Jargon Buster

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Term Definition
Vacant Possession
The property is vacant as the previous occupants have either already moved out or must vacate the property before you move in.
An independent assessment of the value of a property carried out by an approved surveyor, normally RICS certified.

Although normally required and organised by the lender, it is paid for by the customer and used by the lender to decide how much they are prepared to lend. You may also choose to arrange a more comprehensive survey for your own purposes.
Valuation Fee
Fee charged for obtaining a valuation from a surveyor.
The person who is selling a property.
Vendor Deposit
When you use creative financing to get the vendor to pay the deposit or part of the deposit for you.
Describes a property which is not let.
Void Periods
The time when a property remains without tenants. One should always factor in a void period into your due diligence - normally an average of 1 month (4 weeks) per year.