Glossary of Terms for Estate Agents, Surveyors, Solicitors, & Mortgage Advisers

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

A

Absolute Title	Absolute ownership of property.
Abstract of Title	A summary of all previous dealings in the property including sales, charges and easements.
Advertising	To publicise the qualities of a certain product - a house - in the case of an estate agent. Advertising can take numerous forms like internet advertising, newspaper advertising, radio advertising, window display advertising, for sale boards, text messages and emails. Manning Stainton undertake all of these. Additionally Manning Stainton advertise in the Yorkshire Post, Yorkshire Evening Post, Wharfe Valley Times, Pudsey Times, Morley Advertiser, Telegraph and Argus, Wakefield Express and Property Today.
Affordable Housing	Low cost housing for sale or rent, often from a housing association, to meet the needs of local people who cannot afford accommodation through the open or low cost market, or subsidised housing.
Agricultural Dwelling	A dwelling which is subject to a condition or legal agreement that it shall only be occupied by someone who is employed or was last employed solely or mainly in agriculture, forestry or other appropriate rural employment.
Ancillary Use	A subsidiary use connected to the main use of a building or piece of land.
Annual Percentage Rate (APR)	Stands for 'Annual Percentage Rate' which helps you compare the cost of different mortgage deals. It takes into account the amount of interest you will pay, the length of the term of the mortgage, and certain other charges such as any arrangement fee. To get the best Mortgage deal house hunters shoudl take advice from a Mortgage Broker or Independent Mortgage Adviser.
Apartment Building	A suite of adjoining rooms used for a particular purpose. A place to live within a block of flats. Most Estate Agents offer a choice of apartments for sale.
APR	'Annual Percentage Rate' this helps you compare the cost of different mortgage deals. It takes into account the amount of interest you will pay, the length of the term of the mortgage, and certain other charges such as any arrangement fee.
Area of Outstanding Natural Beauty	Area designated by the Countryside Agency or the Countryside Council for Wales where the primary purpose is the conservation and enhancement of natural beauty including flora, fauna, geology and landscape.
Arrangement Fee	Lenders sometimes charge a fee to cover the work involved in setting up your mortgage or for certain mortgage rates. Your Mortgage Adviser will help you get the best mortgage deal.
Assignment	Legal document transferring a lease of unregistered land. Specialist help from a Solicitor is essential.
Assured Shorthold Tenancy	A form of assured tenancy which gives landlords an absolute right to repossession after a fixed term under the "shorthold" ground. New residential tenancies now automatically become ASTs unless otherwise stated. Letting and management agents usually only offer this type of letting agreement to prospective tenants seeking property to rent.
Auction	A sale of goods or property at which intending buyers bid against on another for individual items.

B

Back-land	Land which is behind existing development with no, or very limited, road frontage.
Balance Outstanding	The amount of loan owed at a particular time usually on a Mortgage.
Bank of England base rate	The rate of interest used by UK clearing banks as a basis for calculating their lending rates. This is announced on a monthly basis by the Bank of England's Monetary Policy Committee. It can directlt effect variable rate mortgages, home buyers seek protection from this by seeking a fixed rate mortgage.
Barge Board	Wide board (on older work often carved) fitted below tiles of overhanging verge to gable.
Battens	Timber members to which roof tiles are fitted.
Betterment	The amount by which the value of land is increased by development or by the grant of planning permission, or because of the development of neighbouring land into new properties.
Bio-diversity	A measure of the number and range of species and their relative abundance in a community.
Bio-diversity Action Plan	The means by which the UK government commitment to the Convention on Biological Diversity at Rio de Janeiro (1992) is to be met.
Bridging Loan	This is a temporary loan advanced to help buy a new property before the existing one has been sold. Temporary finance 'bridging' the period between completion on the purchase of a property and the sale of an existing property, funds from which are intended to finance/part finance the new house purchase.
Brown-field Site	Land which has been previously developed, excluding mineral workings or other temporary uses. Many new houses and flats are now being built on such sites.
Building Preservation Order	A notice under Section 3 of the Planning ( Listed Buildings and Conservation Areas) Act 1990 to protect buildings of special architectural or historic interest from demolition or alterations that would affect their interest.
Buildings Survey	This is a technical report following an inspection of the property. It will give you a detailed account of the condition of the property, describing any structural or other defects. Manning Stainton offer such a service across Leeds, Wakefield and Bradford. Click here for further information.
Building Survey and Valuation	A more detailed inspection suitable for large or older type buildings. Manning Stainton offer such a service across Leeds, Wakefield and Bradford. Click here for further information.
Built Environment	A part of the environment the consists of buildings and structures.
Built in	Designed or fitted as a fixed or permanent part. Example: Built in wardrobe.
Buy to Let Mortgage	A type of mortgage designed for private individuals to invest in property to let. A large number of mortgage lenders now offer Buy To Let mortgages and take into account the rental income likely to be achieved. Click here for further information.

C

Capital and interest mortgage	Also known as a repayment mortgage. Your monthly payments gradually pay off the money (capital) you've borrowed, and also cover interest on the amount outstanding. The best rates can be found by contacting an Independent Mortgage Adviser.
Capital Appreciation	Growth or gain in the value of a property or asset over time. Added to income. This contributes to the overall or total return on a buy to let property or financial investment.
Capital Gains Tax	A tax on profits above a fixed level made from the sale of financial assets such as a house, flat or shares.
Capped rate	Your mortgage interest rate won't go above a certain level. Visit our Mortgage website to find out more.
Cashback	Certain mortgage products offer cashback, which means you get a cash lump sum when you enter into the mortgage to spend on anything you want.
CAT standard mortgages	The Government has laid down CAT standards – fair Charges, easy Access and decent Terms - to help people identify mortgages which meet minimum standards. If a mortgage is described as meeting the CAT standards it doesn't mean that it is 'Government approved' or necessarily right for you. Always seek advice from an Independent Mortgage Adviser. Visit our Mortgage website to find out more.
Caveat Emptor	Let the buyer beware. The buyer is responsible for making sure that a purchase is of reasonable quality - the onus is upon the buyer to discover, not on the seller to disclose.
Cavity Wall	An external wall of a property that is made up of two leaves of masonry, bricks or blocks separated by a cavity.
Chain	A number of linked property transactions where exchange of contracts must take place simultaneously.
Change of Use	More correctly referred to as a 'material change of use'. A change in the use of land or buildings that is of significance for planning purposes, often requiring planning permission.
Charge	A mortgage deed which lenders (building societies, banks etc) require borrowers to sign. It is registered against the property until the loan is repaid and the charge is removed.
Charge Certificate	An official document issued by the Land Registry to the owner of a registered charge as proof of ownership. It includes a copy of the register and the original charge.
Chief Rent	An annual charge on freehold property found in certain parts of Britain. The chief rent is payable by the freeholder in perpetuity although the amount cannot be increased.
Commission	Fee paid to your estate agent, usually following exchange of contracts.
Community Forests	A joint initiative between the Countryside Agency and the Forestry Commission to promote the creation, regeneration of well-wooded landscapes around major towns and cities.
Completion	The date when the property purchaser and seller complete the sale of land or property. The purchaser pays the balance of the purchase price and the seller gives possession to the buyer.
Compulsory Purchase Orders (CPOs)	Notice issued by the government or a local authority to acquire land or property for public interest purposes.
Conservation Area	An area given statutory protection under the Planning Acts, in order to preserve and enhance its character and townscape.
Conservation Area Consent	Consent required from the local planning authority before demolishing an unlisted property in a conservation area.
Contaminated Land	Land which has been polluted or harmed in some way rendering it unfit for safe development and most practical uses.
Contract	The formal document which details all the terms of a property sale. The contract is prepared by the vendor's solicitor and a copy is sent to the purchaser.
Controlled Parking Zone (CPZ)	An area in which all kerbside space is controlled by either waiting or loading restrictions or by designated parking spaces.
Conversions	The sub-division of residential properties into bedsits, self-contained flats or maisonettes.
Conveyance	A deed document which transfers the ownership of a property from seller to buyer. For a no obligation quote on your conveyancing contact Manning Stainton Conveyancing on 0800 391 3004, email conveyancing@manningstainton.co.uk or visit manningstainton.co.uk/conveyancing
Conveyancing	The legal work involved in buying and selling properties.
Countryside Agency	Organisation responsible for advising government and taking action on issues affecting the social, economic and environmental well-being of the English countryside.
Covenant	A condition, contained within the Title Deeds or lease, that the buyer must comply with. This is usually applied to all future owners of the property. A restrictive covenant is one that prohibits the owner from doing something.

D

Daily interest	With this method of calculating mortgage interest, it is charged on the amount of mortgage outstanding from day to day. This means lenders take into account any changes in the amount you owe on a day-to-day basis. To obtain the best Mortgage interest rate always seek advice from an Independent Mortgage Adviser. Visit our Mortgage website to find out more.
Deed	The legal documents relating to property. These will include all matters which relate to the property since it was built.
Deposit	The money you pay on exchange of contracts as part of your initial contribution to the purchase of your property.
Derelict Land	Land so damaged by industrial or other development that it is incapable of beneficial use without treatment.
Development	The carrying out of building, engineering, mining or other operations in, on, over or under land, or the making of any material change in the use of any buildings or land.
Development Area	A priority area for environmental, social or economic regeneration or a combination of these.
Development Brief	Document providing detailed information to guide developers on the type of development, design and layout constraints and other requirements for a particular, usually substantial, site.
Development Control	The process whereby a local planning authority decides whether a planning application meets the requirements of planning policy, particularly as set out in development plans.
Development Plan	Document (a structure or local plan) that sets out in writing and/or in maps and diagrams a local planning authority's policies and proposals for the development and use of land and buildings in the authority's area.
Disbursements	The fees paid by your solicitor, such as Stamp Duty, Land Registry and search fees on top of conveyancing. For a no obligation quote on your conveyancing contact Manning Stainton Conveyancing on 0800 391 3004, email conveyancing@manningstainton.co.uk or visit manningstainton.co.uk/conveyancing
Discharge fee	You have to pay this to some lenders for releasing their hold over a property once you've paid off your mortgage.
Discounted rate	This means interest is charged at the variable base rate that applies to the mortgage, less a discount for a set period. The rate, and your monthly payment, will vary - up or down - whenever the variable base rate changes, but will remain below the variable base rate during the discounted rate period.
Draft contract	Unconfirmed version of the contract.
Draft Transfer	A legal document issued by the vendor's solicitor to the purchaser's solicitor setting out the terms and conditions of sale.

E

Early redemption charge	A charge made by the lender if the borrower terminates a mortgage in advance of the terms of the particular mortgage. Normally occurs when the borrower has benefited from reduced payments or cash back in the early period of a mortgage.
Easement	Right of access for a particular purpose, granted to someone who is not the owner of the land in question.
Edwardian	Property built between approximately 1901 -1910.
Elizabethan	Property built between approximately 1560 -1603.
Enforcement Notice	Notice requiring the discontinuance of an unauthorised use and/or the removal of buildings, including restoration of land, where development has been begun without permission or in breach of a condition.
English Heritage ( Historic Buildings and Monuments Commission for England)	A national body funded by the government to promote and give advice on building conservation matters.
English Nature	A national body funded by the government to promote and give advice on the conservation of England's wildlife and natural features.
Engrossment	When the draft deeds to a property are approved they are engrossed for the vendor and purchaser to sign.
Environmental Appraisal	The process of weighing all the policies in a development plan for their global, national and local implications.
Environmental Impact Assessment (EIA)	Under the Town and Country Planning (Assessment of Environmental Effects) Regulations 1988, proposers of certain scheduled developments are required to submit a planning application with an accompanying environmental statement, evaluating the likely environmental impacts of the development, together with an assessment of how the severity of the impacts could be reduced.
Equity	The difference between what is owed by way of mortgage on a property and the value of the property.
Established use	A use which does not conform to a plan but against which enforcement proceedings cannot be taken, often because of the length of time a use has been in operation.
Established Use Certificate	These were issued by a planning authority before July 1992 where it could be shown that a use of land or buildings had existed since before 1964. It gave immunity from enforcement action. Since July 1992 these have been replaced by Lawful Development Certificates.
Exchange of Contracts	Point at which vendor and purchaser exchange binding contracts with the payment of a deposit, at the same time agreeing to a completion date.

F

First charge	Most mortgage lenders lending money to enable someone to buy their home would require a first charge. This means the lender has first call on any funds available from the sale of the property to clear the outstanding mortgage debt.
Fixed rate	A rate of mortgage interest guaranteed not to change over a fixed period of time.
Fixtures and Fittings	Non removable items within the property. These are items that permanently fixed in position. e.g. the bath, toilet, doors and radiators.
Freehold	Legal ownership of land. A freehold interest in property means absolute ownership, although technically all land is held from the Crown.
Further advance	When you borrow extra funds against the value of your home. The loan is added to your main mortgage and your payments recalculated.

