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Landlords’ Jargon Buster

Confused by property-related jargon? Let us help with our A-Z Jargon Buster.
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.

Ancillary Use

A subsidiary use connected to the main use of a building or piece of land.

Annual percentage rate - APR

The total cost of the loan including all fees etc. and is shown as a percentage rate per year. All lenders must quote an APR in addition to the actual rate of interest applied annually to your mortgage.

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.

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 Fees

Fees charged by some lenders to arrange your mortgage usually applied to special mortgages where there is a fixed rate or capped rate. This is to cover the administration involved in setting up the loan.

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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