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Discount Mortgage

A Discount Mortgage allows people to make their repayments with an interest rate that is less than the standard variable rate (SVR) determined by the lender. For example, when a lender's SVR is 5% with a 2% discount, the interest paid is 3%. This reduced interest rate is usually available for a...

Daily Interest Rate

When a person repays a mortgage, a Daily Interest Rate charge calculates the total interest balance each day. When a payment is submitted, the interest will immediately be recalculated using the new balance. Often, this can be more favourable than an annual interest rate agreement....

Deed of rectification

When the buyer and the seller decide to change the terms of their agreement, they will need to use a deed. A deed of rectification will apply any new revisions to the agreement and will also correct any errors that may have been present in the original lease. An example of an issue that would call...

DPC

Please see Damp-Proof Course....

Discharge of charge

Discharge of charge is a rather broad term, but in the property industry this refers to when a mortgage is formally paid off. When this happens, the lender's Charge over the home is finally released. From this point on, neither the mortgage lender nor the bank can hold any claim to the property....

Defective Lease

Problems can occur in a residential lease if the original lease was poorly drafted or issued many years ago. This is because property law has changed significantly over time and, as a result, many existing leases do not comply with modern legislation.  Examples of defective drafts could be...

Dry Rot

Dry Rot is the least common variety of wood rot fungus. It is also the most destructive as it destroys the very cells of wood, reducing it, eventually, to a crumbly substance. Unlike wet rot, Dry Rot can occur in the absence of damp timber - for this reason, poorly ventilated areas are of...

Damages

If the buyer or seller fails to complete, the aggrieved party may sue for breach of contract and may be awarded damages....

Deed of Consent

A deed of consent should be signed by any adult occupant who will be living at the property after the buyer has completed the purchase. (This does not include the co-owner since they are buying the property jointly and are therefore a party to the mortgage). The deed effectively suspends any legal...

Donee

A person who receives a...