Power of Attorney Purchase

By Justin Whitelock

Founder of Mortgage London (a trading style of City Finance Brokers Limited, authorised and regulated by the Financial Conduct Authority, FCA No. 766295)

A transaction where the buyer authorises another person, the attorney, to sign documents and act on their behalf.

Related glossary terms

Leasehold

Owning a property for a fixed term under a lease rather than owning the land outright forever, with associated obligations.

Product Transfer vs Remortgage

A product transfer is a new mortgage deal taken with the borrower’s existing lender, switching from the current rate to a new product within the same lender’s range without moving the loan to a different provider. It is the structurally simpler counterpart to a remortgage, where the loan moves to a different lender on a

Completion

The legal stage at which property ownership transfers from seller to buyer, with mortgage advance and any remaining purchase funds paid through the conveyancers.

Joint Mortgage

A mortgage taken out by two or more borrowers who are jointly and severally responsible for the debt.