Jargon Buster

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Glossaries

Term Definition
FSA
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.
Gas Safe
Gas Safe maintains the register of competent gas installers, inclusion on which is a legal requirement for businesses and self employed people working on gas fittings or appliances.

Landlords are required to have gas appliances and flues checked annually by a Gas Safe registered engineer.
Gas Safety Regulations
A landlord must make sure that a gas safety check is carried out prior to letting out any property.

Then it needs to be completed annually and a copy of the record must be given to the tenant. This check must be carried out by an authorised Gas Safe registered engineer.
Gazumping
Gazumping is when a vendor accepts an offer from one person only to later reject it in favour of a higher offer they receive from someone else.
Gearing
Using a small amount of money to secure a larger investment. Also known as Leverage. E.g. Your deposit of 10-25% will secure you 100% ownership
Gifted Deposit
Means that someone has gifted you the deposit on a property. Normally a developer on a new build property you are buying.
Good Repair
Landlords are required by law to keep their rented properties in good repair and fit for human habitation. Should local environmental health officers rule that a tenant's health has been affected by the state of living conditions, he or she would be able to claim compensation from your landlord
Grace Period
A period of time granted by a loan agreement during which default will not occur even though payment is overdue. Your contract may or may not have a grace period.
Gross Development Value
Final end value of a development or project before deductions
Gross Return On Capital Employed
Financial return = This is a measure of the efficiency of your investment in generating a return. It takes into account the amount of rent you receive minus the interest payments that you have to make. As interest rates change, this measure will also change and should be tracked closely.

Formula: (annual rent - annual interest) / (property purcahse deposit + acquisition cost)

Example: A property purchased at
Gross Yield
Financial return before expense deductions = Divide the annual rental figure by Property purchase price

Formula: (annual rent/(Purchase price))

Example: A property purchased at
Ground Rent
The amount payable annually by the leaseholder of the property to the Freeholder of the property. This may be paid monthly or annually.
Grounds For Possession
There are 17 grounds for possession laid down in the Housing Act 1988, as amended by the Housing Act 1996, that may be cited in possession proceedings against a tenant.

Eight are Mandatory grounds for possession where the court is obliged to award possession provided the landlord has complied with the procedure set out in the Housing Acts and has served the tenant with the appropriate notices.

Nine are Discretionary grounds for possession allowing the court some leeway. Landlords may also seek possession when it can be demonstrated that a tenant is no longer using the accommodation as his or her principal home.
Guaranteed Rental Income
Amount of income guaranteed per year, make sure you are aware of who is the guarantor, for how long and that there is a contract in place