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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Mortgage Valuation
This is the most basic form of survey and is the minimum required by lenders in order to ascertain the suitability of the property as security for their loan. Although the borrower will normally receive a copy of this report it should not be relied upon as a comprehensive report on the condition of the property. A more detailed report (either a Home Buyers Report or Structural Survey) should be commissioned when considering the purchase of a property.
Mortgagee
The lender of a mortgage (ie: bank or building society).
Multiple Occupation
A property occupied by more than one tenant and not used as a single home, e.g. individual and private rooms which may be locked but where tenants share facilities. Also, any residential property which is occupied by separate tenants under individual agreements.