Penalties: The costs that can be incurred if a borrower repays all or part of a mortgage prior to the end of an agreed period or switches between lenders..

Pied à terre: A property kept for temporary,secondary or occasional occupation..

Peppercorn Ground Rent: A very nominal periodic rent usually paid per annum..

Preliminary enquiries: Initial enquiries raised about a property that is being sold by the conveyancer which the seller must answer before exchange of contracts..

Purchaser: Anyone who is buying a property..

Probate: The disposal of a property by an executor of a will following the death of the owner..