Glossary for Moving Terms
Written by zanet copyright © 2006
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T
TENANCY AT WILL OR LICENCE
After exchange of contracts a purchaser may seek to take possession of a property before financial, legal completion. This could be to carry out repairs and decorations or to take up residence early. This can often be organised and a licence arranged between both parties' solicitors. The purchaser paying an appropriate rate of interest on the balance of the outstanding monies (i.e. purchase price less deposit paid) instead of rental.
TENANT
Person who is in possession of a property usually by way of lease.
TENANTS IN COMMON
Two or more people holding property as co-owners. When one dies, his share of the property automatically passes to his estate. See also 'JOINT TENANTS'
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TENDER - FOR SALE BY
This is the situation where the asking price is not actually stated, but offers (in writing) are invited. Details of the property are prepared, circulated and advertised. The closing date for the tender is noted. In most cases the vendor will reserve the right to refuse the highest offer, thereby not being committed to sell. Offers tendered are usually opened in the presence of the vendor's solicitors, at a prescribed date and time. An acceptance of an offer by the vendor constitutes an immediate contract, and in most cases, the party tendering will have made their financial arrangements and have had a structural survey carried out in advance.
TENURE
Whether a property is freehold or leasehold.
TITLE
The rights and liabilities that attach to the property.
TITLE - ABSOLUTE
The highest form of tenure available.
TITLE - ABSTRACT OF
A summary of title documentation used in the conveyancing of unregistered properties to prove that the vendor has the right to sell.
TITLE DEEDS
Legal documents describing the rights and liabilities that attach to the property and prove ownership of property.
TITLE REPORT ON
Solicitors' certificate confirming that the title to the property is acceptable. A Lender must have one before an advance cheque for the mortgage monies can be issued.
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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