G

Gazumping	Gazumping is the term used to describe a situation in which the seller of an asset (let's say a house) accepts a purchase offer, having already accepted another lower offer from another potential buyer.
Gazundering	To lower the amount of money being offered to a seller of a property after a price has already been agreed.
Georgian	Property built between approximately 1714-1800.
Green Belt	Specially designated area of countryside protected from most forms of development in order to stop urban sprawl and the coalescence of settlements, preserve the character of existing settlements and encourage development to locate within existing built-up areas.
Green-field Site	An area not previously used for built development.
Ground Rent	Rent paid to the owner of freehold land by a person who has a Lease.
Guarantor	Someone who guarantees an obligation of another.

H

Habitable Room	All living rooms and bedrooms, but not kitchens, bathrooms, WCs or circulation space, are normally regarded as habitable for the purposes of density calculations. A room fit to be lived in.
Hectare	A metric measurement of an area of land equivalent to 2.47 acres. An acre contains 4840 square yards.
Home buyers report	The homebuyer's report comments on the structural condition of most parts of the property that are readily accessible, but does not involve in-depth investigation or the testing of water, drainage or heating systems. Manning Stainton Survey Department undertakes such surveys. Contact them on 0800 393 595, email them at surveys@manningstainton.co.uk or visit manningstainton.co.uk/surveys
Homebuyer Survey And Valuation	Carried out by a Chartered Surveyor and designed to focus on urgent or significant matters requiring attention. Manning Stainton Survey Department undertakes such surveys. Contact them on 0800 393 595, email them at surveys@manningstainton.co.uk or visit manningstainton.co.uk/surveys

I

Income multiplier	The way lenders work out how much you can borrow, usually by multiplying your gross annual salary. Mortgage lenders take into account your personal circumstances when deciding how much you can borrow. All lenders are different and you should always seek advice from a Mortgage Broker or an Independent Mortgage Adviser. Visit our Mortgage website to find out more.
Infrastructure	Permanent resources serving society's needs, including roads, sewers, schools, hospitals, railways, communication networks etc.
Integrated Transport Strategy	The integration of land-use and transportation planning to allow transport provision and the demand for travel to be planned and managed together, balancing the use of different modes of transport to encourage easy transfer between them and reduced reliance on the private car.
Interest-only mortgage	You only pay interest to your lender throughout the mortgage term and your mortgage balance doesn't reduce. At the same time, you put money into a separate investment which should grow and pay off the mortgage as scheduled. You must make sure you keep premiums up to date on any mortgage investment products.
ISA	Individual Savings Account. A tax efficient shelter for investments in stocks and shares, life assurance and cash. Can be used as a way of repaying an interest-only mortgage.

L

Land Certificate	Land document issued by the Land Registry to the owner of registered land as proof of ownership. It includes a copy of the register and the plan showing the extent of the land.
Land Compensation	Concerns the assessment of compensation where land, or some other interest in land, is being acquired, either compulsorily, or by agreement, by an authority possessing compulsory purchase powers.
Land Registry	The Land Registry is a Government agency responsible for the registration of title to land. Registration enables the sale of land and property to take place without the laborious and expensive exercise of checking through title deeds. The Land registry website is www.landregistry.gov.uk
Land registry fee	Your conveyancer pays this on your behalf to register your details in the Land Registry records once you've bought a property or changed your mortgage lender.
Land Search	A formal application for an inspection of the Land Registry register. A certificate is issued showing the current situation of the land in question.
Landlord	The owner of a property being let to a tenant.
Leasehold	To be given ownership of a property but not the land it is built on. This normally requires payment of ground rent to the landlord.
Lessor	Person responsible for granting a lease - normally the landlord.
Letting	An agreement to let a property. If you are a Landlord with a property to let or a tenant seeking a property contact our Letting Department on 0113 236 9888, email lettings@manningstainton.co.uk or visit manningstainton.co.uk/rentals
Life assurance	A form of insurance by which someone's life is insured. Life assurance policies can run parallel with a repayment mortgage, so the mortgage will be repaid if you die before the end of the term.
Listed Building	Building or other structure of special architectural or historic interest.
Listed Building Consent	A permission required for the alteration or demolition of a listed building.
Local authority search	Part of the conveyancing process when you buy a property, carried out by your conveyancer. It gives details of any matters which, from the local council's point of view, affect the property. It reveals any proposed changes to the local area, such as road improvements, and details any planning permission given for the property.
Local Nature Reserve (LNR)	Area designated under the National Parks and Access to the Countryside Act 1949 as being of particular importance to nature conservation and where public understanding of nature conservation issues is encouraged.
Local Plan	Statutory development plan prepared by a local planning authority setting out detailed policies for environmental protection and development.
Local Planning Authority	The local authority or council that is empowered by law to exercise planning functions. This is normally the local borough or district council, but in National Parks and some other areas there is a different arrangement.
Local Search	A questionnaire sent to a local Authority by a purchaser's solicitor to verify whether a property is affected by planning proposals, tree preservation orders, etc.
LTV	Loan to value is the proportion of the value or price of the property (whichever is the lower), that you borrow on a mortgage. For example, a £63,000 mortgage on a house valued at £70,000 would mean a LTV of 90%.

