Accidental Landlord

A property owner whose initial intention was not to rent out the property. This can occur when someone struggles to sell their property or have inherited one.

Addendum

An amendment or addition to the conditions whether contained in a supplement to the auction catalogue. This may be a written notice in the catalogue, or announced at the auction.

Agreement

Document outlining the terms agreed between the buyer and the seller and binding both parties to complete the sale/purchase transaction. Also known as Contract.

Bridging Loan

Temporary loan designed to enable a property to be purchased prior to the sale of another property.

Agreement in Principle (AIP)

A document from a mortgage lender confirming that it will lend you a specified amount based on your wages and, typically, a credit search and score. An AIP will help a seller understand that you are a serious buyer.

Annual Percentage Rate (APR)

An APR, which is sometimes misinterpreted, is the annual percentage rate of the loan. So, that includes both interest and any additional expenses. APRs are legally required when advertising financial products such as credit cards and mortgages.

Arrangement Fee

A fee charged by some lenders to cover the administration of arranging a mortgage. They often apply to deals with special rates, such as fixed rates or trackers.

Arrears

The amount of money that is overdue on your mortgage. If left unpaid it may result in the lender repossessing the property.

Bank Rate

The Bank of England sets the monthly interest rate (often known as the base rate or just the interest rate). If your mortgage rate is variable, it may be affected by changes in the bank rate.

Buildings Insurance

An insurance policy that protects your property against structural damage caused by events such as fire or flooding. If you need a mortgage, you will be required to get building insurance.

Building Survey

A Building Survey, previously known as a structural survey, is a detailed report on a property’s construction. It is the most extensive study available and is ideal for listed buildings, older or unusual properties, or those that will be completely renovated.

Bridging Loan

A high-interest temporary loan that provides short-term access to funds, allowing you to purchase a property before selling your current house.

Buy-to-let Mortgage

A mortgage designed specifically for purchasing a house to be rented out, typically for investment purposes.

Capital Gains Tax

Landlords must pay capital gains tax when selling a property other than their primary residence. This tax applies to any profit gained from the property’s price increase.

Capped Rate

The highest interest rate or ‘cap’ you will pay on your mortgage for an agreed-upon period, often the first few years of the loan.

Chain

Most people must sell their current home in order to afford to buy a new one, and the people to whom they sell must also sell their home. This is what a ‘chain’ entails, and if one link fails, the entire chain collapses.

Charge

The lender’s ‘hold’ on the equity in your property. For example, if you owe £40,000 and fail to make payments, you may be forced to sell your home to satisfy the amount.

Compulsory Purchase Order

A Compulsory Purchase Order, sometimes known as a CPO, empowers local governments to purchase property regardless of whether the owner wishes to sell. However, the CPO must demonstrate how the purchase would benefit the public while adequately compensating the homeowner.

Conveyancer

A lawyer who specialises in the transfer of home ownership. They are essential if you are getting a mortgage and will cover every legal part of the home-buying procedure.

Covenant

A covenant is a term or guarantee incorporated into a deed that may affect or restrict the usage of the property or land. There are two types of covenants: positive and restrictive. A positive covenant is an obligation that requires some action (such as maintaining a fence or wall), whereas a restrictive covenant restricts or prohibits the usage of land in a specific way.

Declaration of trust

A conveyancer-drafted agreement determines ‘who gets what’ if the property is sold or one owner buys out the other. It is a wonderful idea for cohabiting couples or friends to buy together.

Deeds

Legal documents that establish ownership of a property or land. They may include mortgages and leases, conveyances, sales contracts, and wills. They’re also known as title deeds.

Deposit

The money you’ll have to pay up front when purchasing a home. Typically, a 10% deposit is required upon contract exchange, with the remaining balance due upon completion. However, if you choose a 95% mortgage, you will just need to put down 5% at the time of exchange.

Disbursements

Fees paid by the solicitor on behalf of the purchaser. These include stamp duty, local authority searches, and money transfer fees.

Early Repayment Charge (ERC)

Early Repayment Charge (ERC) is a charge payable when overpaying on a mortgage or transferring to a new mortgage product within a certain time frame. The fee compensates any potential missed interest to your lender. Most mortgages enable you to overpay by up to a specific amount each year without incurring a fee.

Easement

A landowner’s right to utilise another neighbouring piece of land for their advantage, such as a private right of way.

Energy Performance Certificate (EPC)

An Energy Performance Certificate (EPC) assesses a property’s efficiency and predicts future energy expenses. It is displayed in the form of two graphs: the property’s energy efficiency and its environmental impact. Both are rated from A (best) to G (lowest).

