Default
This is a term used when you do not do as you agreed, eg. failing to make a mortgage payment. If you fail to make mortgage payments (or default), your home could be repossessed.
Delayed Completion
Typically completion takes less than 28 days after the exchange of contracts. If it takes place after 28 days then it is called 'delayed completion'
Deposit
In terms of mortgages a deposit is the initial lump sum payment the buyer contributes towards the total purchase price of the property.
Disbursements
This is another word for the legal costs involved with purchasing a property.
Discounted Rate
This type of mortgage has an interest rate lower than the lender's Standard Variable Rate (SVR).
Early Repayment Charge
This is a charge or 'fee' payable if you pay part or all of your mortgage off earlier than agreed. This is used to compensate the lender for interest that would have been paid if the mortgage had run for the full time period agreed.
Equitable Interest
When a person has some legal rights to a property but not including sale of the property.
Equity
This is what you actually own - it is the difference between the market value of your property and the amount of the loan you still owe to the lender.
Exchange of Contracts
This is the point at which the buyer and seller are legally bound to complete the sale.
Execution Only
A service with no advice, just carry out the orders of a customer.
Fixed Rate Mortgage
A mortgage which has a 'fixed' rate of interest for a set period of time.
Fixtures and Fittings
These are items in a house that are included in the sale. For example lighting fixtures, carpets and so on - these should be agreed / confirmed before a sale.
Flexible Mortgage
As the name suggests this mortgage is flexible in terms of how you pay the loan back. An example could be that it allows you to make overpayments or pay off your mortgage early.
Freehold
Complete ownership of a piece of land and the property that is on it.
Gazumping
This is when a vendor (seller) accepts an offer but later rejects it to accept a higher offer by another buyer.
Gazund
As a basic condition for online success is that a marketer has to create website visibility. Visibility, put simple, is nothing else than to ensure that Internet surfers find your website.
Only if your website has visibility it will be able to generate traffic. Only if your website has traffic there can be conversions from casual visitors into paying customers, and only then you will be able to make money online.With literally millions of pages being added to the Internet each day and the competition (i.e. the pages that are indexed by search engines, Google “knows” 215.000.000 pages for the keyword “web hosting at the time of writing) growing fast, generating visibility for a website does not get any easier.Hence, the key question: How do I get my site to the top of the list?There are three popular methods online marketers have been using to find the answer:1. Pay-per-click (PPC) advertising: PPC is a very powerful method indeed and increasingly popular. The price for a click in a PPC program is determined by bidding. Hence, the more popular a search term, the higher the price per click. According to CNET News the average fee is about 45 cents. So, only a website can deliver high enough a conversion on sales and the margin per sales is high enough this is a viable method to promote your online business. An additional turn-off is the issue of click fraud that keeps marketers wondering about the
Broker
This is a person who advises on mortgages and loans, known as a 'mortgage broker'
Capped Rate
The maximum set interest rate you will pay on a mortgage for a set period of time. This means that the interest rate cannot go higher than the capped rate during the specified time period, usually the first few years of the loan.
Chain
This refers to a sequence of buyers and sellers. Most people who sell their homes are also buying at the same time. There can be a 'chain' of several buyers and sellers, each dependent on each other for the sale and purchase of their new homes. If one buyer or seller drops out the whole chain may collapse, leading to a domino effect where the paperwork for several properties is delayed or cancelled altogether.
Chain Free
This is when the owner of property doesn't need to sell the property in order to buy another, thus it is offered chain free.
Collateral
Your house is 'Collateral' when used as a guarantee you will repay a loan to your lender. If you do not keep up with repayment your house could be sold by the lender to get back the money they have loaned you.
Completion
This is the final stage of the property buying process - when the agreed sale price has been paid by the buyer to the seller. Legal ownership has been transferred from the seller to the buyer of the property.
Contents Insurance
This insurance is taken out to cover/protect personal belongings that are in your home.
Contract
This is the agreement that once signed by the buyer and seller binds both parties to the sale and purchase of the property.
Conversion
This can refer to a property that has had the loft converted into a room, or a house that has been converted into flats.
Conveyancing
The name of the legal process that transfers property ownership from the seller to the buyer.
Covenant
A requirement by law on the owner of a property to either do or not do something with their property.
CAM
Stands for Current Account Mortgage
CCJ
This stands for County Court Judgement. If you have a judgement against you for defaulting on a debt it may mean you are turned down for future loans or pay a higher interest rate.