M

Metropolitan	Constituting a large urban area, usually including a city, its suburbs and outlying areas.
Mezzanine	Intermediate floor usually in a multi-story building, which does not extend to the full floor area of the whole building.
Mortgage deed	A legal document relating to the mortgage lenders interest in the property.
Mortgage Indemnity	In cases where applicants require a mortgage which exceeds the lender's normal limits they may require the applicant to take out a mortgage indemnity policy with an insurance company for the difference.
Mortgage Indemnity Guarantee (MIG)	Required by lenders if your loan is for more than a required percentage of the value of the house. Although the borrower pays the premium, the policy protects the lender not the borrower. May also be known as High Percentage Loan Fee. Not all lenders charge them.
Mortgage Offer	A formal offer of mortgage issued by a building society, bank or other lender once the usual formalities such as references and valuation have been carried out.
Mortgage term	The length of time over which you agree to pay back your mortgage - usually 25 years, but it can be longer or shorter.
Mortgagee	A lender of money, to be secured on the property in question.
Mortgagor	The person who takes out the mortgage.
Multiple Offers	Two or more offers made by different purchasers within a short space of time.

N

National Assembly for Wales	Government body in Wales that debates and approves legislation and holds the Welsh Assembly Government to account.
National Nature Reserve	Area designated by English Nature to protect and conserve nationally important areas of wildlife habitat and geological formations and to promote scientific research; in Wales it is an SSSI that the Countryside Council for Wales (CCW) has designated of national or international importance for nature conservation. (Note: on the CCW website I noticed that they also refer to National Nature Reserves, as well as SSSIs).
National Park	Tract of predominantly open and attractive countryside designated under the National Parks and Access to the Countryside Act 1949 with its own administration and management role and function as a local planning authority.
Nature Conservation	The preservation, management and enhancement of natural plant and animal communities, and occasionally modified vegetation, as representative samples of their kind.
Negative equity	The shortfall between the value of a property and the outstanding sum owed on a mortgage.
New Town	Free-standing new settlement designated and planned under the New Towns Act 1946 and subsequent legislation.

O

Offer	A bid made by a prospective buyer, this is not legally binding.
Office Copies Entries	A Land Registry term for copies of registers and plans, they are officially marked "office copy" and are legally recognised.
Ombudsman	Independent professional bodies that investigate complaints on behalf of customers against estate agents, solicitors and insurance companies.
Open market value	An opinion of the best price at which the sale of an interest in the property would complete unconditionally for cash consideration on the date of valuation.
Out-of-town	An out-of-centre development on a green-field site or on land not clearly within the current urban boundary.
Overpayments	When you're allowed to pay over your normal monthly payment, so you can pay off your mortgage earlier if you want and save on interest charges.