Endowment mortgage

An interest-only mortgage combined with monthly payments forms an endowment policy. The loan is paid off in one lump payment at the conclusion of the period. Endowments have gotten bad press in recent years, with many falling far short of their projected value.

Equity

The amount of a property’s worth that is not secured by a mortgage or loan. It includes any improvement in the value of your house, as well as your deposit and the amount you’ve paid off the loan.

Equity release

A strategy that allows you to release some of your property’s equity through either a lifetime mortgage (where you borrow against a percentage but don’t have to repay the loan until you die) or a home reversion plan (where you sell a proportion). Only available to those above the age of 55.

Eviction

When a tenant is required to leave a property permanently, usually due to a breach of their tenancy agreement. Evictions are prevalent when tenants fail to pay rent or the landlord wishes to recover control of the property.

Exchange of contracts

The point at which both parties are committed to the property deal; both the buyer and seller may walk away at any time before the contracts are ‘exchanged’.

Execution-only

Execution-only refers to a buyer choosing a mortgage without consulting a mortgage broker or expert.

Fair Wear and Tear

The normal deterioration of a property’s furniture, fixtures, and fittings over time. It takes into account the length of the tenancy and the number of tenants residing in the property. When deductions are made from a tenant’s deposit at the end of the tenancy, the renter is not accountable for them.

First-time buyer

Usually refers to someone who is purchasing their first home. However, it can also refer to someone who is purchasing a home without selling one.

Fixed rate mortgage

A mortgage arrangement that has a ‘fixed’ interest rate for an initial predetermined time, usually two, three, or five years.

Flying freehold

When part of a freehold property overhangs or underlies another, such as when a room is located above a shared driveway or a balcony stretches over another property.

Freehold

If you own the freehold, you own both the building and the ground on which it stands indefinitely.

Gazumping

When a seller agrees to an offer in principle on a property but then accepts a greater offer from another party.

Gazundering

When a buyer makes an acceptable bid and then reduces it soon before exchanging contracts.

Guide Price

A guide price gives an indication of the price that the property is expected to sell for and what the vendor is hoping to achieve.

Guarantor

Some mortgages require borrowers to designate someone who will be liable for their debt if they fail to pay. In rare situations, tenants may choose a guarantor to ensure that the landlord receives rent.

Home Buyers Report

Standard report conducted by a surveyor on behalf of a buyer to assess value and condition of a property, highlighting major defects.

Interest rates

A percentage charge added to the loan repayment amount. For example, a mortgage with a 4% interest rate would require you to repay the whole amount of the loan plus 4% of its value.

Land Registry

A government database containing registrations for who owns what property and land in England and Wales.

Leasehold

A type of ownership in which you own the property but not the land it sits on. For example, you may own a flat but not the building it is located in. There will be a time term specified on your lease that must be renewed with the landowner; always check how many years left on the lease. While this is usual with apartments, some houses are also offered as leasehold, which has sparked controversy.

Listed building

A building that has been designated as of particular importance and has preservation orders in place. Listed buildings cannot generally be altered or extended without the approval of the local council.

Loan-to-Value (LTV)

A percentage representing the ratio of a mortgage loan on a property to its market value.

Lodger

Someone who resides in a property with a resident landlord. They may or may not share living space with the landlord (and their family), which affects their status as a ‘excluded occupier’ and their subsequent tenant rights.

Maintenance charge

A landlord may charge a tenant or leaseholder to pay the costs of property maintenance. Depending on the property, this may include maintaining common areas such as hallways and gardens in good condition. Also referred to as a service charge.

Maisonette

A property that is part of a larger building, but has its own private entrance. Can either be on one floor or split-level.

Mesne tenant

A tenant who is leasing to a subtenant. They are essentially the landlord of the subtenant in this scenario but will still have to answer to the landlord who owns the property (known as the head landlord).

Mortgage

A specialist loan used to pay for a property which you pay back over time with interest to the mortgage lender. The property itself is considered collateral, which means that if you do not make your payments on time, it may be repossessed and sold to recover the amount due.

Mortgage term

The period over which a mortgage will be repaid. Traditionally this was 25 years, but depending on age this can go up to 30.

Mortgage valuation

Report commissioned by the lender to assess property value and determine the maximum amount to be loaned on the property. Not to be confused with a survey.

Negative equity

When the market value of a property falls below the outstanding mortgage loan balance.

