Glossary · GB
Share of Freehold
An arrangement where leaseholders collectively own the freehold of the building containing their flats, usually through a company or jointly registered ownership.
Belgrave in London
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Around this term
Related terms.
Freehold
Outright ownership of a property and the land on which it stands for an unlimited period, generally providing the fullest form of property ownership.
Lease Extension
The process of extending the remaining term of a residential lease. Lease length can affect a property's value, mortgageability and saleability.
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.
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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