P

Parks and Gardens of Special Historic Interest (GSHI)	parks and gardens containing historic features dating from 1939 or earlier and registered by English Heritage in three grades as with historic buildings.
Part-possession	The term used when a property is being sold, where a tenant has legal right of occupation.
Payment holiday	You can stop making mortgage payments altogether for a limited period agreed with the lender.
Penalties	Costs that may be incurred if the borrower repays the loan too early or switches between lenders.
Pension mortgage	An interest-only mortgage where you use a personal pension plan to not only provide for your retirement, but also to repay your mortgage on maturity.
Permitted Development Rights	Rights to carry out certain limited forms of development without the need to make an application for planning permission, as granted under the terms of the Town and Country Planning (General Permitted Development) Order 1995.
Planning Gain	The principle of a developer agreeing to provide additional benefits or safeguards, often for the benefit of the community, usually in the form of related development supplied at the developer's expense.
Planning Obligations and Agreements	Legal agreements between a planning authority and a developer, or offered unilaterally by a developer, ensuring that certain extra works related to a development are undertaken, usually under Section 106 of the Town and Country Planning Act 1990.
Pre-Contract Enquiries	These are enquiries made by the purchaser's solicitor to the vendor's solicitor requiring information relating to the property being purchased prior to exchange of contracts.
Premium	Amount you pay on a regular basis, this is usually for an insurance policy.
Private Treaty	Formal name given to the method by which most estate agents will undertake the sale of residential property. This term covers the whole range of services normally associated with the sale process, culminating in 'exchange of contracts' and 'completion' between vendor and purchaser.
Probate	Legal term applied to the process of proving that a will is valid.
Proposals Map	An obligatory component of a local plan showing the location of proposals in the plan on an Ordnance Survey base map.
Protected Species	Plant and animal species, including all wild birds, protected under the Conservation (Natural Habitats and Conservation) Regulations 1994, the Wildlife and Countryside Act 1981 and subsequent amendments, or other species protected under legislation specific to them.
Public Open Space (POS)	Land provided in urban or rural areas for public recreation, though not necessarily publicly owned.
Public Realm	Information accessible to the public.
Public Right of Way	A way where the public has a right to walk, and in some cases ride horses, bicycles, motorcycles or drive motor vehicles, which will be designated either as a footpath, a bridleway, a road used as a public path (RUPP) or a byway.
Purchase Notice	This requires a local planning authority to purchase an interest in land where a planning decision conflicts with the private interests of landowners.
Purchaser	The buyer of a property.

Q

Quotations

Quotations from different mortgage lenders and insurance companies. Always seek advice from a Mortgage Broker or an Independent Mortgage Adviser.

R

Regency	Property built between approximately 1800 -1837.
Remortgaging	When you arrange a new mortgage on your home, with a different lender and use the new mortgage to pay off the old one.
Rent Charge	Money paid by a tenant to a landlord for use of a property when taking tenancy of a property.
Repayment fees	With some mortgages you have to pay a repayment fee if certain things happen. For example, if you pay off some or all of your mortgage, or you transfer to a different mortgage product.
Repayment Mortgage	A mortgage which involves the repayment of both capital and interest in monthly instalments within a specified term of years.
Repayment mortgage	Monthly interest combined with payment towards the original sum borrowed.
Repo rate	See the Bank of England base rate.
Repossession	When loans are in default the mortgage lender can repossess the property and sell it so they can recover their loan.
Reserve price	Properties for sale by auction are normally offered subject to a 'reserve'in which case the property is withdrawn if the highest bid does not reach the reserve price.
Retention	Holding back part of a mortgage loan until repairs to the property are satisfactorily completed.
Ribbon development	A narrow band of development extending along one or both sides of a road.
Rural Development Area	Priority area for economic and social development.
Rural Diversification	Activities undertaken on surplus land to support farming incomes, including, for example, forestry, leisure and tourism.

S

Scheduled Ancient Monument	A structure placed on a schedule compiled by the Department of National Heritage in England and Cadw in Wales for protection under the Ancient Monuments and Archaeological Areas Act.
Sealing fee	A fee charged by the lender for sealing your deeds.
Searches	Procedure undertaken by a solicitor or legal representative during the conveyancing process to establish whether any issues exist which may adversely affect the property which is to be purchased.
Semi detached property	A property joined to a neighbouring building by a shared wall.
Site of Special Scientific Interest (SSSI)	Area identified by English Nature or Countryside Council for Wales for protection by reason of the rarity of its nature conservation or wildlife features.
Sole agency	The choice of a single estate agent to act on the seller's behalf, incurring a lower fee than multi-agency.
Special Needs Housing	Housing to meet need arising from homelessness or overcrowding, and purpose-built or supported housing for the elderly or disabled people or those requiring care.
Stamp Duty	A Government tax levied on the purchaser of a property and calculated as a percentage of the purchase price.
Statutory	Required by law (statute), usually through an Act of Parliament.
Statutory Undertakers/Statutory Utilities	Providers of essential services such as gas, electricity, water or telecommunications.
Structural survey	A specialist report from a Structural Engineer or Chartered Surveyor on the condition of a property. Contact our Survey Department on 0800 393 595, email surveys@manningstainton.co.uk or visit manningstainton.co.uk/surveys
Subject to contract	When an offer is made to purchase a property 'subject to contract' it means that all the dealings are subject to the actual exchange of the contract itself. Nothing is binding on either the vendor or purchaser until the contracts are exchanged.
Sui Generis	Uses of land or buildings which do not fall into any of the use classes identified by the Use Classes Order, for example theatres.
Survey	The three main types are: Basic Valuation, Homebuyers Report and Full Structural Survey.
Sustainable Development	Environmentally responsible development, commonly defined as "development which meets the needs of the present generation without compromising the ability of future generations to meet their own needs".

