Jargon Buster

Higher Lending Charge

A one-off fee charged by most lenders where the loan is above a specified percentage of the value of the property.

Home Information Pack (HIP)

A collection of documents that are available to all potential buyers of properties with three or more bedrooms, which explain who owns the property, boundaries and any possible issues such as new roads / building works taking place in the area. A drainage search will identify the routes of drains to and from the property. In addition an Energy Performance Certificate is included (EPC), which will give information as to how energy efficient the property is along with recommendations to improve the efficiency.

Homebuyer Survey and Valuation Report

As well as a basic mortgage valuation, this is a survey of the condition of the property. It covers all parts of the property that are easily accessible. This report will not cover areas that the surveyor did not have access to, for example, underneath carpets, but will give you their general opinion about the property, detail any future problems they can foresee and tell you if they think any areas need further investigation.