Jargon
Don’t know your Abstract Title from your Deeds of Sale? Then use our jargon buster for a simple explanation of all the weird and wonderful phrases affecting your nest.
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- Abstract of title
- A document prepared by the Vendor’s solicitor. This relates to unregistered land proving that the Vendor does indeed own the land. Futhermore that any previous mortgages have been paid and settled.
- Additional enquiries
- These are extra enquiries over and above the agreed enquiries contained in the standard property information form which a conveyancer deems it absolutely necessary to raise with a seller's conveyancer.
- Additional security fee
- An up-front, one off fee paid to the lender to protect them against the borrower defaulting on the loan. Usually, charged on mortgages over 75% of the house value. Also known as MIG, Indemnity Guarantee premium and Mortgage Indemnity Premium.