Mortgage Glossary: C

Glossary of Terms
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Capital Appreciation Capital Appreciation refers to the growth or gain the value of a property or asset over a period of time. When this is added to income the total or overall return on a property can be calculated.
Capital Gains Tax CGT or Capital Gains Tax refers to the tax levied on the value of a property or financial investment.
Capital Improvement Capital Improvement refers to work carried out on an investment property that extends beyond normal maintenance and repair work, and adds value or improvement to the property. CI has implications for taxation and service charges.
Caveat Emptor Caveat Emptor is Latin for ‘let the buyer beware.’ This means that the buyer is the one taking the risk – i.e: the onus is on the buyer to discover and not on the seller to disclose.
Case Law Case Law is the large body of knowledge and precedent established over the course of time by judicial decisions regarding the interpretation of common law and statute law.
Certificate of Fair Rent Certificate of fair rent is issued by a rent officer and clearly states that the rent of a dwelling is fair.
Charge A charge can sometimes be taken by lenders in order to secure the repayment of a mortgage or loan.
Charge Certificate A charge certificate is issued by the Land Registry as evidence of a purchase by mortgage. The land registry deposits the land certificate for the period of the mortgage.
Completion Completion refers to the sale of a property. This occurs when ownership is passed on, and the keys are handed over to the new owner in exchange for full payment. Completion generally occurs between two and three weeks after the exchange of contracts.
Common Law Common law has been made by judges over the course of centuries, as they take judicial decisions. This is different to statute law made by Acts of Parliament.
Condensation Condensation is caused by a lack of heating, insulation or ventilation. Condensation occurs when warm air comes into contact with colder air or surfaces. Over time, condensation can cause material damage including fungus and mould growth. This can occur when properties are left vacant for some time.
Contents insurance Contents insurance protects your possessions and covers the contents of your home. When it comes to buy to let, it is usually up to the tenant to insure their own contents. However, any contents you leave in your rental property should be insured.
Contract A contract is a legally binding agreement that requires an offer and acceptance.
Conveyancing Conveyancing is a legal process that is involved in the transfer of ownership of land and property. A solicitor or a licensed conveyancer generally manages conveyancing.
Counterpart A counterpart is a duplicate copy of a legal document. This is also the landlord’s copy of a lease, because the tenant’s copy is the lease itself.
County Court Judgement County Court Judgements (CCJs) is a type of action taken by the county court against a person who has failed to pay an outstanding debt. These remain on file for six years, or until the individual satisfies the debt by paying in full.

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