Glossary · GB
Major Works
Significant repair, maintenance or improvement works to a residential building or estate for which leaseholders may be required to contribute.
Belgrave in London
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Around this term
Related terms.
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.
Service Charge
A charge paid by leaseholders towards the costs of maintaining, repairing, managing and insuring communal parts of a residential building or estate.
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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