Property Terms
Whether you're a seasoned investor or a first-time buyer, our glossary helps you to navigate the world of property with confidence.
A
Agreement In Principle (AIP)
An Agreement in Principle (AIP) is a preliminary statement from a lender indicating the amount they may be willing to lend to a buyer based on initial financial checks. It's a valuable tool in the UK property market and helps show commitment and the ability to complete by serious buyers.
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Amenities
In the property market, "amenities" refer to the features and benefits that a property offers beyond its basic functional attributes. These can include physical characteristics such as swimming pools and fitness centres, as well as non-physical attributes like location convenience and neighbourhood quality.
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Anti-Money Laundering (AML)
Anti-Money Laundering (AML) regulations in the UK property market are designed to prevent financial crimes by requiring thorough checks on property transactions to ensure funds are legitimate.
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Apartment
An apartment is a residential unit located within a building or complex, comprising multiple units. It offers a living space that includes amenities such as bedrooms, a kitchen, and a bathroom. Apartments are popular in urban areas, providing an efficient and convenient housing option for city dwellers.
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Asking Price
The term Asking Price refers to the initial price a seller sets when listing their property for sale. It's a starting point for negotiations and not always the final sale price.
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Assured Shorthold Tenancy
An Assured Shorthold Tenancy (AST) is the most common form of tenancy agreement in the UK property market, offering a fixed-term rental period with legal protection for both landlords and tenants.
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Auction
Property auctions in the UK offer a dynamic alternative to traditional property buying, providing opportunities to purchase properties at competitive prices. This method appeals to investors and homebuyers looking for unique deals or quick transactions.
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B
Base Rate
The base rate, set by the Bank of England, is a critical factor in the UK property market, influencing mortgage rates, borrowing costs, and overall market activity. Understanding its fluctuations is key for making informed property decisions.
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Bridging Loan
A bridging loan is a short-term financing option used in the property market to "bridge" the gap between purchasing a new property and selling an existing one. It provides immediate cash flow, allowing buyers to proceed with purchases before having access to longer-term financing solutions or the proceeds from a sale.
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Broker
In the UK property market, a broker acts as an intermediary between buyers, sellers, and financial institutions, helping to facilitate property transactions and secure financing options.
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Brownfield
Brownfield sites in the UK property market refer to previously developed land that may be contaminated but holds potential for redevelopment, playing a crucial role in urban regeneration and efficient land use.
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Budget
In the property market, a budget refers to the financial plan that outlines the maximum amount an individual or entity is willing to spend on purchasing or renting a property. It includes considerations for the initial purchase price, ongoing costs, and potential future expenses.
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Bungalow
A bungalow is a single-story house that offers convenient living with all rooms on one level. This architectural style is favoured for its accessibility, ease of maintenance, and the close connection it often provides to outdoor spaces. Whilst the whole house being situated on the ground floor can be desirable to older owners who struggle with stairs.
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Buy to Let
Buy to let refers to purchasing property with the intention of renting it out to tenants. It's a popular investment strategy in the UK, offering potential rental income and capital growth.
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Buyer Beware (Cavaet Emptor)
"Buyer beware" (caveat emptor) in the UK property market is a principle that places the responsibility on buyers to thoroughly investigate a property's condition and legal status before purchase, as the seller is not obliged to disclose all information.
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Buyer's Market
A buyer's market occurs when property supply exceeds demand, giving buyers an advantage with more choices and bargaining power. It's an opportune time for investors to negotiate better deals.
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C
Capital Growth Rate
Capital Growth Rate in the UK property market refers to the increase in value of a property over time, an essential metric for investors assessing the long-term appreciation potential of their investments.
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Chancel Repair Liability
Chancel repair liability is an ancient legal obligation in the UK, where some property owners may be required to contribute to the repair costs of a local church's chancel. It can impact property value and ownership rights.