Deeds
The legal documents regarding a property.
Default
This is a term used when you do not do as you agreed, eg. failing to make a mortgage payment. If you fail to make mortgage payments (or default), your home could be repossessed.
Delayed Completion
Typically completion takes less than 28 days after the exchange of contracts. If it takes place after 28 days then it is called 'delayed completion'
Deposit
In terms of mortgages a deposit is the initial lump sum payment the buyer contributes towards the total purchase price of the property.
Disbursements
This is another word for the legal costs involved with purchasing a property.
Discounted Rate
This type of mortgage has an interest rate lower than the lender's Standard Variable Rate (SVR).
Early Repayment Charge
This is a charge or 'fee' payable if you pay part or all of your mortgage off earlier than agreed. This is used to compensate the lender for interest that would have been paid if the mortgage had run for the full time period agreed.
Equitable Interest
When a person has some legal rights to a property but not including sale of the property.
Equity
This is what you actually own - it is the difference between the market value of your property and the amount of the loan you still owe to the lender.
Exchange of Contracts
This is the point at which the buyer and seller are legally bound to complete the sale.
Execution Only
A service with no advice, just carry out the orders of a customer.
Fixed Rate Mortgage
A mortgage which has a 'fixed' rate of interest for a set period of time.
Fixtures and Fittings
These are items in a house that are included in the sale. For example lighting fixtures, carpets and so on - these should be agreed / confirmed before a sale.
Flexible Mortgage
As the name suggests this mortgage is flexible in terms of how you pay the loan back. An example could be that it allows you to make overpayments or pay off your mortgage early.
Freehold
Complete ownership of a piece of land and the property that is on it.
Gazumping
This is when a vendor (seller) accepts an offer but later rejects it to accept a higher offer by another buyer.
Gazun
As many people are aware, google advertisements (the little sponsored ads you see on the right side side when you do a search in the google search engines) are usually very effective in targeting high quality visitors to your website. Let’s say you are starting a new online business, selling custom t-shirts. You set up your website, your shopping cart is ready, and now all you need is customers. You decide to invest in a google ad campaign to target potential t-shirt buyers to your website. Once you set up your google campaign along with the relevant keywords, your set to go. The way that google ads work is simple: the more you decide to pay per click, the higher you will be along with your competition. Paying 50 cents per ad may get you on the top of the first page of search engine results, where paying 25 cents per click may get you on the bottom of the second page. For many people, this may work out well for them and may walk away with a healthy profit. For others, the cost of their ads may outweigh their profits and put them in the hole. It’s all trial ad error, trying different ad campaigns and various bid amounts to see what works and what doesn’t.Let’s look at the larger picture. Say you are generating a decent profit, but in order to do so, you are spending $2000 on google per per click ads. That’s $24,000 per year. If you are walking away with a healthy profit, it may well be worth it for you. But is there
Completion
This is the final stage of the property buying process - when the agreed sale price has been paid by the buyer to the seller. Legal ownership has been transferred from the seller to the buyer of the property.
Contents Insurance
This insurance is taken out to cover/protect personal belongings that are in your home.
Contract
This is the agreement that once signed by the buyer and seller binds both parties to the sale and purchase of the property.
Conversion
This can refer to a property that has had the loft converted into a room, or a house that has been converted into flats.
Conveyancing
The name of the legal process that transfers property ownership from the seller to the buyer.
Covenant
A requirement by law on the owner of a property to either do or not do something with their property.
CAM
Stands for Current Account Mortgage
CCJ
This stands for County Court Judgement. If you have a judgement against you for defaulting on a debt it may mean you are turned down for future loans or pay a higher interest rate.
Deeds
The legal documents regarding a property.
Default
This is a term used when you do not do as you agreed, eg. failing to make a mortgage payment. If you fail to make mortgage payments (or default), your home could be repossessed.
Delayed Completion
Typically completion takes less than 28 days after the exchange of contracts. If it takes place after 28 days then it is called 'delayed completion'
Deposit
In terms of mortgages a deposit is the initial lump sum payment the buyer contributes towards the total purchase price of the property.
Disbursements
This is another word for the legal costs involved with purchasing a property.
Discounted Rate
This type of mortgage has an interest rate lower than the lender's Standard Variable Rate (SVR).
Early Repayment Charge
This is a charge or 'fee' payable if you pay part or all of your mortgage off earlier than agreed. This is used to compensate the lender for interest that would have been paid if the mortgage had run for the full time period agreed.
