Certificate of Title (COT)

Legal document completed by the solicitor confirming all formalities have been satisfied prior to completion.


In finance, charges and fees are usually the same thing, and are applied to your account by your bank or lender in line with the type of account or loan you have. Banks and lenders provide a number of services to their customers, and some come with charges attached. These can include interest, transmission fees, service charges, and for some credit cards, annual card fees. If a service is misused or the terms of an agreement are broken, then that’s where things like overdraft charges and late payment charges come in.


A cheque is a paper voucher linked to a current account. When you open a bank account you may be given a cheque book which contains a number of cheques. Each cheque will already be printed with your bank sort code and account number, your bank’s name and address and a unique cheque number.


The final legal transfer of ownership when the buyer pays the required funds to purchase the property.


An agreement between the borrower and the lender. Our contract is upfront, honest and has no hidden extras. It also has a cancellation period if you change your mind.


Refers to the legal work done for the transfer of the legal title of a property from one person to another.


Credit is money borrowed from a bank or credit provider on the condition that it’s paid back in accordance with the agreement. Types of credit include loans, both secured and unsecured, credit cards and pawnbroking.

Credit Limit

A credit limit is the maximum amount of money that you can borrow on a credit card, or from a particular lender, and will be determined by the lender based on a number of factors.

Credit Report

This document, compiled and held by Credit Reference Agencies, gives a summary of your credit history and financial behaviour. It includes your personal details such as your address and date of birth, information on your borrowing and payment histories, the length of your credit history, information on the total credit you have available to you and how much of that you’ve used. Some of the things that are not included in your credit report are your salary and details of savings accounts you hold.

Credit Search

The applicants name and address is fed into a credit agency database in order that a search can be done to see whether any Court Judgements, defaults, credit agreements are registered against the applicant. The search will also indicate who is registered at the property for voting purposes.

Credit Union

A credit union is a self-help co-operative whose members pool their savings to provide each other with credit at a low interest rate. To be part of a credit union you have to share a common bond with other members.


This is something you all have in common such as:

• living or working in the same area

• working for the same employer

• belonging to the same church, trade union or other association.