Jargon Buster

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Glossaries

Term Definition
Contract
This is what both the buyer and seller sign and binds both parties to the sale of the house.
Contract Race
This is what sometimes happens when two potential buyers want to buy the same property. The seller will normally be the one to instigate the contract race but it can also be instigated by a buyer.

The winner of the race will be the first buyer to reach exchange of contracts.
Conversion
This is a flexible term in property and can mean such things as a house that has been converted into flats or a loft converted into a bedroom, as well as other things.
Conveyancing
Legal process in buying and selling a property and/or land.
Corgi
The Confederation for the Registration of Gas Installers, now named GAS SAFE
Council Of Mortgage Lenders
The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 94% of all residential mortgage lending in the UK. There are 11 million mortgages in the UK, with loans worth over
Council Tax
Tax levied on households by local authorities; based on the estimated value of the property and the number of people living in it
County Court Judgement
A judgement for debt recorded at a County Court which will show up when a credit check is undertaken
Court Service
Publicly available service that provides online access to various forms that landlords may require when commencing proceedings for possession.

The website also has guidance on such subjects as dealing with squatters. Forms available to download include N5 for use in possession claims, and N5B for use in the accelerated possession procedure
Covenants
The covenants are the terms of any given tenancy agreement. They include any obligations or promises made by either the Landlord or the tenant. They are requirements by law on the owner of a property that they will either do or not do something with their property.
Credit Check
An enquiry on the credit history of an applicant, normally utilising the major credit reference agencies
Credit Reference Agency
Companies that can provide credit information about individuals (including CCJs) and confirmation of addresses included on the electoral register.

There are three nationwide private agencies that produce credit reports and credit scores on private consumers:,Eg. Equifax, and Experian.

Known as Credit Bureau in US.
Credit Report
A report from a credit reference agency that provides a credit score and other financial data: credit transactions, records of outstanding debts or bankruptcy.
Credit Score
A score assigned to an individuals credit standing, normally in the form of a number upto 999 which is seen as perfect credit score.
Credit Search References
These are references taken regarding a potential tenant. These references can be from sources such as the tenant's employer. A check of the tenant's credit history is also normally carried out.