Equitable Interest
When a person has some legal rights to a property but not including sale of the property.
Equity
This is what you actually own - it is the difference between the market value of your property and the amount of the loan you still owe to the lender.
Exchange of Contracts
This is the point at which the buyer and seller are legally bound to complete the sale.
Execution Only
A service with no advice, just carry out the orders of a customer.
Fixed Rate Mortgage
A mortgage which has a 'fixed' rate of interest for a set period of time.
Fixtures and Fittings
These are items in a house that are included in the sale. For example lighting fixtures, carpets and so on - these should be agreed / confirmed before a sale.
Flexible Mortgage
As the name suggests this mortgage is flexible in terms of how you pay the loan back. An example could be that it allows you to make overpayments or pay off your mortgage early.
Freehold
Complete ownership of a piece of land and the property that is on it.
Gazumping
This is when a vendor (seller) accepts an offer but later rejects it to accept a higher offer by another buyer.
Gazun
So, you’ve been poking around on the Internet looking for a way to earn money working from home. You’re sick of your boss, your commute, your life-sucking job and want to work on your own terms. You’ve done a little research and decided that you have a computer and can type, so freelance transcription is maybe the way to go.What now?First, you should know that there is no magic pill. It does take time, effort, belief in yourself and perseverance.When I started applying for transcription positions and bidding on jobs, it took a solid two months before I landed a single $40 job. Granted, I was working full time and didn’t have a lot of time to devote to my search. But I can’t tell you how many times over the span of that two months that I considered giving up. Happy as I am now that I stuck with it, I could have easily given up and walked away from my work-at-home dream forever.But you can do it. You just have to be realistic about your strengths, willing to work through your weaknesses, and have the “sticktoitiveness” to hang in there even when think you’ll never get where you want to be.I can’t stress enough the importance of being honest with yourself. In taking the leap into working for yourself, you have to know that you are the only part of the puzzle that matters.Any prospective employer would gauge your suitability for a position based on your abilities and personalit
Deeds
The legal documents regarding a property.
Default
This is a term used when you do not do as you agreed, eg. failing to make a mortgage payment. If you fail to make mortgage payments (or default), your home could be repossessed.
Delayed Completion
Typically completion takes less than 28 days after the exchange of contracts. If it takes place after 28 days then it is called 'delayed completion'
Deposit
In terms of mortgages a deposit is the initial lump sum payment the buyer contributes towards the total purchase price of the property.
Disbursements
This is another word for the legal costs involved with purchasing a property.
Discounted Rate
This type of mortgage has an interest rate lower than the lender's Standard Variable Rate (SVR).
Early Repayment Charge
This is a charge or 'fee' payable if you pay part or all of your mortgage off earlier than agreed. This is used to compensate the lender for interest that would have been paid if the mortgage had run for the full time period agreed.
Equitable Interest
When a person has some legal rights to a property but not including sale of the property.
Equity
This is what you actually own - it is the difference between the market value of your property and the amount of the loan you still owe to the lender.
Exchange of Contracts
This is the point at which the buyer and seller are legally bound to complete the sale.
Execution Only
A service with no advice, just carry out the orders of a customer.
Fixed Rate Mortgage
A mortgage which has a 'fixed' rate of interest for a set period of time.
Fixtures and Fittings
These are items in a house that are included in the sale. For example lighting fixtures, carpets and so on - these should be agreed / confirmed before a sale.
Flexible Mortgage
As the name suggests this mortgage is flexible in terms of how you pay the loan back. An example could be that it allows you to make overpayments or pay off your mortgage early.
Freehold
Complete ownership of a piece of land and the property that is on it.
Gazumping
This is when a vendor (seller) accepts an offer but later rejects it to accept a higher offer by another buyer.
Gazun
At some point many small business owners are left with no or a small amount of capital to promote their business. But many entrepreneurs utilize these free or low budget yet effective tactics to promote their business online and offline.1. Print out flyers or business cards and take them to your local stores, banks, beauty shops etc.2. Word of mouth never fails, so tell your friends to tell their friends.3. Make a cookie, candy or fruit basket and take it to your local store with your business cards.4. Exchange links with other sites.5. Post your brochures business cards at your local bulletin board.6. At a restaurant when tipping include your card.7. Send a press release to your local newspaper.8. Submit your site to search engines and directories.9. Give out free samples, promotional products, e-books etc.10. Write articles for others to use on their website and newsletter include your web site URL and a brief description of your services/products.
