Glossary · GB
Lease Extension
The process of extending the remaining term of a residential lease. Lease length can affect a property's value, mortgageability and saleability.
Belgrave in London
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Around this term
Related terms.
Ground Rent
A payment historically made by a leaseholder to the freeholder under the terms of a lease. Residential ground rents in England and Wales are subject to statutory restrictions.
Leasehold
A form of property ownership where the buyer acquires the right to occupy a property for the remaining term of a lease granted by the freeholder.
Property Valuation
A professional assessment of a property's value based on factors such as location, size, condition, comparable transactions, income and prevailing market conditions.
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.
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