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Capital
The amount of the loan on which interest is calculated.
Capped mortgage
Normally agreed for a fixed period of time, many lenders
provide mortgages with an upper limit on the interest
rate. Thus if the standard interest rate is lower than
the upper limit you will be charged the lower rate, but
if the standard variable rate is higher you will be charged
at the agreed rate.
Chain
The situation that occurs when a buyer is reliant upon
completion of the sale of his existing property, in order
to complete on the purchase of his new property.
CML
The council of mortgage lenders, which as devised the
Mortgage Code to ensure lenders treat customers fairly.
Completion
The point at which all transactions concerning the property’s
sale are concluded and legal transfer of ownership passes
to the buyer.
Conditions of sale
The details which determine the rights and duties of the
buyer and seller. These may be national, statutory, or
the Law Society’s conditions.
Contents insurance
Insurance to cover any loss or damage to your possessions
within the property.
Contract
A legal agreement between the seller and buyer of a property
which binds both parties to complete the transaction.
Contract race
When two parties have made an offer on the same house.
The vendor will sell to the first party to exchange contracts,
ie: it's a race!.
Conveyancer
A qualified individual such as a solicitor or licensed
conveyancer who deals with the legal aspects of buying
or selling a property.
Conveyancing
Traditional term for the legal work involved in the purchase
and sale of a property.
Covenants
Rules and regulations governing the property, contained
in its title deeds or lease.
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