Jargon Buster

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Glossaries

Term Definition
Inventory
A detailed listing of the contents of a property. Includes things like kitchen utensils and garden equipment etc. as well as the condition a property is in and the structural fixtures, fittings and power points etc.
Investment
An outlay of cash or credit with an expected return.

However the outlay of cash is only a true investment where thorough analysis has taken to place. In not analysis has taken place, this is pure speculation of gambling.
Joint Agency
This is when you have instructed more than one estate agent to market your property. This can sometimes mean that you are paying higher commission fees because they are not your sole agent.
Joint Tenancy
A form of co-ownership that gives each tenant equal interest and equal rights in the property, including the right of survivorship.

This means that if one owner dies the other automatically becomes the sole owner, irrespective of whether a will had been made which included the property.
Joint Tenants
The tenants involved in a Joint Tenancy or Tenancy in Common.
Joint Venture
Where two or more parties decide to join for a particular activity.

This can be to share resources, assets or capital although is also widely used where parties bring different things to the venture. For example a Joint Venture maybe started where one party has the capital but no time and the other time and no capital.
Key Facts Illustration
Document issued by Mortgage broker giving a full breakdown of the interest rate of the Mortgage and full cost of repayments over the term that has been chosen. Also highlights all other costs associated with the mortgage such as product fees payable by you
Land Registry
Official registry of property titles. The world's largest property database, listing
Landlord
Person, group or company that has the right to let that property to a tenant (person or business).
Landlord Accreditation
A growing number of local authorities are introducing voluntary private landlord accreditation schemes, as are universities for student lets, and landlord associations.

Generally landlords who belong agree to adhere to given standards in return for being able to say they are accredited
Landlord Insurance
Building and Contents insurance that is specific to the rental of property by a landlord rather than for normal residential living.
Landlord's Energy Saving Allowance
Tax allowance originally introduced for Individual Landlords in April 2004 and which now covers loft insulation, cavity wall insulation, solid wall insulation, draught proofing, hot water system insulation, and floor insulation.

The allowance was extended to Corporate landlords in 2008.
Lease
A document which defined the agreement between an owner and tenants. It lists all the conditions which the leaseholder must abide by and also what the Landlord responsibilities are.
Lease Option
A lease and an Option combines. The option provides the opportunity but not the obligation to buy a property or piece of land within a certain time. A down payment is required but maybe as low as
Leasehold
This is normally described as ownership of Land/property for a fixed period of time. This ownership is subject to the annual payment of ground rent to the owner of the freeholder.