Popular terms and abbreviations covering various property aspects that you may find useful.
- Amortisation
- To pay of the principle of a loan and interest over time.
- Equity
- The difference between the value of a property and any loans secured against it.
- Freehold
- The ownership of property and the land on which it resides.
- Leasehold
- The right to occupy or possess a piece of land or property for a given length of time set out in the terms of the lease.
- Open Market Value
- The price a property may achieve between a willing buyer and vendor.
- Stamp Duty
- Government tax levied against the property purchase price.
- Survey
- See Valuation
- Tenure
- The type of property ownership for example Freehold or Leasehold.
- Title
- The legal right to ownership of a property.
- Title Deeds
- A document showing who owns a property.
- Valuation
- An independent report on the value of a property.