Jargon Buster

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Term Definition
No asking price stated but offers are invited in writing.

There will be a set time and date for the offers to be opened and it will usually be in the presence of the vendor's solicitor.

It is important that the potential buyers have done there due diligence before hand and had appropriate surveys done etc, as normally an acceptance of an offer by the vendor constitutes an immediate contract.

It is also important from the vendor's point of view that they have reserved the right to refuse the highest offer.
Amount of time granted for renting a property
The time period that you and the lender have agreed the loan will cover.

At the end of that period the loan agreement will terminate. The loan will either need to have been repaid in full over the term or any loan outstanding will need to be repaid in full at this point.
To die leaving a valid will: opposite meaning is to die intestate.
A joint ownership of property where numerous owners enjoy use or occupation of the property according to a specific schedule of time.
Title Deeds
Legal documents that describe the rights and the liabilities that are attached to a property. They also prove ownership of a property.
Title Report
A solicitors certificate that confirms that the title of a property is acceptable. This is a vital certificate that a lender must have before they will issue the cheque for mortgage monies.
Tracker Mortgage
A mortgage that moves in line with the Bank of England base rate, normally by a set percentage above the base rate for a set period of time.
Trust Deed
Legal document used to create a trust.
Under Offer
Offer accepted by the vendor but contracts have not been exchanged. At this stage either part can still withdraw.
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.