E

Early Redemption Charge
Financial penalty charged by some lenders if the borrower terminates a mortgage early.

Easement
Right granted to someone other than the owner of a property such as a right of way over land or a right to maintain services under land.

Endowment Mortgage
Mortgage designed for monthly repayments to be paid into an endowment (life assurance) policy, which is used to pay off the loan at the end of the term.

Engrossment
Final copy of a document prepared by a solicitor for signing by the parties.

Equity
Owner's financial interest in a property, calculated as the difference between the market value of a property and the balance outstanding on the mortgage.

Estate Agent
Property professional who markets property on behalf of sellers and who charges a fee, usually a percentage of the selling price.

Excess
Fixed initial sum that the insured party must pay on any insurance claim.

Exchange of Contracts
Point at which signed contracts confirming the intention to transfer ownership between buyer and seller are physically exchanged and the parties become legally bound by the terms.