You own the property, and the land on which it stands, if you have a freehold for it. The annual charge payable to the freeholders of the property by the leaseholders. A report on the property prepared by a surveyor and paid for by the buyer. Less extensive than a full structural survey. The right to possession without ownership of a property for a specified period of time, under the terms of a lease.
Ultimate ownership remains with the freeholder.
An insurance policy that pays a lump sum on death to the policyholder's estate. The percentage of the loan against the value of the property. The time over which the mortgage is to be repaid. Northern Rock's payment protection insurance is called Payment Protection. An investment plan that provides an income on retirement and an optional tax-free lump sum.