The Property Guide


Property Knowledgebase and Glossary

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Absolute Title Absolute ownership of property.
Abstract of Title A summary of all previous dealings in the property including sales, charges and easements.
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 (A.P.R.) This is the interest rate you actually pay which takes into account the lender's particular way of calculating interest, the timing of the loan and certain fees.
In the case of a mortgage with a discounted rate in the early years, the APR may be calculated on the lower rate.
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.

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