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Closing Costs
Closing costs, an essential aspect of buying or selling property in the UK, comprise various fees and charges incurred at the end of a real estate transaction. Understanding these costs is crucial for both buyers and sellers to budget effectively and ensure a smooth property transfer.
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CMA (Comparative Market Analysis)
Comparative Market Analysis (CMA) is a cornerstone in the UK property market, enabling buyers, sellers, and real estate professionals to assess property values accurately. This analysis compares similar properties in a specific area to determine a property's market value, guiding informed buying or selling decisions.
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Common Law Tenancy
A common law tenancy is a rental agreement in the UK property market, typically used when the standard assured shorthold tenancy (AST) conditions do not apply. It offers flexibility but requires a clear understanding of rights and obligations.
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Completion
Completion in real estate refers to the final stage of a property transaction where the legal transfer of property from seller to buyer is finalized, ownership changes hands, and the keys are handed over. This milestone is the culmination of negotiations, agreements, and legal processes, marking the official ownership transfer.
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Completion Fees
Completion fees in the property market refer to the charges and expenses incurred at the final stage of a property transaction. These fees cover the legal, administrative, and financial processes required to formally complete the purchase or sale of a property, transferring ownership from the seller to the buyer.
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Contingency
In the UK property market, a contingency is a condition specified in the purchase agreement that must be met for the transaction to proceed. These conditions offer protection for both buyers and sellers, ensuring that certain criteria, such as financing approval or satisfactory property inspections, are fulfilled before the sale is finalised.
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Conveyancing
Conveyancing is the legal process of transferring property ownership from one party to another. It involves managing the legal and administrative tasks necessary to ensure a property sale is valid under law, from the acceptance of an offer to the finalization of the sale.
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Council Tax
Council tax is a local taxation system in the UK, charged on domestic properties to fund local authority services. It is a crucial consideration for anyone owning, renting, or investing in property, as it impacts monthly housing costs and budget planning.
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Counter Offer
A counter offer in the UK property market is a critical negotiation tool, often used when an initial offer on a property is not accepted. This process allows both buyers and sellers to negotiate terms, including price, that are more agreeable, facilitating a potential agreement that benefits both parties.
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Covenant
A covenant in the UK property market is a legal obligation or restriction attached to a property, dictating certain actions that must or must not be taken by the property owner.
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D
Deeds
Deeds are legal documents in the UK property market that establish and confirm ownership of a property. They contain important details about the property's history, boundaries, and any associated rights or obligations.
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Deposit
In the property market, a deposit is an upfront payment made by the buyer to the seller as part of a real estate transaction. This payment signifies the buyer's commitment to the purchase and is typically a percentage of the property's total purchase price.
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Detached House
A detached house is a single-family home that stands alone on its own plot of land, not sharing any walls with neighbouring properties. This type of housing offers privacy and independence, making it a sought-after option in the property market for those looking for their own space.
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Disbursements
Disbursements are the third-party costs incurred during property transactions in the UK property market, paid by solicitors on behalf of their clients for various essential services.
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Downsizing
Downsizing in the UK property market refers to the process of moving from a larger home to a smaller one, often to reduce costs, simplify living, or release equity.
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E
Early Repayment Charges
Early repayment charges (ERCs) are fees that may be charged by a lender if a borrower pays off their mortgage before the end of the agreed term. These charges are designed to compensate the lender for the interest they lose due to the early repayment.
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Earnest Money
Earnest money is a deposit made by a buyer to a seller, representing a buyer's good faith in a real estate transaction. This upfront payment is part of the purchasing process, held in an escrow account, and typically applied to the down payment or closing costs upon completion of the sale.
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Energy Performance Certificate (EPC)
An Energy Performance Certificate (EPC) is a document that provides an overview of the energy efficiency of a property. It rates the property on a scale from A (most efficient) to G (least efficient) and includes recommendations for improving energy savings.
