Glossary for Moving Terms
Written by zanet copyright © 2006
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I
IMPROVEMENT GRANT
A grant made by the local authority towards the cost of repairing or improving property. Further information with regard to grants is available from your local council.
INSTRUCTION
This term is used when the estate agent is formally instructed by a property owner to market the property, usually by private treaty, in order to find a purchaser. The resulting contractual agreement confirms the terms under which the instruction is offered by the vendor and accepted by the estate agent.
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J
JOINT TENANTS
Two or more people holding property as co-owners. When one dies, his share of the property automatically passes to the survivor(s). See also 'TENANTS IN COMMON'
JOINT SOLE AGENCY
A situation where two agents are acting as sole agents, the commission being divided equally, no matter who sells the property. See also 'MULTIPLE AGENCY'
K
L
LAND CERTIFICATE
A certificate issued by the Land Registry as proof of ownership.
LAND REGISTRY
A Government department where details of properties with a registered title are recorded along with any charges e.g. mortgages.
LEASE
Ownership of property by way of a leasehold interest for a fixed term, usually with an annual ground rent.
LEASEHOLD
Ownership of land (normally for a fixed period) subject to an annual payment of a ground rent to the owner of the freehold. Usually a leasehold property is a flat or maisonette, although in some areas conventional houses and bungalows of a leasehold tenure exist.
LESSOR
He who grants a lease - the landlord.
LIEN
The legal right of one person to hold the property of another as security for a debt.
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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