Jargon Buster

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Term Definition
Fair Rent
Rent determined by the Rent Service applicable to Regulated tenancies, set according to local market conditions but any increase capped, except where the landlord has made substantial improvements to the property, by a formula based on the rate of inflation.
FastPay or Faster Payments Service (FPS) allows for payments from one bank to another bank virtually instantaneously.

Although not every banks offers this service, 95% of banks do.
Financial Services Authority
The Financial Services Authority has statutory responsibility for regulating the financial services sector including the sale of private homebuyer mortgages but not business or buy to let mortgages.
Fittings are items that are not attached to the building or land and are not subject to the sale unless they are specifically included, carpets and curtains would normally be thought of as fittings
Fixed Rate Mortgage
Mortgage where the interest rate is fixed for an agreed period and it is unaffected by changes in the lender's variable rate. At the end of this period, interest on the mortgage will be charged at the lender's variable rate.
Items on a building or land that have become part of the building or land and are therefore included in the sale.

Usually physically fixed to the building such as shelves or fitted wardrobes. If it is firmly secured onto the land or house and cannot be removed without damage, then it qualifies as a fixture.
Flexible Mortgage
These are mortgages that allow you to pay them off in a flexible way, one example of this are mortgages that allow you to make overpayments so that you can pay off your mortgage early.
To Purchase and then immediately sell a property.
Flying Freehold
A flying freehold is formed when part of a freehold property overlaps a different freehold property or land.
Fractional Ownership
Fractional ownership allows a collection of unconnected buyers to share title ownership of a property whilst benefiting from its use, rental returns and capital appreciation.
This is when you have ownership of a piece of land and the property that resides on it.
Financial Services Authority
Full Structural Survey
The most comprehensive survey available which examines all aspects of a property. Normally reserved for properties of unusual construction and older properties that have been heavily extended.