Abutment.
A wall that rises above the slope of the roof that separates different sections of the roof.

Accruals basis
Under accruals basis accounting, income is recognised in the accounting period in which it is earned and expenses are recognised as they are incurred.  This contrasts with the cash basis, under which income is recognised when it is received and expenses are recognised when they are paid.

Additional Enquiries.
Additional enquiries raised by the buyer's conveyancer, often as a result of queries from the purchaser or matters revealed in the survey.

Additional Security Fee.
An up-front, one-off fee paid to the lender to protect them against the borrower defaulting on the loan. Usually charged on mortgages over 75% of the house value. Also known as MIG Indemnity Guarantee Premium and Mortgage Indemnity Premium.

Agricultural Land
Farmland with no attached buildings or residences, often referred to as ‘bareland’.

Airbrick.
A brick designed with holes through it so as to provide ventilation.

All-risks insurance.
Insurance that covers all happenings that are not specifically excluded in the policy. This is different to a policy of specified risks, which covers only the happenings that are listed.

Amortisation.
Period of time over which a loan is scheduled to be repaid in full by a regular series of repayments.

Amortisation schedule.
This gives the breakdown of interest payments, any capital reduction and the balance outstanding at any given point during the scheduled repayment of the loan.

Annual Equivalent Rate (AER).
The rate of interest that shows what the gross rate is if paid and compounded annually.

Annual percentage rate (APR).
This is used to provide consumers with the true annual cost of a loan, expressed as a percentage. By law, the APR has to be shown by banks and building societies alongside their quoted rates for each mortgage. It incorporates all ongoing costs, interest charges and arrangement fees.

Appointed representative.
This is a salesperson that advises on the investment products of one single life assurance company.

Apportionment.
The division of liability for property tax, water charges etc. between the buyer and seller of
a property.

Arrangement fee.
A fee you pay to the lender in return for a particular mortgage deal.

Arrears.
When you have failed to meet your regular mortgage payments you fall into arrears.

Assignment.
This is the transfer of ownership to another person of some kind of property, such as an insurance policy in the case of an endowment mortgage, or a lease.

Assumption.
When the seller’s outstanding mortgage is passed over to the buyer of the property.

ASU (Accident, Sickness and Unemployment).
It provides a monthly payment if you cannot work for an extended period due to accident, sickness or unemployment.

Attested.
Witnessed.