New Build

A newly constructed, uninhabited property. Keep in mind that different banks and mortgage lenders use their own definitions. They can range from whether the home has been lived in but not purchased, whether it has been converted or refurbished, and whether it was completed within a specific number of years.

Offer

Indication from a potential buyer of a willingness to purchase a property at an indicated price. An offer is not legally binding in England and Wales and can be withdrawn or changed at any time prior to exchange of contracts.

Open market value

Price that a property would be likely to achieve if it were available for sale.

Permitted Payments (England and Wales)

The payments which a landlord or letting agent can legally charge to a tenant, as defined under the Tenant Fees Act 2019 and the Renting Homes (Fees etc.) (Wales) Act 2019. They include rent, tenancy deposit, holding deposit and utilities but do differ slightly between England and Wales.

Probate

When the owner of a property dies and leaves the property in their will, probate is the official process for proving the will is valid. For inheritance tax purposes the property may need to be valued and this is typically carried out by the district valuer who represents the Inland Revenue. Contracts cannot be exchanged on a property until probate has been granted.

Redemption

Completion of the full and final repayment of a mortgage.

Repayment mortgage

Mortgage with monthly repayments consisting of capital (the amount you borrowed) combined with interest. It has become the most common type of mortgage since the Mortgage Market Review was introduced in 2014.

Repossession

If you fall behind in your mortgage repayments the lender can take possession of the property that secures the loan. If you live on your property you will be evicted.

Resident Landlord

A landlord who lives in the property with the tenant or lodger they let to.

Right of Way

Right of way is a legal right for another to pass along a specific route on a piece of land or property belonging to another.

Selective Licensing

Landlords must get a licence to legally operate in specific local government regions. Selective licensing is typically used in areas with low housing demand, common antisocial behaviour, bad property conditions, a large influx of migrants, high levels of deprivation, or crime. Its goal is to guarantee that properties are safe to occupy and that the landlord is properly managing the property.

Share of freehold

If you are buying a flat with a share of the freehold, you become part of the group of people or company that make decisions and organise the maintenance of the building.

Shared ownership

The option to buy a share of a property (between 25% and 75%) from a housing association. You’ll then pay an ‘affordable rent’ on the share of the property you don’t own.

Snagging

Where the developer of newly built properties patches up paintwork, adjusts appliances, and corrects any other flaws in the property. A snagging survey is typically performed prior to the buyer moving in to identify minor cosmetic flaws and check the quality of workmanship.

Solicitor

A professionally qualified legal expert who will prepare the documents on behalf of the buyer or seller throughout the process of purchasing a property. Responsibilities include conducting searches, collecting funds and arranging and overseeing the exchanging and completion of contracts.

Stamp duty land tax (SDLT)

The tax paid to the government by a buyer on the purchase of a property. Rates vary between 1% and 4% depending on the purchase price. The tax kicks in at £125,000 but genuine first-time buyers get the first £300,000 of a property value tax-free if the home is worth less than £500,000.

Standard Variable Rate (SVR)

The Standard Variable Rate (SVR) is the rate charged by your lender after your promotional mortgage package ends (often after two to five years). This rate is determined by your lender, not the Bank of England.

Subletting

When a tenant sublets part or all of their rental property to someone else. Tenants must obtain authorization from their landlord before subletting a property; else, legal action may be taken against them.

Surveyor

In the context of property, they are a qualified expert who specialises in examining and highlighting any potential issues or benefits within a property. Such issues may affect its price or need fixing in future.

Studio flat/apartment

A flat with just one principal living area containing both cooking and sleeping facilities with a separate bathroom or shower room.

Tenancy deposit

A refundable sum of money paid to your landlord at the start of your tenancy.

Tenants in common

An optional method of shared home ownership (not necessarily in equal shares). If an owner dies, the owner’s stake in the property is passed to their heirs, rather than to the other owners of the property.

Title

The legal right of owning a property or land.

Title deeds

Documents showing the legal rights to ownership of a property.

Under offer

Status of a property from the point at which a seller has accepted an offer until exchange of contracts.

Utilities

Refers to services such as gas, electricity, water, sewage and broadband.

Vacant possession

A property that has been vacated by any previous occupants upon the completion of the purchase.

Valuation

Survey conducted by a qualified professional such as a Chartered Surveyor to establish an estimate of the current market value of a property.

Vendor

Person who is selling a property. They may also be known as the seller.

