Glossary
Off-market
A property offered to a curated audience without public advertising. Synonymous with "whisper" mandate.
Around this term
Adjacent entries.
Leasehold
Ownership of a property for a finite term granted by a freeholder, typically with a ground rent.
Mortgage in principle
A lender's indicative confirmation of how much they would lend; not a binding offer.
NOI
Net Operating Income — gross rental income less operating expenses; the numerator in a property cap-rate calculation.
Off-plan
A purchase of a unit not yet built — typically with staged payments tied to construction milestones.
Reservation fee
A non-refundable amount paid to remove a unit from sale during exclusivity; sometimes credited at completion.
SDLT
Stamp Duty Land Tax — the UK tiered tax on residential property purchases, with surcharges for additional dwellings and non-residents.
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