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Equity
In the property market, equity refers to the financial interest or value that an owner has in a property. It is calculated as the difference between the property's current market value and the amount owed on any mortgages or loans against it. Equity can increase over time as the property value appreciates or as the owner pays down the mortgage.
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Equity Loan
An equity loan in the UK property market allows homeowners or buyers to borrow money against the value of their property, often used to purchase a home or fund significant improvements.
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Escrow
Escrow is a financial arrangement in the property market where a third party holds and regulates the payment of the funds required for two parties involved in a given transaction. It ensures the transaction is executed fairly and according to the agreed terms, providing security for both buyer and seller.
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Estate Agent
An estate agent is a professional involved in the buying, selling, leasing, or renting of properties and land within the property market. They act as intermediaries between sellers and buyers or landlords and tenants, providing expertise and guidance throughout the transaction process.
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Exchange of Contracts
In the property market, the exchange of contracts is a critical legal step where the buyer and seller of a property formally agree to the transaction terms and commit to the sale, making it legally binding. This process ensures both parties are legally obligated to complete the transaction.
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F
First Time Buyer
A first time buyer in the property market is an individual or household purchasing a property for the first time, typically without owning another residence. This status can qualify buyers for various incentives, grants, and favourable mortgage terms aimed at facilitating homeownership.
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Fixed Rate Mortgage
A fixed rate mortgage is a home loan where the interest rate remains the same throughout the entire term of the loan, providing predictable monthly payments. This stability makes it a popular choice for homeowners seeking to budget effectively.
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Flying Freehold
A flying freehold in the UK property market refers to a freehold property that extends over or under another person's property, creating unique ownership challenges and considerations.
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Freehold
In the UK property market, freehold is a term that denotes outright ownership of a property and the land on which it stands. This type of ownership grants the holder complete control over the land and buildings, subject to government and local regulations, without the worry of lease expiration.
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Freeholder
In the UK property market, a freeholder owns a property and the land it stands on outright. This contrasts with leasehold ownership, where the property is owned for a fixed term. Freeholders have control over the land and are responsible for its maintenance, offering them significant advantages in property ownership.
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G
Gazumping
Gazumping occurs when a seller accepts a verbal offer on their property from one potential buyer but then accepts a higher offer from another buyer before the sale is legally completed.
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Gazundering
Gazundering occurs in the UK property market when a buyer lowers their offer for a property after initially agreeing to a higher price, often just before the exchange of contracts. This practice can disrupt property transactions, affecting both the timeline and financial aspects of the deal.
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Green Belt
The green belt is a policy for controlling urban growth, designating areas around cities and towns in the UK where development is tightly controlled to prevent urban sprawl, protect the countryside, and ensure sustainable growth.
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Gross Yield
Gross yield is a critical financial metric in the UK property market, representing the annual rental income from a property as a percentage of its purchase price or current market value, providing a snapshot of an investment's performance.
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Ground Rent
Ground rent is a fee paid by the leaseholder of a property to the freeholder or landlord as a condition of their lease. This payment is typically annual and acknowledges the leaseholder's right to occupy the land.
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H
Help To Buy
Help to Buy is a government-backed initiative designed to assist first-time homebuyers and existing homeowners in purchasing a property with as little as a 5% deposit. The scheme offers equity loans and other financial support to make homeownership more accessible in the property market.
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Home Appraisal
In the UK property market, a home appraisal is a professional evaluation of a property's value conducted by a certified appraiser. This assessment is vital for buyers, sellers, and lenders to determine the fair market value of a property, influencing lending decisions and transaction prices.
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Home Inspection
In the UK property market, a home inspection is a critical evaluation of a property's condition conducted by a professional inspector. This process helps buyers identify any potential issues or defects that could impact the property's value or safety before finalising a purchase.
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Homebuyers Report
A Home Buyers Report is a comprehensive survey designed to provide potential property buyers in the UK with crucial information about the condition of a home before purchasing. It highlights any major issues that could affect the property's value or require costly repairs.
