The Property Guide
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Background

Property Knowledgebase and Glossary

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ItemDescription
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.
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.
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.
These 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

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