|Early Repayment Charge|
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
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.
This is when someone has some legal rights to a property but these rights do not include the right to sell its legal title.
A 3rd party bank account into which funds are paid, usually for the fulfilment of a mortgage or other contract.
Agent for the selling, renting or management of homes, land and other buildings
|Estimated Restricted Realisation Price|
|European Central Bank|
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.