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Capital

This is the amount of the loan upon which interest is calculated.

Capped Mortgage

This is a mortgage, normally agreed over a fixed period of time, with an upper limit (or cap) above which the rate of interest cannot rise.

If the standard interest rate is lower than the upper limit then you will be charged at the lower rate; if the standard variable rate is higher then you will be charged at the rate agreed.

Caution

Entries on the land register protecting the interests of a third party.

Any applicant for first registration of title is notified to him whereupon he can take appropriate action to protect his interests.

Chain

This situation occurs when a line of buyers and sellers are all simultaneously involved in linked property transactions.

When one of these is not successful – for instance, when someone’s house sale falls through – the entire ‘chain’ breaks and each of the transactions is held up, or they fail entirely.

Charge

If a property owner uses his security in the property to service a loan, a charge is registered and certified.

This entitles the lender to be regarded as a secured creditor to be paid out of the proceeds of a sale in the event of a default on the loan.

Charge Certificate

A certificate issued to a lender by the Land Registry giving evidence of the lender’s charge over the property.

Chief Rent

A payment made on freehold land to the original freeholder forever.

This is distinct from ground rent that has a limited period. (See also Freehold).

CML - The Council of Mortgage Lenders

This acronym stands for The Council of Mortgage Lenders, a body that devised the Mortgage Code to ensure that lenders treat consumers fairly.

This Code no longer exists as the FSA (Financial Services Authority) is now responsible for regulating mortgage lending on a statutory basis.

Collateral

Property pledged as a guarantee for the repayment of a loan.

Commission of Fee to the Estate Agent/Auctioneer

The sum of money paid to the agent, usually on completion, although legally it is payable on exchange of contracts.

Completion

The finalising of the sale when all the monies are passed over and the purchaser gains access to the property.

Conditions of Sale

The detailed, standard terms which govern the rights and duties of the buyer and the seller of the property as specified in the contract that they sign.

These may be national, statutory, or conditions of the Law Society.

Contents Insurance

This insurance covers loss or damage to your possessions within the property, subject to the terms and conditions of the agreement.

Contract

Entered into by the vendor and purchaser of a property that only becomes binding on exchange of contracts, i.e. when both parties have signed the contract and the purchaser has handed over the agreed deposit (if any) to the vendor.

Contract Race

Involving two or more purchaser wanting to buy the same property.

Either purchaser or vendor can instigate it although usually it is the latter.

The winner is the first purchaser to exchange contracts.

Conveyancer

This is a third party, such as a solicitor or licensed Conveyancer, who is hired by the buyer or seller to deal with the legal aspects of a property transaction

Conveyancing

The legal process transferring ownership from vendor to purchaser.

County Court Judgement (CCJ)

Whenever someone fails to pay for something and is subsequently taken to court, the magistrate may issue a County Court Judgement against that individual to pay the outstanding debt.

It will only be removed once the debt is cleared.

Covenant

A legal requirement of the owner to do, or not to do, something in relation to the property.

For example; restrictions on its use, changes to its appearance.

AVVERTENZE D'UTILIZZO: Il presente glossario contiene una definizione dei termini più frequentemente utilizzati nel settore immobiliare nel Regno Unito.
La spiegazione di ciascuno dei termini indicati in questo glossario è di carattere meramente orientativo e priva di valore legale; si raccomanda, quindi, di tenere conto del contesto e dell'evento in cui essi vanno applicati, in quanto il significato loro attribuito potrebbe differire rispetto a quello qui rappresentato.
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