C |
| CHAPS (Clearing House Automated Payment System) Current method used to transfer the mortgage advance funds to the solicitor acting in the conveyancing transaction. May also be referred to as Telegraphic Transfer (T/T) which is an historical method of funds transfer. Charge The Legal Charge is the right to acquire the property. Generally, a mortgage lender has 1st Charge over the property. Other lenders may have a 2nd Charge over the same property. If the borrower defaults on the loan, the holder of the 1st Charge has priority on selling the property to discharge it’s debt. Completion This is when the mortgage funds have been released by the Lender, and your solicitor/ Licensed Conveyancer has received the signed legal documents, legal completion can then be said to have taken place. County Court Judgement (CCJ) This is an adverse judgement that lasts for a fixed period. Credit Scoring A system used by some lenders to help evaluate the risk of giving a mortgage to a prospective borrower based upon historic and statistical information. |