Jargon Buster

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Glossaries

Term Definition
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.
Exclusive Mortgage
Mortgage only available through a specific packager in conjunction with the Lender who is going to provide the funding.
Fair Rent
Rent determined by the Rent Service applicable to Regulated tenancies, set according to local market conditions but any increase capped, except where the landlord has made substantial improvements to the property, by a formula based on the rate of inflation.
FastPay
FastPay or Faster Payments Service (FPS) allows for payments from one bank to another bank virtually instantaneously.

Although not every banks offers this service, 95% of banks do.
Financial Services Authority
The Financial Services Authority has statutory responsibility for regulating the financial services sector including the sale of private homebuyer mortgages but not business or buy to let mortgages.
Fittings
Fittings are items that are not attached to the building or land and are not subject to the sale unless they are specifically included, carpets and curtains would normally be thought of as fittings
Fixed Rate Mortgage
Mortgage where the interest rate is fixed for an agreed period and it is unaffected by changes in the lender's variable rate. At the end of this period, interest on the mortgage will be charged at the lender's variable rate.
Fixtures
Items on a building or land that have become part of the building or land and are therefore included in the sale.

Usually physically fixed to the building such as shelves or fitted wardrobes. If it is firmly secured onto the land or house and cannot be removed without damage, then it qualifies as a fixture.
Flexible Mortgage
These are mortgages that allow you to pay them off in a flexible way, one example of this are mortgages that allow you to make overpayments so that you can pay off your mortgage early.
Flip
To Purchase and then immediately sell a property.
Flying Freehold
A flying freehold is formed when part of a freehold property overlaps a different freehold property or land.
Fractional Ownership
Fractional ownership allows a collection of unconnected buyers to share title ownership of a property whilst benefiting from its use, rental returns and capital appreciation.
Freehold
This is when you have ownership of a piece of land and the property that resides on it.