Buying a house/ getting a mortgage is one of my next big goals, so I am making it my mission to memorise the definitions of each and every one of these terms
Would love it if you guys could take a look! And let me know… how many of these terms do you think you could correctly define (without the help of Google )
The main issue with negative equity, for example, is that - when you sell - you’re still personally liable for the outstanding debt.
Similarly, a bank may fail to get a repossession order, eg because there are children living in the property, but might succeed via a bankruptcy order against you personally. (This is a controversial bit of the law…).
On a pedantic note, no one “owns” land in the English legal system (Scots is a bit different…). Strictly speaking, you acquire title and become the title holder, these days by being registered as the proprietor on the proprietorship register.
Not specifically mortgage-related, but you can sign up to alerts from the land register for free, so you are notified immediately if there’s a change on a registered property (it also sends you a message to say “no change”, so don’t panic immediately when you get an email!)
It’s just a simple thing you can do as soon as you’re trying to buy a place, then you should get alerts when your mortgage is registered/the property is transferred to you.
)
