Glossary · GB
Leasehold Enfranchisement
The statutory right of qualifying leaseholders to buy the freehold of their building (collective enfranchisement) or extend their lease.
Belgrave in London
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Around this term
Related terms.
Lease Extension
The process of extending the remaining term of a residential lease. Lease length can affect a property's value, mortgageability and saleability.
Right to Manage (RTM)
A statutory right allowing leaseholders of a building to take over its management from the freeholder, without proving fault, through an RTM company.
Additional Property Surcharge
An additional SDLT charge that can apply when an individual purchases an additional residential property, subject to the applicable rules and exemptions.
Adverse Possession
The legal process by which someone who has openly occupied land they do not own for a qualifying period may apply to become its registered owner. Colloquially 'squatter's rights'.
Amortisation
The gradual repayment of a loan's capital over its term through scheduled instalments, steadily reducing the outstanding balance.
Asking Price
The price at which a property is initially offered for sale by the seller. The final transaction price may be higher or lower.
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