Equity
This is what you actually own - it is the difference between the market value of your property and the amount of the loan you still owe to the lender.
Exchange of Contracts
This is the point at which the buyer and seller are legally bound to complete the sale.
Execution Only
A service with no advice, just carry out the orders of a customer.
Fixed Rate Mortgage
A mortgage which has a 'fixed' rate of interest for a set period of time.
Fixtures and Fittings
These are items in a house that are included in the sale. For example lighting fixtures, carpets and so on - these should be agreed / confirmed before a sale.
Flexible Mortgage
As the name suggests this mortgage is flexible in terms of how you pay the loan back. An example could be that it allows you to make overpayments or pay off your mortgage early.
Freehold
Complete ownership of a piece of land and the property that is on it.
Gazumping
This is when a vendor (seller) accepts an offer but later rejects it to accept a higher offer by another buyer.
Gazundering
This is the opposite of gazumping - when the buyer threatens to pull out just before the exchange of contracts if the price is not reduced.
Gearing
Using loaned funds to progress investments. For example, buying a house with a small deposit and the rest with a mortgage and then selling the property on at a higher price, making a profit.
Ground Rent
This is rent paid annually by the leaseholder of a property to the owner of the freehold. Usually it is paid to the owners of the land on which the property/properties are built.
Guarantor
A person who agrees to guarantee that they will pay a debt or loan if you default on payment.
Home Information Pack ( HIP )
Also known as a 'Sellers Pack' this will be a mandatory Survey from the 1st of June 2007 to be produced by a home owner or selling agents via a home inspector before a property can be put on the open market. The aim is to help improve the process of buying and selling a home, it is part of the conveyancing process and will include detailed information about a property.
IFA
Independent Financial Adviser
Instruction
This is when you give an estate agent 'Instructions' or the right to sell or let your property.
Joint / Multiple Agency
This is when you instruct more than one estate agent to market your property.
Land Certificate
The certificate that proves ownership of land issued by the land registry.
Land Registry
A government office that stores records of land ownership and any charges like a mortgage.
Lease
A legal document detailing an agreement made between a freeholder and those occupying their property for a specified period of time. It lists all the conditions which the leaseholder must abide by and what the landlord's responsibilities are.
Leasehold
Land or property is 'leasehold' when the owner has to pay the freeholder an annual sum of money.
Lender
A person or company that lends money for an agreed time period. They expect to have the money repaid back with interest added - your mortgage company is a lender.
LTV
Loan To Value
Maintenance Charge
A landlord charges for the annual maintenance of a property which should be agreed in your contract. This includes keeping the outside of the property in good order and gardening services in communal areas.
MIG
Mortgage Indemnity Guarantee - an insurance premium some lenders may need you to take out on certain mortgages.
B>Mortgage
Money borrowed from a lender to buy a property. The borrower agrees to use his or her property as security against it until the loan is paid back.
Mortgage Deed
A document which has the details of a mortgage arrangement.
Mortgage Offer
An offer from a lender which details the terms and conditions of a loan.
Mortgagor
The individual who is borrowing money for the purpose of buying a property.
Negative Equity
When you owe more than the market value of your property, or have paid or are paying back more than a property is worth.
Offer
An offer, usually below the asking price, you make on a property.
OMV
Open Market Value - the value a property can achieve when there is a willing buyer and seller.
Redemption
This is the moment when you pay off your mortgage
Registered Land
Land including any property on it that is registered with the land registry.
Right Of Way
The legal access to a piece of property so as to access your own property.
ROI
Return On Investment - how much you get out of what you put in.
Searches
The process of finding out if there are any unwanted effects now or planned for the future on a property.
Sole Agency
When a single (sole) estate agent has been given the right to sell or let a property.
Stamp Duty
Tax paid to the government on the purchase price of property.
Subject To Contract
The point at which both parties are free to pull out of an agreement before exchange of contracts.
Survey
A survey is the report produced by a building surveyor for the purpose of determining the value of the property and if it is structurally sound.
Tenant
A person or persons (can be a company or organisation) who is entitled to occupy a property under the terms and conditions of a tenancy agreement.
Tenure
The type of ownership of a property such as Freehold or Leasehold
Title
The legal right to ownership of a property.
Title Deeds
A Document that shows ownership of a property.
Un
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