Property Jargon Part 7
Are you ready for the final part of our Property Jargon series? We have a number of property terms beginning with T, U and V listed below!
Tenure – The terms on which a property is held, like a freehold or a leasehold.
Term – This is the length of time that a mortgage will last for.
Terraced House – A property that forms part of a row of adjoining houses
Title Burdens – This is included in the Title Deeds. It is a set of conditions that outline any restrictions, rights and obligations.
Title Deeds – This is the documentation showing the legal ownership of a property.
Transfer Deeds – A legal document that transfers the ownership of a property from the seller to the buyer.
Under Offer – This is the term that appears when the seller has accepted an offer from a purchaser but there has been no exchange of contracts.
Utilities – This term refers to the electricity, gas and water features of the property.
Valuation – This is a survey on a property that estimates its value. A mortgage lender will require this before agreeing to lend.
Variable Base Rate – The basic rate of interest charged on a mortgage.
Vendor – This is the legal name of a person who is selling a property.
Currently, there are no terms beginning with W, X, Y or Z… but if you are aware of any, let us know and we’ll add it to our list! We might even be able to create Part 8 of this series one day.
You should now be a property jargon pro after reading all 7 parts of this series! If you ever need a refresher or if this is your first visit here, you can check out the entire series here: