An empty area or space.
The price of a property under normal conditions, i.e. when the buyer is not forced to buy and the seller not forced to sell.
A type of mortgage whereby any changes in the rate of interest charged follow exactly (‘track’) another, specified, interest rate or index. Typically a tracker mortgage will track the Bank of England base rate.
An investigation carried out by a conveyancer or solicitor into the history of ownership of a property. The search will check for liens, unpaid claims, restrictions or any other problems that may affect ownership.
An insurance policy which a buyer can take out to allow a sale to complete where there is a potential problem with the documentation in proving legal ownership of some part of the land they are buying.
Mortgage lender’s standard rate of interest, which may be increased or decreased periodically by the lender depending on prevailing economic conditions.
A property that is occupied (lived in) only by the mortgage applicant(s) and their direct family.
Where the freehold on which the property stands is owned by a limited company and the shareholders of that limited company are the owners of the property.
An official document from the Land Registry confirming ownership of and borrowings against a property.