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House Flipping
House flipping involves purchasing properties in the UK property market, enhancing their value through improvements, and selling them for a profit. It's a strategy that requires market knowledge, investment capital, and renovation expertise.
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House Information Pack
The House Information Pack (HIP) was a set of documents required for selling properties in England and Wales, aimed at speeding up the property transaction process by providing key information up front.
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House Insurance
House insurance is a critical safeguard for homeowners in the UK, offering financial protection against damage, theft, and other risks. It encompasses buildings insurance, contents insurance, or a combination of both, ensuring peace of mind for property owners.
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Housing Association
Housing associations are non-profit organisations in the UK that provide affordable housing to those in need. They operate independently from local councils and play a crucial role in social housing.
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Housing Multiple Occupants (HMO)
Housing Multiple Occupants (HMO), often referred to as a "house in multiple occupation," is a type of rental property where three or more tenants not belonging to the same household share amenities such as a bathroom and kitchen. HMOs are subject to specific regulations to ensure safety and standards.
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I
Independent Financial Advisor (IFA)
An Independent Financial Advisor (IFA) is a professional who offers unbiased financial advice to clients on various financial matters, including investments, savings, pensions, insurance, and mortgages. IFAs are regulated by financial authorities and must meet strict qualifications and ethical standards.
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Interest Only Mortgage
An interest-only mortgage is a type of mortgage where the borrower pays only the interest on the principal balance for a set term, with the principal balance remaining unchanged. This results in lower monthly payments for the term of the interest-only period.
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Interest Rate
In the context of the property market, an interest rate is the percentage charged on a mortgage or loan, representing the cost of borrowing. It directly influences the monthly repayments homeowners make on their mortgages and can significantly impact affordability and the overall cost of purchasing a property.
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Intestacy
Intestacy occurs when someone dies without a will in the UK, triggering statutory rules that determine how their property and assets are distributed among surviving relatives.
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K
Key Facts Illustration (KFI)
A Key Facts Illustration (KFI) is a document provided by mortgage lenders in the UK, offering a detailed breakdown of the terms, costs, and features of a mortgage offer, essential for comparing and making informed financial decisions.
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Know Your Customer (KYC)
Know Your Customer (KYC) in the UK property market refers to the process of verifying the identity of clients to prevent fraud, money laundering, and ensure compliance with legal regulations.
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L
Land Registry
The Land Registry is a government department responsible for maintaining a detailed and comprehensive registry of land and property ownership in the UK. It provides a public record of land ownership, rights, and interests.
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Landlord
In the property market, a landlord is an individual or entity that owns and rents out real estate, such as apartments, houses, or commercial properties, to tenants. Landlords are responsible for maintaining the property, ensuring it's safe and habitable, and adhering to relevant laws and regulations.
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Lease Agreement
A lease agreement in the UK property market is a legally binding contract between a landlord and a tenant, outlining the terms under which the tenant can occupy the property. It specifies rent, lease duration, and tenant and landlord obligations, ensuring clarity and protection for both parties.
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Leasehold
Leasehold is a property tenure where the buyer owns the property and its land for a fixed term but not the land it stands on permanently. At the end of the lease term, ownership reverts back to the freeholder or landlord, unless the lease is extended.
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Listed Building
A listed building in the UK property market is a property recognized for its historical or architectural significance. These buildings are protected by law, and any alterations require special permissions.
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Listing
In the UK property market, a "listing" refers to the advertisement of a property available for sale or rent. It includes essential details like price, location, property features, and photographs, serving as the first interaction potential buyers or tenants have with a property.
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Loan to Value Ratio
Loan to Value (LTV) ratio is a critical financial metric in the property market, representing the proportion of a property's value that is financed through a mortgage loan. Expressed as a percentage, LTV is calculated by dividing the loan amount by the property's appraised value or purchase price, whichever is lower.
