Glossary for Moving Terms
Written by zanet copyright © 2006
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M
MAINTENANCE CHARGE
A charge made, usually annually, by the landlord, to cover the costs of maintaining the property as set out in the lease.
MORTGAGE
Loan for which property is the security (usually for house purchase).
MORTGAGE DEED
The document enshrining the conditions of a loan secured on a property.
MORTGAGEE
The lender.
MORTGAGE OFFER
The letter from the lender offering you the loan and setting out the terms and conditions upon which it is offered.
MORTGAGOR
The borrower (whose property is secured for the loan).
MULTIPLE AGENCY
A situation where two or more agents are acting for the vendor. The agent who introduces a successful purchaser is the only one paid. See also 'JOINT SOLE AGENCY'
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N
O
OFFER (England & Wales)
A presentation of intent to purchase a property, at a price.
P
PART-POSSESSION
The term used, when a property is being sold, where a tenant has legal right of occupation.
PEPPERCORN RENT
A term used to denote a ground rent of a trivial amount.
PRELIMINARY ENQUIRIES
A set of questions raised by the purchaser's solicitor and sent to the vendor via his solicitor, prior to exchange of contracts.They ask for clarification of specific points about the property which is being sold and the present vendor's ownership of it.
PRIVATE TREATY (FOR SALE BY)
The sale of property by private treaty is the method employed by most estate agents, preparing descriptive details of the property and quoting a definitive asking price. Details are circulated: potential buyers may view the property and either agree to buy at the asking price or submit an offer to purchase. Agreement to buy at this stage (for England and Wales) is subject to formal contracts being prepared between the vendor and the purchaser and those contracts being signed and exchanged between the two parties.
PROBATE
The official process of proving a will is valid. In many cases part of the estate will involve a property, which might need to be valued for Inheritance Tax purposes. A probate valuation is generally a negotiated value with the district valuer representing the Inland Revenue. A sale cannot proceed to exchange of contracts until probate has been granted.
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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