Jargon Buster

At a loss to understand arrears, affidavits or air bricks? Bamboozled by balloon payments and back-to-back escrow? Confused by conveyancing, cash-flow and closing costs?

If so, our Jargon Buster will be just what you need.It's a glossary of terms packed full of property phrases, estate agent slang, financial words and other terms you may come across in your real estate or personal finance activities.

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Jargon Buster: T

Our glossary results: 41 matches!

Take-back mortgage

A loan made directly from the seller to the buyer.

Tangible assets

The combined total of fixed assets and long term investments.

Tax relief

The government allows an artificially low tax rate to encourage purchases or savings such as with pensions and ISA's.

Telegraphic transfer

Electronic transfer of money between two parties on the sale/purchase of a property. Will often incur a fee from your solicitor and monies sent from a lender is usually in this form.

Telegraphic transfer fee

This is charged when the mortgage is transferred direct to your Solicitor's bank in readiness for completion of the mortgage. Costs £10 - £25

Tenancy at will

A purchaser may seek to take possession of a property before financial, legal completion once the contracts have been exchanged. This could be to carry out repairs and decorations or simply to take up residence early. A licence is then arranged between both parties' solicitors.

Tenant

A person who has a legal right to occupy a property they do not own by signing a contract with the landlord to whom rent is paid.

Tenants in common

This is the route usually adopted when a property is being purchased mutually. Each partner owns a prearranged portion of the equity in the home, which is not necessarily an equal amount. Your share does not automatically pass to the other partners when you die, but to whoever is specified in your will. This approach is very much more like a business arrangement, and like any such deal, is usually governed by some form of legally binding contract. An added benefit of this is the possibility of inserting all sorts of clauses into the deal to customise the nature of the relationship to meet your exact requirements.

Tenure

Whether a property is freehold or leasehold.

Term

The time frame for which the lender agrees to provide you with credit.

Terminal bonus

This is a bonus paid at the end of an endowment mortgage and often depends of the performance of the investment fund you are using to repay your mortgage.

Terraced

A house attached to another on both sides.

Thatch

Roof covering of straw, reeds or even living grass. Not noted for it's longevity and so most "thatching'' is only decorative, simulated with shingles in modern homes.

The Chartered Institute of Arbitrators

Official body covering complaints relating to surveyors who are members of the RICS and ISVA professional bodies. Any complaints which cannot be rectified directly with the surveyor in question should be referred here.

The housing corporation

An organisation which can help purchase a home by owning a share of the property.

The professional conduct department

If you have a complaint regarding your surveyor that does not relate to a loss of money, you can still air your grievances to this professional body. You may feel that your complaint was not handled very well by the surveyor, there may have been an apparent lack of complaints procedure, confidential information about your personal matters may have been disclosed to a third party, or there could have been some other reason why the surveyor acted unprofessionally.

Tie bar

A heavy metal bar placed through a wall suffering structural instability.

Tied agents

Many agents and advisers have access to mortgages that you would not be able to arrange on the high street or via a direct operation. They may be representatives of a particular financial institution or estate agents and only be able to offer products from that particular provider. They can still call themselves financial advisers, so long as they don't use the word 'independent'.

Tie-in period

As a condition of a special mortgage deal (discount or fixed rate, for example), you may have to agree to stay with the lender for a period of months or years after the deal has ended. If you move your mortgage elsewhere during this period, you may have to pay an early redemption charge.

Tip sheet

A newsletter usually produced for private investors, containing recommendations on specific companies and good investment opportunities. Usually follows a specific investment style or criteria.

Title

The right to ownership of a property.

Title company

A company that performs and insures title searches. Usually selected by the seller, they sometimes work as a lender's agent. Depending on the preferences of the seller, buyer and others involved in the sale, the closing might take place at the title company's offices.

Title deeds

These are the legal documents which prove the ownership of the property and set out details of anything affecting the property such as rights of way and boundaries.

Title documents

The legal documents which provide proof of ownership of a property.

Title insurance

Insurance that protects a property owner against defects to or claims against a property. Typically purchased by the buyer upon closing, sometimes as required by the lender. Title companies issue the policies.

Title risk

Possible impediments to the transfer of a title from one owner to another.

Title searches

Undertaken by a solicitor or conveyancer to ensure that there are no unusual circumstances governing the ownership or use of a property.

Torching

Mortar applied on the underside of roof tiles or slates to prevent moisture penetration if a roof has not been under laid with felt.

Total amount repayable

The capital sum of a loan or mortgage borrowed plus interest and protection payments.

Total returns

The total of the value received by an investor in income from the dividends received and capital in the form of growth in value of the share price.

Townhouse

A property usually of two or three stories that is connected by a common wall to at least one other residence.

Tracker funds

A professional investment fund that tries to emulate the fortunes of a share index such as FTSE 100, by investing only in the companies representing the index and in the proportions of the index that each company reflects.

Tracker mortgages

They are usually linked to the Bank of England base rate, in that you pay a set margin above the current base rate level. Unlike many of the other types of rate, most tracker rates will not revert to the SVR at any point during the life of the loan. They will continue to track the base rate until you have either paid off your mortgage or switch provider or product. You can also get tracker mortgages that have discounts and stepped discounts built into them.

Traded endowment policy (Tep)

Another name for Second-Hand Endowment Policy (Shep).

Transfer deed

A form which provides details of the transfer of ownership to be entered on the Land Registry register.

Transfer of ownership

A form which provides details of the transfer of ownership to be entered on the Land Registry register.

Transit insurance

Insurance you can obtain to cover your possession while they are transit when moving home. You can often obtain information regarding this from a removals company.

Transom

Horizontal bar of wood placed across the top of a window or door.

Tread

The flat face of a step or stair.

Trussed rafters

Prefabricated triangular framework of timbers used to construct roofs in modern homes.

Turnover

The sales, or gross revenue, of the company during the financial period.
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