Glossary for Moving Terms
Written by zanet copyright © 2006
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A
ACCEPTANCE
The document that you will need to sign and return to a lender if you wish to accept the lender's mortgage offer.
AGRICULTURAL COVENANT
This is a planning condition which permits the erection of a residential dwelling providing it is occupied by a person employed or associated with working on the land. Properties subjected to such a covenant are effectively "blighted" by this stipulation and values are relatively low because they cannot be sold to anyone who fails to meet the conditions imposed, unless the planning authorities agree to lift the covenant.
APPLICANT
The term by which a potential purchaser is often referred to by estate agents.
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B
BENEFICIAL OWNER
Person owning lands and entitled to it for his own benefit. Not, for instance, a trust that holds the land for the benefit of another.
BRIDGING FINANCE
A purchaser under certain circumstances may wish to complete the purchase of a property whilst still offering his own for sale. Lenders will advise as to whether the necessary temporary finance can be made available.
Costing a buying to let
The backbone of success as a propert developer has to be the calculation of profit. So many decide that profit is only adding up the costs of what you want to include and not what you actually spend. Costs include interest on bank loans and mortgages. Costs also include the stamp duty and legal fees.
To make life easier we have a buying to let profit calculator for you here
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