Jargon Buster
Take-back mortgage
A loan made directly from the seller to the buyer.
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.
Tenure
Whether a property is freehold or leasehold.
Term
The period of years over which you take the mortgage and
when you have to repay it. Most new mortgages are taken
on a 25-year term.
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.
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.
Title
Evidence of the right of property ownership; can be
held solely, jointly, in common or in corporate or partnership
form.
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
Documents stating who has title or right to the ownership
of a property, which also show the boundary of the land.
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.
Title
Evidence of ownership of land or property.
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
Any legal means by which a piece of real estate changes
hands.
