Jargon Buster

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Glossaries

Term Definition
CHAPS
Same day transfer of funds between accounts. A bank will charge a fee for this.
Charge
Recorded at the land registry, a charge registers a lender as a secured creditor and ensures they will be paid from the proceeds of the sale of the property in the event of the property owner defaulting on the loan.

This is occurs when a property owner has used his property as security against other borrows such as a loan.
Charge Certificate
This is a certificate issued to the lender by the Land Registry that gives evidence of the lender's charge over the property.
Chief Rent
Payment made on freehold land to the original freeholder forever. This differs from ground rent because ground rent normally has a limited period.
Collateral
Anything, including property, used as a guarantee that you will be able to pay the lender the loan. If you aren't the collateral/property could be sold by the lender in order to recoup the money they originally paid you.
Commission
Payment to a broker for services rendered, such as in the sale or purchase of real property; usually a percentage of the selling price of the property.
Commonhold
Form of tenure created by Commonhold and Leasehold Reform Act 2002 in which leaseholders in a property jointly hold the freehold through an association.
Company Let
A let of your property to a company/business for use by any member of their staff.
Comparables
Details/prices of other properties used in an appraisal that are substantially equivalent to the subject property and used to evaluate an investment as part of an investors due diligence.
Completion
Final stage in buying a property, involves the transfer of the legal title of property from a seller to a buyer and the point at which any mortgage commences.
Compound Annual Growth Rate
The year over year growth rate of an investment over a specified period of time
Compulsory Purchase Order
Allows certain bodies which need to obtain land or property to do so without the consent of the owner. Compensation will include the value of the property and costs of acquiring and moving to a new property.
Consumers, Estate Agents And Redress Act
Government Act to make provision for the establishment of the National Consumer Council.

In order to make provision for the handling of consumer complaints by certain providers; to make provision requiring certain providers to be members of redress schemes in respect of consumer complaints; to amend the Estate Agents Act 1979; to make provision about the cancellation of certain contracts concluded away from business premises
Contents Insurance
Insurance you take out to cover the cost of your personal belongings, that are in your property, against anything detrimental that could happen to damage.
Contingency Fund
Sum of money set aside for emergency use, used to cover extra unplanned expenses