T

Tenancy In Common	When property is owned jointly between two people and each of them own an individual share which can be passed on under a Will.
Tenant	Person occupying a property, normally subject to the terms of a lease or tenancy agreement agreed with the landlord.
Tender	In the process known as 'For Sale By Tender' the asking price will not be stated. Instead, written offers will be invited and a closing date for such offers published. All offers are normally opened at the same time, usually with the vendor's solicitor present. Generally, the vendor is not committed to accepting the highest or any offer.
Tenure	A collective term relating to the nature of the vendor's title to a property i.e. freehold, leasehold or crownhold.
Terrace Property	One of a row of houses separated only by shared dividing side walls.
Title	The ultimate record of ownership of a property, the evidence of which is found in the title deeds.
Town Centre	Describes city, town and traditional suburban centres which provide a broad range of facilities and services and which fulfil a function as a focus for a community and for public transport.
Townscape	The appearance and character of buildings and all other features of an urban area taken together as a whole.
Tracker Rate	Tracker rates vary in line with changes to the Bank of England base rate.
Traffic Calming	Management measures designed to lower traffic speeds or redirect traffic to alternative routes to avoid congestion, reduce accidents and injuries and prevent excess levels of pollution.
Transfer	The legal transfer of ownership on completion of the sale of registered land or property. Transfer deeds The Land Registry document that transfers legal ownership from seller to buyer.
Travel to Work Area (TTWA)	A broadly self-contained labour market area usually focused on an urban employment centre.
Tree Preservation Order (TPO)	Direction made by a local planning authority that makes it an offence to cut, top, lop, uproot or wilfully damage or destroy a tree without that authority's permission.
Tudor	Property built between approximately 1485 -1550.

U

Under Offer	When the seller has accepted an offer on the property for sale but contracts have not yet been exchanged.
Underpayments	You can under pay up to any previous over payments. You can pay less than your normal monthly mortgage payments for a limited period, but you have to build up a fund of overpayments first.
Unitary Development Plan	Local plan produced by certain unitary district authorities and London boroughs which have responsibility for the full range of local authority services.
Unregistered Land	Land which is not registered with the Land Registry. Proof of ownership is by production of the Deeds.
Urban Fringe	Predominantly open land on the edge of an existing urban area.
Urban Regeneration	The re-use or redevelopment of decaying or run-down parts of older urban areas to bring them new life and economic vitality.

V

Vacant Possession	A well used estate agency phrase which means that the property being offered will be vacant upon completion of the sale. The property is therefore offered free from any such encumbrances such as a sitting tenant or service tenancy.
Valuation	For mortgages arranged by your lender to find out if the property is worth the amount you've agreed to pay, and therefore suitable to lend a mortgage on.
Variable Base Rate	The variable base rate is the basic rate of interest charged on a mortgage. This may change in reaction to market conditions, so your monthly payments can go up or down. Contact our Mortgage Department on 0800 028 0210, email mortgages@manningstainton.co.uk or vist manningstainton.co.uk/mortgages
Vendor	The legal owner of a property which is being offered for sale.
Victorian	Property built between approximately 1837 -1901.
Village Envelope	Boundaries defined on a map beyond which the local planning authority proposes that a village should not be allowed to extend.

W

Wildlife Corridor	A continuous area facilitating the movement of wildlife through rural or urban environments.
Wind Farm	Large open site where wind speeds are consistently high on which a number of wind turbines generate electricity for private or commercial use.