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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Break clause
This is a clause sometimes inserted in a fixed term tenancy, typically if the initial fixed term is for a year or more. A break clause will usually be worded in such a way as to allow either landlord or tenant to give two months written notice at any stage after a particular date or period of the tenancy, thus terminating the tenancy earlier than the end of the original fixed term.
Bridging loan
A temporary loan providing financial cover to "bridge the gap" which allows a purchaser to complete on the purchase of a new property before selling the previous property. Some lenders may only offer bridging loans secured by way of a solicitor's undertaking. This is a personal legal guarantee by the solicitor that something will be done - usually the repayment of a mortgage or production of title deeds.
Building Insurance
A policy designed to insure the building rather than its contents. Protects against the cost of rebuilding a property following structural damage, for example by flood, fire or storm. Lenders often offer their own policies, but it may be cheaper to buy elsewhere.