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Capital raising
Raising funds on an unencumbered property – commonly referred to as “equity release”
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Capital Repayment
a mortgage where repayments consist of interest and capital
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Codice fiscale
Fiscal or tax identification number required by all foreign property owners in Italy
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Contrato de Promessa de Compra e Venda
Portuguese sales agreement
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Contrato de Compraventa
Spanish sales agreement
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Completion
Completion is the point when the money being used to buy a property is paid to the seller and the legal ownership of the property passes to the buyer
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Compromesso
Italian sales agreement
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Compromis de Vente
French preliminary contract of sale
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Cooling Period
10 consecutive days that you must respect upon receipt of a formal mortgage offer, before signing, dating and returning to the bank
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Decision in Principle
Formal Approval from a bank which is subject to certain conditions being fulfilled i.e. further documentation being submitted or satisfactory valuation of the property
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EURIBOR
(European Inter-Bank Offered Rate) The European base rate offered by the European Central Bank
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Geometra
Italian equivalent to a Surveyor
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Gite
French equivalent to a Bed & Breakfast
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IKSAN
the construction utilization licence for the property
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Interest-only
A mortgage where repayments consist of only interest. During that period, the balance of the loan remains unchanged
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International Regular Payment plan
Save money by setting up a Direct Debit from UK to overseas bank account, with fixed exchange rate for 6 or 12 month period
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Leaseback
The property must be leased back to the developer for an agreed period who will let it out as holiday accommodation, providing the buyer with a guaranteed income. The buyer in effect becomes the landlord and therefore can qualify for a refund on the VAT. The buyer is given the right to occupy the property for a set period each year
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Loan to value (LTV)
A percentage figure indicating the size of the mortgage on a property in relation to its value
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NIE No. (Numero de Identificación de Extranjeros)
Fiscal or tax identification number required by all foreign property owners in Spain
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No. de contribuiente
Fiscal or tax identification number required by all foreign property owners in Portugal
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Nota Simple
Spanish extract of the property register showing a property’s details and whether any debts are shown against it
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Notaire
Public official and legal professional, who certifies legal status of a property sale. Role is neutral and fees are fixed by government decree
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Personal Contribution
The balance of the purchase price that will not be covered by the mortgage, that will need to be paid to the vendor via the Notary.
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Power of attorney
A legal document that authorises one person to act on behalf of another with either complete authority or in a limited capacity
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RIB (Relevé d’Identité Bancaire)
Confirmation of French bank account details
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Rogito
Completion of Sale
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SCI (Société civile immobilière)
A French transparent non-trading company used expressly for the purchase of a property. A minimum of 2 shareholders is required. Any loan is made to the company and the individual share-holders stand as guarantors
Glossary
Latest Rates*:
£1 = 
$1.5015 / 
€1.1094- $1 = £0.6660 / €0.7389
- €1 = £0.9014 / $1.3534
*Prices are for indicative purposes only
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Introducing...
The Baydonhill
Currency Card
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