Jargon Buster

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Glossaries

Term Definition
Appreciation
An increase in the value of a property due to economic or related causes, which may prove to be either temporary or permanent; opposite of depreciation.
Arrangement Fee
Fee charged by lenders for arranging the mortgage/loan. May be payable in advance or added to loan.
Assignable Contract
A contract that allows you to sell on a property before the completion date. i.e. Assign the contract to a third party
Assignee
The person to whom an agreement or contract is assigned.
Assignment
This is when the ownership of a property is transferred from one person to another.
Assignor
The party who is assigning or transferring something to another
Association Of Residential Letting Agents
Professional association for letting agents which operates code of practice and bond scheme that protect the clients of it's members.
Assured Shorthold Tenancy
A form of tenancy that assures the landlord right to repossess the property at the end of the term specified in the tenancy agreement, which can be for any length of time.

To gain possession the landlord must service a notice under section 21 of the Housing Act 1988 giving a minimum of two months' notice.

Any new tenancy started after 28 February 1997 is automatically an assured shorthold tenancy unless otherwise specified.
Assured Tenancy
A form of tenancy introduced under the 1988 Housing Act for properties let out as a separate dwelling and used as the tenant's only or main home.

An assured tenancy will generally allow the tenant to stay in occupation until either he or she decides to leave of the landlord obtains a possession order.
Auction
This is a means of buying a property in a quick and open way where potential buyers make opposing bids. Each property in the auction is assigned a Lot number. In an
Bank Of England
Central bank of the United Kingdom. Issues banknotes, and sets interest rates and monetary policy via the MPC.
Bank Of England's Monetary Policy Committee
The Committee that controls the setting of the Bank's Base Interest Rate, although the Government has the power to give instructions to the Bank on interest rates for a limited period. It meets monthly.

The rate set is the ?Repo' rate ? the base rate which sets a benchmark for other interest rates, including personal loan and mortgage interest rates.
Banker's Automated Clearing Service
Electronic funds transfer which is free of charge and takes 3 days -> They are entered into the system on the first day, processed on the second day, and cleared on the third day.

A Faster Payment alternative is also available that can be instant but may have to be requested depending on the bank, sometimes referred to as FastPay
Bankers Draft
A physical document like a cheque, however the money has already been debited straight from the account. The person receiving the bankers draft is therefore confident the money is safe and does not have to wait for clearing.

There is normally an administration fee to obtain a bankers draft, as well as you having to give a notice period, normally of at least 24 hours.
Base Rate
This rate is set by the Bank of England and is used as a benchmark for lenders to set interest rates by. It represents the lowest rate of interest a bank will charge you when it lends you money. It is reviewed monthly and can go up and as well as down.