Yield

The income generated from a rental property stated as a percentage of the property value.Jargon Busting Guide

Accidental Landlord

A property owner whose initial intention was not to rent out the property. This can occur when someone struggles to sell their property or have inherited one.

Addendum

An amendment or addition to the conditions whether contained in a supplement to the auction catalogue. This may be a written notice in the catalogue, or announced at the auction.

Agreement

Document outlining the terms agreed between the buyer and the seller and binding both parties to complete the sale/purchase transaction. Also known as Contract.

Bridging Loan

Temporary loan designed to enable a property to be purchased prior to the sale of another property.

Agreement in Principle (AIP)

A document from a mortgage lender confirming that it will lend you a specified amount based on your wages and, typically, a credit search and score. An AIP will help a seller understand that you are a serious buyer.

Annual Percentage Rate (APR)

An APR, which is sometimes misinterpreted, is the annual percentage rate of the loan. So, that includes both interest and any additional expenses. APRs are legally required when advertising financial products such as credit cards and mortgages.

Arrangement Fee

A fee charged by some lenders to cover the administration of arranging a mortgage. They often apply to deals with special rates, such as fixed rates or trackers.

Arrears

The amount of money that is overdue on your mortgage. If left unpaid it may result in the lender repossessing the property.

Bank Rate

The Bank of England sets the monthly interest rate (often known as the base rate or just the interest rate). If your mortgage rate is variable, it may be affected by changes in the bank rate.

Buildings Insurance

An insurance policy that protects your property against structural damage caused by events such as fire or flooding. If you need a mortgage, you will be required to get building insurance.

Building Survey

A Building Survey, previously known as a structural survey, is a detailed report on a property’s construction. It is the most extensive study available and is ideal for listed buildings, older or unusual properties, or those that will be completely renovated.

Bridging Loan

A high-interest temporary loan that provides short-term access to funds, allowing you to purchase a property before selling your current house.

Buy-to-let Mortgage

A mortgage designed specifically for purchasing a house to be rented out, typically for investment purposes.

Capital Gains Tax

Landlords must pay capital gains tax when selling a property other than their primary residence. This tax applies to any profit gained from the property’s price increase.

Capped Rate

The highest interest rate or ‘cap’ you will pay on your mortgage for an agreed-upon period, often the first few years of the loan.

Chain

Most people must sell their current home in order to afford to buy a new one, and the people to whom they sell must also sell their home. This is what a ‘chain’ entails, and if one link fails, the entire chain collapses.

Charge

The lender’s ‘hold’ on the equity in your property. For example, if you owe £40,000 and fail to make payments, you may be forced to sell your home to satisfy the amount.

Compulsory Purchase Order

A Compulsory Purchase Order, sometimes known as a CPO, empowers local governments to purchase property regardless of whether the owner wishes to sell. However, the CPO must demonstrate how the purchase would benefit the public while adequately compensating the homeowner.

Conveyancer

A lawyer who specialises in the transfer of home ownership. They are essential if you are getting a mortgage and will cover every legal part of the home-buying procedure.

Covenant

A covenant is a term or guarantee incorporated into a deed that may affect or restrict the usage of the property or land. There are two types of covenants: positive and restrictive. A positive covenant is an obligation that requires some action (such as maintaining a fence or wall), whereas a restrictive covenant restricts or prohibits the usage of land in a specific way.

Declaration of trust

A conveyancer-drafted agreement determines ‘who gets what’ if the property is sold or one owner buys out the other. It is a wonderful idea for cohabiting couples or friends to buy together.

Deeds

Legal documents that establish ownership of a property or land. They may include mortgages and leases, conveyances, sales contracts, and wills. They’re also known as title deeds.

Deposit

The money you’ll have to pay up front when purchasing a home. Typically, a 10% deposit is required upon contract exchange, with the remaining balance due upon completion. However, if you choose a 95% mortgage, you will just need to put down 5% at the time of exchange.

Disbursements

Fees paid by the solicitor on behalf of the purchaser. These include stamp duty, local authority searches, and money transfer fees.

Early Repayment Charge (ERC)

Early Repayment Charge (ERC) is a charge payable when overpaying on a mortgage or transferring to a new mortgage product within a certain time frame. The fee compensates any potential missed interest to your lender. Most mortgages enable you to overpay by up to a specific amount each year without incurring a fee.

Easement

A landowner’s right to utilise another neighbouring piece of land for their advantage, such as a private right of way.

