Missives
This is the contract agreed between a purchaser and seller in respect of property.
Back to top
Mortgagee
The lender of a mortgage.
Back to top
Mortgagor
The mortgagor is another term for the borrower.
Back to top
NHBC
A governing body for new homes who will issue a 10 year structural guarantee. Their inspectors will ensure that your new home is built properly and is safe.
Back to top
Notice
An official request to vacate a property. A freeholder or landlord may serve you notice on your home for a variety of reasons including failure to pay rent, breach of lease and in the case of rented property simply because they want to sell the property. A notice is served on the freeholder to inform them of a change of leaseholder and/or lender.
Back to top
On risk
This is when your insurance cover begins. This may be before you have paid a premium.
Back to top
Peppercorn Rent
A nominal rent intended to demonstrate that a property is leasehold and not freehold. It may be as little as one peppercorn per year.
Back to top
Property address
The property address as used on our system is a general description of the ground and not the address of a specific unit. In the case of most flats and some houses it is a shared property for a number of units in the development. For example flats 1 to 12 Tudor Court could share the same property address. It is not a postal address although it does have some postal elements. If you find a problem with the address details, please notify us and we will endeavour to correct the description.
Back to top
Property chain
Occurs when a seller needs the sale of their house to occur before they can complete the purchase of another property. This can be the situation for many people in the chain all relying on the sale of their current home. The whole chain can collapse if one buyer is unable to sell their home and a link breaks causing a knock on effect.
Back to top