Penalties The cost 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.Peppercorn Ground Rent A very nominal periodic rent usually paid per annum.Pied à terre A property kept for temporary, secondary or occasional occupation.Preliminary enquiries Initial enquiries raised about a property that is being sold by the conveyancer which the seller must answer before exchange of contracts.Probate The disposal of a property by an executor of a will following the death of the owner.Purchaser Anyone who is buying a property.