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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Basic variable mortgage rate
Mortgage lender's standard rate of interest which may be increased or decreased periodically by the lender depending on prevailing economic conditions.
Bond
This is required by many letting agencies before a tenant can move into a property. It is a fixed sum which is held by the letting company until the tenant vacates the property. It is returned to the tenant subject to the property being in acceptable condition under the terms of the Tenancy Agreement. If there are any repairs required or items to replace this will be deducted from the bond amount. These are also known as Dilapidations
Bonding or bonded
means that the Agent has arranged and maintains, usually through a professional body, Client Money Protection Insurance which will reimburse the public in the event of fraudulent or dishonest misappropriation of clients' money; and that the extent of cover meets the minimum criteria set from time to time by the Board of The Dispute Service.