Jargon Buster:

Our glossary results: 22 matches!

Occupier's waiver

A form to be signed by all occupiers of the property aged over 17 who are not named on the mortgage.

OFEX

An unregulated alternative to the official Stock Market. Mainly targeted at smaller companies it presents higher risks but also potentially greater reward.

Offer price

The price the market maker will quote in order to sell to you the shares you wish to buy.

Office for Supervision of Solicitors

Fortunately, as a recognised profession, the law industry has certain standards to maintain and professional bodies to see that the quality of service is appropriate. The office for the Supervision of Solicitors (OSS) is the powerful regulatory arm of the Law Society that oversees the activities of all of its members. They have the power to inflict harsh penalties on any firms or individuals that are seen to be in breach of the solicitors act.

Off-plan

This is when you buy a new home before it has been built based on the plans and artist's impressions.

OFSTEAD

The government regulatory body for standards in schools.

OM

An abbreviation used by estate agents to refer to a purchaser who must sell a property before they can buy another.

One hundred percent mortgage

A loan for the full cost of the home you are buying if are unable to raise a deposit to buy a property. You may have no existing equity, no savings, be using up all you do have on the other costs of the move, or perhaps be saving what you do have so that you can fix up your new home when you do buy it.

Open plan

A property where most rooms or living areas are not separated by walls.

Opening offer

Tthe first price you offer for a property. This is usually below the asking price. Your opening offer will often go a long way towards determining the final selling price. It is therefore common practice for the asking price to be set artificially high in order to encourage an opening offer that is higher than it would be with a lower asking price. Usually, both sides are aware that negotiation is something of a game of cat and mouse, offer and counter offer.

Ordinary shares

The most common form of shares where the holders are those bearing the risk of the company. They receive dividends that vary in amount according to the company’s underlying profitability the future cash requirements for the company’s continued operation and development.

OSS

Fortunately, as a recognised profession, the law industry has certain standards to maintain and professional bodies to see that the quality of service is appropriate. The office for the Supervision of Solicitors (OSS) is the powerful regulatory arm of the Law Society that oversees the activities of all of its members. They have the power to inflict harsh penalties on any firms or individuals that are seen to be in breach of the solicitors act.

Outstanding balance

The amount to be repaid at any point in time.

Over insured

This is where you have taken an insurance policy that covers you for more than you need and as such you will be paying a higher insurance premium than you need to. It may be that the re-build cost of your home has been overestimated or that your contents insurance covers you for more than the total value of your possessions.

Overdraft

A facility to be in debt with your bank in your current account. Interest is usually charged on any money owing.

Overdraft facility

This is a facility on the Bank Account which allows customers to borrow up to a pre determined limit. This limit must be agreed in advance and is subject to status.

Overhang

This is where the redemption penalty continues beyond a fixed or capped rate period, effectively tying you in to the much higher variable rate for a period of time after the fixed or capped period. As a result you get stuck paying an uncompetitive rate that eats into the gains you may have made from having the fixed rate or capped ratein the first place.

Overhanging redemption penalty

An early redemption charge that lasts beyond the benefit period is referred to as an extended or overhanging redemption penalty. These should be avoided where possible.

Overpaid funds

The amount you have paid in excess of your regular monthly payments.

Overpayment

The difference between your regular monthly repayment and a higher amount that you choose to pay.

Oversite

This is a rough layer of concrete found below timber ground floors but above ground level.

Owner-occupier

The buyer has the right to live in the property and to make use of it in any way that is acceptable to the lender.

Search for a Term

You have two choices if you want to find the meaning of words used on this site:

• Click the letters below to see the meaning of terms beginning with that letter.
• Search the jargon buster for terms containing the letters, word or phrase that you type.

A  B  C  D  E  F  G  H  I  J  K  L  M  N  O  P  Q  R  S  T  U  V  W  X  Y  Z