Jargon Buster

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Glossaries

Term Definition
Early Repayment Charge
A charge payable on some mortgages to cover administration costs in the event of a loan being repaid before the due date
Easement
A right, such as a right of way, which the owner of one property has over an adjoining property.
Empty Dwelling Management Order
May be made by a local housing authority in respect of dwellings which are wholly unoccupied.

An interim EDMO is an order made by a local housing authority to enable it to take steps for the purpose of securing that a dwelling becomes and continues to be occupied.

A final EDMO is made in succession to an interim EDMO for the purpose of securing that a dwelling is occupied
Endowment Mortgage
An endowment life assurance policy is taken at the start of a mortgage. Throughout the term of the mortgage, payments made by the borrower cover only the interest due on the loan.

The capital sum borrowed is paid back in one lump sum at the end of the loan period, using the proceeds from an endowment policy taken out at the start of the mortgage
Energy Performance Certificate
Assessment of household energy usage.

Certificates give properties a rating from A to G and the extent to which this can be lowered if the recommendations of the Domestic Energy Assessor preparing the certificate are adopted.

Dwellings offered for sale must have an EPC that is not more than 12 months old, and from October 2008 rental properties must have a certificate that is not more than 10 years old.

Refer to our article for more information.
Equitable Interest
This is when someone has some legal rights to a property but these rights do not include the right to sell its legal title.
Equity
This is the difference between the market value of a property and the amount of the mortgage that is still owed to the lender on that property.
Equity Release
The act of releasing some of the equity, or the value you have built up in your home, without having to move out or sell it on the open market. Also used to refer to straightforward re-mortgaging, although there maybe other schemes available.
Escrow Account
A 3rd party bank account into which funds are paid, usually for the fulfilment of a mortgage or other contract.
Estate Agent
Agent for the selling, renting or management of homes, land and other buildings
Estimated Restricted Realisation Price
Money expected to be achieved within a short timescale from the sale of assets by auction, tender or private treaty. Crisis figure. Replaced forced sale value.
European Central Bank
The European Central Bank (ECB) is the institution of the European Union (EU) which administers the monetary policy of the 17 EU Eurozone members states.

The primary objective of the ECB is to maintain price stability within the Eurozone, or in other words keep inflation low.
Eviction
Legal process to oust a tenant for possession of property. In most cases it is illegal for a landlord to evict a tenant without a court order.

The Protection from Eviction Act 1977 also protects tenants against being forced to leave a property through harassment, such as threats or physical violence, or through withdrawal of services such as disconnecting the electrical supply or refusing to carry out vital repairs
Evidence Of Title
Proof of ownership of property; commonly a certificate of title, an abstract of title with solicitor's opinion.
Exchange Of Contracts
Point in the Conveyancing process where the buyer and the seller become legally bound to complete the sale. Both will then be committed to completing the transaction.