Energy Performance Certificate (EPC)

An Energy Performance Certificate (EPC) assesses a property’s efficiency and predicts future energy expenses. It is displayed in the form of two graphs: the property’s energy efficiency and its environmental impact. Both are rated from A (best) to G (lowest).

Endowment mortgage

An interest-only mortgage combined with monthly payments forms an endowment policy. The loan is paid off in one lump payment at the conclusion of the period. Endowments have gotten bad press in recent years, with many falling far short of their projected value.

Equity

The amount of a property’s worth that is not secured by a mortgage or loan. It includes any improvement in the value of your house, as well as your deposit and the amount you’ve paid off the loan.

Equity release

A strategy that allows you to release some of your property’s equity through either a lifetime mortgage (where you borrow against a percentage but don’t have to repay the loan until you die) or a home reversion plan (where you sell a proportion). Only available to those above the age of 55.

Eviction

When a tenant is required to leave a property permanently, usually due to a breach of their tenancy agreement. Evictions are prevalent when tenants fail to pay rent or the landlord wishes to recover control of the property.

Exchange of contracts

The point at which both parties are committed to the property deal; both the buyer and seller may walk away at any time before the contracts are ‘exchanged’.

Execution-only

Execution-only refers to a buyer choosing a mortgage without consulting a mortgage broker or expert.

Fair Wear and Tear

The normal deterioration of a property’s furniture, fixtures, and fittings over time. It takes into account the length of the tenancy and the number of tenants residing in the property. When deductions are made from a tenant’s deposit at the end of the tenancy, the renter is not accountable for them.

First-time buyer

Usually refers to someone who is purchasing their first home. However, it can also refer to someone who is purchasing a home without selling one.

Fixed rate mortgage

A mortgage arrangement that has a ‘fixed’ interest rate for an initial predetermined time, usually two, three, or five years.

Flying freehold

When part of a freehold property overhangs or underlies another, such as when a room is located above a shared driveway or a balcony stretches over another property.

Freehold

If you own the freehold, you own both the building and the ground on which it stands indefinitely.

Gazumping

When a seller agrees to an offer in principle on a property but then accepts a greater offer from another party.

Gazundering

When a buyer makes an acceptable bid and then reduces it soon before exchanging contracts.

Guide Price

A guide price gives an indication of the price that the property is expected to sell for and what the vendor is hoping to achieve.

Guarantor

Some mortgages require borrowers to designate someone who will be liable for their debt if they fail to pay. In rare situations, tenants may choose a guarantor to ensure that the landlord receives rent.

Home Buyers Report

Standard report conducted by a surveyor on behalf of a buyer to assess value and condition of a property, highlighting major defects.

Interest rates

A percentage charge added to the loan repayment amount. For example, a mortgage with a 4% interest rate would require you to repay the whole amount of the loan plus 4% of its value.

Land Registry

A government database containing registrations for who owns what property and land in England and Wales.

Leasehold

A type of ownership in which you own the property but not the land it sits on. For example, you may own a flat but not the building it is located in. There will be a time term specified on your lease that must be renewed with the landowner; always check how many years left on the lease. While this is usual with apartments, some houses are also offered as leasehold, which has sparked controversy.

Listed building

A building that has been designated as of particular importance and has preservation orders in place. Listed buildings cannot generally be altered or extended without the approval of the local council.

Loan-to-Value (LTV)

A percentage representing the ratio of a mortgage loan on a property to its market value.

Lodger

Someone who resides in a property with a resident landlord. They may or may not share living space with the landlord (and their family), which affects their status as a ‘excluded occupier’ and their subsequent tenant rights.

Maintenance charge

A landlord may charge a tenant or leaseholder to pay the costs of property maintenance. Depending on the property, this may include maintaining common areas such as hallways and gardens in good condition. Also referred to as a service charge.

Maisonette

A property that is part of a larger building, but has its own private entrance. Can either be on one floor or split-level.

Mesne tenant

A tenant who is leasing to a subtenant. They are essentially the landlord of the subtenant in this scenario but will still have to answer to the landlord who owns the property (known as the head landlord).

Mortgage

A specialist loan used to pay for a property which you pay back over time with interest to the mortgage lender. The property itself is considered collateral, which means that if you do not make your payments on time, it may be repossessed and sold to recover the amount due.

Mortgage term

The period over which a mortgage will be repaid. Traditionally this was 25 years, but depending on age this can go up to 30.

Mortgage valuation

Report commissioned by the lender to assess property value and determine the maximum amount to be loaned on the property. Not to be confused with a survey.

Negative equity

When the market value of a property falls below the outstanding mortgage loan balance.