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Local Authority Search
A local authority search is a crucial part of the conveyancing process in the UK, providing detailed information about any legal restrictions, planning permissions, and potential issues that could affect a property.
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Local Planning Authorities (LPAs)
A Local Planning Authority (LPA) in the UK is a local government body responsible for managing and regulating land use and development, ensuring that property developments align with local planning policies and regulations.
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Lock In Agreement
A lock-in agreement in the UK property market is a contractual arrangement between a buyer and seller, where both parties agree to not negotiate with others for a specified period, providing assurance while final arrangements are made.
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M
Mortgage
A mortgage is a loan secured by an asset or property, typically used to purchase a home. The borrower agrees to pay back the loan, plus interest, over a set period, while the lender retains the right to take possession of the property if the borrower fails to repay the loan.
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Mortgage Advisor
A mortgage advisor, also known as a mortgage broker, is a professional who specialises in finding and arranging mortgage loans on behalf of their clients. They offer advice on mortgage options that fit the client's financial situation and help navigate the application process.
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Mortgage in Principle
A mortgage in principle (MIP), also known as an agreement in principle (AIP), is a preliminary agreement from a lender indicating the amount they might be willing to lend to you based on an initial assessment of your financial situation. It is not a guarantee but serves as a useful indicator for how much you can afford when looking to buy a property.
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Multiple Listing Service (MLS)
The Multiple Listing Service (MLS) is a crucial tool in the UK property market, offering a comprehensive database of properties for sale. Utilised by real estate agents, it facilitates the sharing of property information, enhancing visibility and streamlining the buying and selling process. This glossary guide provides an insight into MLS, its operation, and its significance in the UK real estate landscape.
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N
National House Building Council (NHBC) Scheme
The NHBC (National House Building Council) is a leading provider of warranties and insurance for new homes in the UK, ensuring construction quality and offering protection to homebuyers.
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Negative Equity
Negative equity occurs in the property market when the value of a property falls below the outstanding balance on the mortgage secured against it. This situation means that selling the property would not generate enough money to pay off the mortgage, leading to a financial shortfall for the homeowner.
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Net Yield
Net yield is a crucial financial metric for assessing the actual return on investment (ROI) in the UK property market, factoring in operating expenses against the annual rental income.
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New Build
A new build in the UK property market refers to a property that has been recently constructed and has never been lived in before. New builds often come with modern designs, energy efficiency, and warranties.
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O
Offer
An "offer" in the UK property market refers to a proposal made by a potential buyer to purchase a property at a specified price. It marks the beginning of the negotiation process between the buyer and the seller, leading towards a possible sale.
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Open House Viewing
Open house viewings offer a unique opportunity in the UK property market for buyers to explore multiple properties in a relaxed setting, while sellers can showcase their homes to a wide audience in a single event.
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P
Peppercorn Rent
Peppercorn rent refers to a nominal rent, often just a few pennies or nothing at all, traditionally used in UK property leases to acknowledge the existence of a lease without intending to generate rental income.
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Power of Attorney
A power of attorney in the UK property market is a legal document that allows an individual to act on behalf of another in property-related matters, such as buying, selling, or managing real estate.
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Pre-Approval
Pre-approval in the UK property market is a preliminary step in the home buying process where a lender assesses a potential buyer's financial situation to determine how much they can borrow. It provides an estimate of the mortgage amount one is eligible for, giving buyers a competitive edge when house hunting.
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Probate
Probate in the UK property market refers to the legal process of managing and distributing a deceased person's estate, including property, according to their will or the law if no will exists.
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Product Fee
Product fees, often associated with mortgage offers in the UK property market, are charges by lenders for specific mortgage products. They can significantly affect the overall cost of obtaining a mortgage.
