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The Terms You Need to Know

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TERM
DESCRIPTION
Land registration fee
A fee paid to the Land Registry to transfer ownership record of the home.
Leasehold
Ownership of the home, but not the land on which it stands. When the lease expires, ownership reverts to the freeholder.
Letting Agent
Someone you pay to deal with the day-to-day running of the property. They will take around 10-20 per cent of your rental income, but if you don't have time to do the work yourself, it can be well worth it.
London Inter-Bank Offered Rate (liBOR)
The rate of interest at which bank borrow funds from other banks, used to set the rate of interest you'll pay on an overseas buy-to-let mortgage.
Loan to value (LTV)
The ratio, expressed as a percentage, of the amount you want to borrow against the value of the home.
Mortgage
A loan secured on your home. This security will remain in existence until you payoff the loan.
Mortgagee
The financial institution lending the funds secured on a property.
Mortgagor
The person taking out the mortgage.
Mortgagor
The person taking out the mortgage.
Remortgage
Changing your mortgage without moving property.
Returnable deposit
A deposit the tenant pays to you before they move in to cover the cost of any damage to the property and to protect you against unpaid rent. This is repaid to the tenant when they move out.
Search Fee
A fee charged for checking with the local authority for details of any plans that may affect the value of the house.
Stamp Duty
A Government tax that has to be paid on houses with a purchase price of £120,000 or more.
Tenancy Agreement
An agreement between you and prospective tenants checked by a solicitor and signed before you give them the keys, which explains all the rules of the tenancy.
Tenure
A term for the type of ownership of a house, for example, leasehold, freehold.
Term
The length of time over which a mortgage is to be repaid.
Title
The legal right to ownership of a house, as shown in the Title Deeds.
Vendor
The person selling the house.
Void periods
A period of time when you are between tenants and aren't receiving any rental income.