Glossary · GB
Retention
A sum withheld from a payment — by a lender pending works, or from a contractor pending defect-free completion — released once conditions are met.
Belgrave in London
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Around this term
Related terms.
Completion
The point at which the purchase price is transferred, legal ownership passes to the buyer and the transaction is completed.
Snagging
The process of identifying defects, incomplete works or finishing issues in a newly built or renovated property so they can be rectified.
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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