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Proof of Funds
Proof of funds (POF) in the property market is a document or set of documents that demonstrate a home buyer's ability to afford a property purchase. This evidence is typically required by sellers and estate agents to confirm that the buyer has sufficient funds to complete the transaction.
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Property Chain
A property chain involves a series of linked real estate transactions, where one or both of the buyer and seller are also involved in another transaction happening alongside the current transaction.
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Property Investor
A property investor in the UK property market engages in the purchase, ownership, management, rental, or sale of real estate for profit. They play a crucial role in shaping market dynamics and trends.
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Property Ladder
The "property ladder" is a commonly used metaphor in the property market to describe the progression of homeownership from purchasing an initial property to successively buying larger or more valuable properties over time. Climbing the property ladder is often seen as a way to build wealth and improve living standards.
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Property Management
Property management involves the operation, control, maintenance, and oversight of real estate and physical property. This can include residential, commercial, and land real estate. Property managers act on behalf of the owner to preserve the property's value while generating income.
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Property Viewing
Property viewings are a critical step in the UK property market, allowing potential buyers or tenants to inspect a property first hand before making an informed decision on purchasing or renting.
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Proptech
Proptech, short for property technology, refers to the use of technology to innovate and improve services in the property industry. This emerging sector within the UK property market encompasses a wide range of digital applications, from online property listings and virtual tours to advanced data analytics and smart home technologies.
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Purchase Agreement
A purchase agreement in the property market is a legally binding contract between a buyer and seller outlining the terms and conditions of a property transaction. It specifies details such as the purchase price, closing date, contingencies, and any other conditions both parties must meet before the sale is finalised.
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R
Re-Mortgage
Re-mortgaging in the UK involves switching your current mortgage to a new deal, either with the same lender or a different one, typically to secure a better interest rate, release equity, or adjust repayment terms.
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Renovation
Renovation involves updating, repairing, or modernizing a property in the UK property market, often to increase its value, improve functionality, or enhance aesthetic appeal.
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Rental Property
A rental property refers to a residential or commercial property leased or rented out by an owner (landlord) to a tenant for a specified period under agreed-upon terms. This arrangement provides housing or business premises in exchange for regular rental payments.
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Repayment Mortgage
A repayment mortgage is a type of home loan where the borrower pays back both the principal amount borrowed and the interest on the loan in monthly instalments over the term of the mortgage. By the end of the term, the entire loan is paid off, and the borrower owns the property outright.
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Repossession
Repossession in the property market refers to the process by which a lender takes back ownership of a property due to the borrower's failure to keep up with mortgage payments. This legal action is typically the last resort after all other attempts to recover the owed amounts have failed.
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Return on Investment (ROI)
Return on Investment or sometimes represented as ROI is a critical metric in the UK property market, measuring the profitability of an investment as a percentage of the original cost, essential for evaluating the success of property investments.
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Royal Institution of Chartered Surveyors (RICS)
RICS (Royal Institution of Chartered Surveyors) is a leading professional body in the UK property market, setting and regulating standards for property, land, construction, and infrastructure professionals.
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S
Section 21 Notice
A Section 21 notice is a legal document used by landlords in the UK to regain possession of a property let under an assured shorthold tenancy (AST), typically without having to provide a reason for the eviction.
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Seller's Disclosure
Seller's disclosure in the UK property market refers to the process whereby sellers provide potential buyers with important information about the property's condition, including any defects or issues, before a sale is completed.
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Seller's Market
A seller's market occurs in the UK property market when demand exceeds supply, giving sellers the upper hand in negotiations and often leading to higher property prices and quicker sales.
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Semi-Detached House
A semi-detached house is a single-family home that shares one common wall with another house. It combines elements of detached and attached housing, offering a balance between privacy and community living. This type of property is popular in various markets for its blend of affordability and personal space.
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Service Charge
A service charge in the property market refers to a fee paid by tenants or property owners to cover the cost of maintaining and repairing shared spaces and services in a building or complex. This charge ensures the proper upkeep of communal areas and facilities, contributing to the overall liveability and value of the property.
