Leasehold Definitions - Jargon Buster

11 definitions for letter E:

Easements

A term given to a right which someone may enjoy over another property. These can be rights of way, drainage rights, or more likely access to a neighbour's land in order to carry out repairs to their own property.

Eaves

The underneath section of a roof overhang.

Elemental Or Specialist Investigation

This kind of survey is carried out when the Building Survey has identified specific problems with the property (such as cracks in the walls) and recommended specialist analysis, by qualified personnel. It may also require the testing of services, which is not carried out in a Building Survey.

Encumbrance

A liability imposed on the owner of a property, which is then binding on subsequent owners.

Endowment mortgage

These are not as popular as they were, and involve both building society and an insurance company. Repayments to the building society are in respect of interest only. The capital sum outstanding remains constant throughout the term, and is repaid by means of an endowment policy taken out with the insurance company when the policy matures or in the event of death of the policy holders.

Engrossment

Deeds are usually drawn up in draft form for approval by each party's solicitors. When the deeds are approved, sometimes after amendments, the final drafts are then engrossed for all parties to sign.

Equity

The difference between the value of a property and the amount of mortgage owed.

ERC (Early redemption charge)

The Lender may charge the Borrower a fee determined in the mortgage contract, if the Borrower re-pays the mortgage before the end of the term agreed in that mortgage.

Excess

The initial sum paid on an insurance claim.

Exchange of contracts

The occasion where signed contracts are physically exchanged and the Buyer and the Seller become legally bound to the price and terms of the purchase and sale of a property.

Easement

A right to pass over property or land