Glossary of Terms
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|Early Repayment Charges
||Early Repayment Charges are levied when a mortgage is discharged in full or part before a certain date, usually during a promotional period of discounted rates.
||An endowment policy is a type of life assurance with an investment element. Endowments have caused considerable controversy in recent years, and they are not guaranteed to pay off a mortgage on maturity.
||Equity release allows people to increase their mortgage on a property in order to raise cash. Over the years, the amount of equity available to beneficiaries gradually goes down. Being aware of the full implications of equity release is essential before entering into this type of loan agreement – seek expert advice.
||Execution, in this context, refers to the signing of a document in the presence of witnesses, then sealing and delivering it, thereby making it legally enforceable.
||Escrow is a deed held by a third party (usually an agent, solicitor or escrow company) which becomes operable upon the delivery or fulfilment of a condition.
||Estate is the legal right of ownership over the land. All land in the UK belongs to the crown, so individuals and companieshold a right to the land. Generally, this will constitute freehold and leasehold. The whole worldly goods of the deceased may also be known as an estate.
||An estate agent is a person who acts in a legal capacity as a sales agent, a managing agent or an adviser for another person when it comes to real estate.
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