New Build

A newly constructed, uninhabited property. Keep in mind that different banks and mortgage lenders use their own definitions. They can range from whether the home has been lived in but not purchased, whether it has been converted or refurbished, and whether it was completed within a specific number of years.

Offer

Indication from a potential buyer of a willingness to purchase a property at an indicated price. An offer is not legally binding in England and Wales and can be withdrawn or changed at any time prior to exchange of contracts.

Open market value

Price that a property would be likely to achieve if it were available for sale.

Permitted Payments (England and Wales)

The payments which a landlord or letting agent can legally charge to a tenant, as defined under the Tenant Fees Act 2019 and the Renting Homes (Fees etc.) (Wales) Act 2019. They include rent, tenancy deposit, holding deposit and utilities but do differ slightly between England and Wales.

Probate

When the owner of a property dies and leaves the property in their will, probate is the official process for proving the will is valid. For inheritance tax purposes the property may need to be valued and this is typically carried out by the district valuer who represents the Inland Revenue. Contracts cannot be exchanged on a property until probate has been granted.

Redemption

Completion of the full and final repayment of a mortgage.

Repayment mortgage

Mortgage with monthly repayments consisting of capital (the amount you borrowed) combined with interest. It has become the most common type of mortgage since the Mortgage Market Review was introduced in 2014.

Repossession

If you fall behind in your mortgage repayments the lender can take possession of the property that secures the loan. If you live on your property you will be evicted.

Resident Landlord

A landlord who lives in the property with the tenant or lodger they let to.

Right of Way

Right of way is a legal right for another to pass along a specific route on a piece of land or property belonging to another.

Selective Licensing

Landlords must get a licence to legally operate in specific local government regions. Selective licensing is typically used in areas with low housing demand, common antisocial behaviour, bad property conditions, a large influx of migrants, high levels of deprivation, or crime. Its goal is to guarantee that properties are safe to occupy and that the landlord is properly managing the property.

Share of freehold

If you are buying a flat with a share of the freehold, you become part of the group of people or company that make decisions and organise the maintenance of the building.

Shared ownership

The option to buy a share of a property (between 25% and 75%) from a housing association. You’ll then pay an ‘affordable rent’ on the share of the property you don’t own.

Snagging

Where the developer of newly built properties patches up paintwork, adjusts appliances, and corrects any other flaws in the property. A snagging survey is typically performed prior to the buyer moving in to identify minor cosmetic flaws and check the quality of workmanship.

Solicitor

A professionally qualified legal expert who will prepare the documents on behalf of the buyer or seller throughout the process of purchasing a property. Responsibilities include conducting searches, collecting funds and arranging and overseeing the exchanging and completion of contracts.

Stamp duty land tax (SDLT)

The tax paid to the government by a buyer on the purchase of a property. Rates vary between 1% and 4% depending on the purchase price. The tax kicks in at £125,000 but genuine first-time buyers get the first £300,000 of a property value tax-free if the home is worth less than £500,000.

Standard Variable Rate (SVR)

The Standard Variable Rate (SVR) is the rate charged by your lender after your promotional mortgage package ends (often after two to five years). This rate is determined by your lender, not the Bank of England.

Subletting

When a tenant sublets part or all of their rental property to someone else. Tenants must obtain authorization from their landlord before subletting a property; else, legal action may be taken against them.

Surveyor

In the context of property, they are a qualified expert who specialises in examining and highlighting any potential issues or benefits within a property. Such issues may affect its price or need fixing in future.

Studio flat/apartment

A flat with just one principal living area containing both cooking and sleeping facilities with a separate bathroom or shower room.

Tenancy deposit

A refundable sum of money paid to your landlord at the start of your tenancy.

Tenants in common

An optional method of shared home ownership (not necessarily in equal shares). If an owner dies, the owner’s stake in the property is passed to their heirs, rather than to the other owners of the property.

Title

The legal right of owning a property or land.

Title deeds

Documents showing the legal rights to ownership of a property.

Under offer

Status of a property from the point at which a seller has accepted an offer until exchange of contracts.

Utilities

Refers to services such as gas, electricity, water, sewage and broadband.

Vacant possession

A property that has been vacated by any previous occupants upon the completion of the purchase.

Valuation

Survey conducted by a qualified professional such as a Chartered Surveyor to establish an estimate of the current market value of a property.

Vendor

Person who is selling a property. They may also be known as the seller.

Yield

The income generated from a rental property stated as a percentage of the property value.