Jargon Buster

Tenancy in Common

The form of ownership by two or more parties where if one should die, their share of the property forms part of the estate and does not automatically pass to the other party.

Tenure

The conditions on which a property is held (ie. freehold or leasehold).

Terraced House

A property which forms part of a row of adjoining houses.

Title Deeds

The documents showing any legal ownership of the said property.

Tracker Mortgage

With a tracker variable rate (TVR) mortgage you benefit by paying an interest rate that follows an independent interest rate (e.g. The Bank of England rate) throughout the tracker period. You usually pay a set amount above or below the TVR for a set period from the start of your mortgage. The rate you pay will change if the independent rate changes but you will not pay more than the set amount above or below the TVR during the TVR period.

Transfer Deeds

A legal document that transfers the ownership of a property from the seller to the buyer.