The Property Guide


Property Knowledgebase and Glossary

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Financial Services Authority (F.S.A.) The regulatory authority for the UK financial services industry.
The FSA has taken over the regulation of mortgages and all lenders and mortgage intermediaries must be directly authorised and regulated by the FSA, or must be an appointed representative of an authorised firm.
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 Price (Scotland) A price may be stated as being a fixed price of, for example, 200,000. In this case, it is normal for the first written offer for this amount to be accepted.
That is not to say however if there were two or three parties interested, a closing date would be set.
Fixed rate mortgage A mortgage where the interest rate payment is fixed for a specific time. It then normally reverts back to a variable rate.
Fixtures and Fittings All items which will be left in the property and may be included in the sale - i.e. fitted wardrobes, shower and gas hob are the obvious, but garden shed, dimmer switches, carpets and curtains are also examples.
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.
Flexible Mortgage An arrangement enabling the mortgage borrower to overpay, and with the overpayments that have been built up, borrow money back, take payment holidays or pay less in some months.
Freehold Legal ownership of land. A freehold interest in property means absolute ownership, although technically all land is held from the Crown.

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