Jargon Buster
High street lenders
Providers of mortgage products who can be broadly split
into two groups - the building societies and the banks.
Banks are profit-making businesses that return a portion
of their profits to shareholders in the way of dividends.
Building societies on the other hand, are mutually owned
organisations, which exist not for profit but for the benefit
of the members. They claim that this allows them to return
profits to their customers in the form of cheaper products.
HM Land Registry
Government organisation that keeps records of properties
in England and Wales. Transfer of ownership must be registered
with the HM Land Registry.
Homebuy loan
A homebuy loan is one which is used to buy a property under
a homebuy scheme. Homebuy scheme Homebuy schemes are often
run by housing associations looking to sell of their property
and are a type of initiative aimed at encouraging home ownership
amongst those people who may not ordinarily have the means
to purchase their own home. Generally, you will have to
obtain a mortgage for 75% of the property value, while the
RSL (Registered Social Landlord) will front the rest of
the money. The RSL will retain there share and if you sell
the property they will keep the same proportion of the sale
proceeds, including any gains that are made.
Homebuyers report
This type of survey is prepared for you and gives details
of the basic state of repair of the property. It almost
always provides a basic valuation as well. A surveyor will
only inspect those areas of the property that are reasonably
accessible or visible. They will then write a report on
the property.
Household insurance
Buildings and contents insurance can often be purchased
together protecting both the building structure and your
belongings and possessions inside.