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Shared Ownership
Shared ownership is a part-buy, part-rent scheme designed to help first-time buyers and those who do not currently own a home afford a property. It allows purchasers to buy a share of a property and pay rent on the remaining share, making homeownership more accessible.
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Sold Subject To Contract (SSTC)
Sold Subject to Contract (SSTC) is a term used in the property market to indicate that an offer on a property has been accepted by the seller, but the legal process to transfer ownership has not yet been completed. This stage is crucial as it signifies a mutual agreement to proceed, although the sale is not legally binding until contracts are exchanged.
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Staging
Staging is a strategic marketing tool used in the UK property market to present a home in its best light. By carefully arranging furniture, décor, and renovations, sellers can create an appealing atmosphere that highlights the property's strengths, potentially speeding up the sale and increasing the final sale price.
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Staircasing
Staircasing in the UK property market refers to the process by which shared ownership buyers can gradually purchase additional shares in their property, increasing their ownership stake over time.
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Stamp Duty
Stamp Duty, officially known as Stamp Duty Land Tax (SDLT) in the UK, is a tax paid on the purchase of properties or land over a certain price. The rate varies based on the purchase price, property type, and buyer's circumstances.
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Stamp Duty Relief
Stamp duty relief offers potential savings on stamp duty land tax for certain buyers in the UK property market, including first-time buyers and those purchasing properties below specific price thresholds.
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Standard Variable Rate (SVR)
The Standard Variable Rate (SVR) is a lender's default interest rate in the UK property market, typically applied after an initial mortgage deal ends. It can fluctuate and affect monthly mortgage payments.
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Survey
In the UK property market, a survey is a detailed examination of a property's condition conducted by a qualified surveyor. It is crucial for buyers to understand a property's state, identify any potential issues, and make informed decisions.
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T
Tenant
In the property market, a tenant is an individual or entity who rents or leases property from a landlord or owner for a specified period under agreed-upon terms. Tenants have the right to use and occupy rental property as long as they comply with the terms of their lease agreement.
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Terraced House
A terraced house, also known as a row house or townhouse in some regions, is a style of medium-density housing where each house is attached to its neighbours on both sides by shared walls. Characterised by their uniform appearance, terraced houses are a common sight in urban areas, offering efficient use of space and community living.
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Title Deed
A title deed is a legal document that proves ownership of a property. It contains detailed information about the property, including its description, the owner's name, and any rights or covenants affecting the property. Title deeds are essential in the property market for verifying ownership and facilitating property transactions.
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Title Search
A title search is a critical process in the UK property market, involving the examination of public records to confirm a property's legal ownership, identify any encumbrances, and ensure a smooth transfer of ownership.
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Townhouse
A townhouse is a multi-floor home that shares one or more walls with adjacent properties but has its own separate entrance. Townhouses are similar to terraced houses in that they usually are located in rows of similar designed houses. A main distinction is that a town house is usually over three floors maximising the footprint of the home but still having enough living space for families.
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Tracker Mortgage
A tracker mortgage is a type of variable rate mortgage where the interest rate automatically adjusts and tracks a nominated benchmark, typically the Bank of England's base rate, plus a set margin. This means monthly payments can vary over the term of the loan.
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V
Valuation
Valuation in the property market refers to the process of determining the worth of a property based on its characteristics, location, condition, and the current market trends. It is a crucial step in various property transactions, including sales, purchases, and financing.
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Variable Rate Mortgage
A variable rate mortgage is a type of home loan where the interest rate can change over time based on an underlying benchmark interest rate or lender's standard variable rate. This change affects the monthly payment amount, either increasing or decreasing it.
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Virtual Viewing
Virtual viewings offer a convenient, time-saving alternative to traditional property viewings in the UK, allowing buyers to explore properties online through virtual tours and live video walkthroughs.
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