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Relating to buying or leasing real estate

beds

abbreviation

bedrooms: used in advertisements for houses and flats

bridging loan

noun

money that someone borrows when they have bought a house but have not yet sold their own house

building society

noun

a financial organization in the UK in which people invest money to earn interest, and from which they can borrow money to buy a house or flat. A building society is similar to a bank but all its customers have a share in owning it.

building society

noun

an office of one of these organizations

chain

noun

a situation in which you cannot sell your house until the person whose house you are buying has bought their new house. This situation can involve many people because the sale of each person’s house depends on the sale of the next

completion

noun

the final part of the process of buying or selling a house, when you become the new legal owner of the house

conveyance

noun

a document that shows that the person who has just bought a property is now its legal owner

conveyancing

noun

the legal process by which someone becomes the new owner of a property

endowment mortgage

noun

a mortgage with an endowment policy that is intended to pay back the money you have borrowed after a particular number of years

endowment policy

noun

a type of insurance policy that you pay money to for an agreed period. At the end of this time, the money that you have invested is used for paying a large amount of money that you have borrowed, especially a mortgage.

equity

noun

the value of a property after you have taken away the amount left to pay on the mortgage (=money borrowed to buy it)

eviction

noun

the process of forcing someone to leave the house they are living in, usually because they have not paid their rent

freehold

noun

an arrangement in which someone completely owns a building or a piece of land

freehold

adjective, adverb

owned under a freehold arrangement

gazump

verb

if you are gazumped, someone who had agreed to sell their house to you sells it to someone else for more money

ground rent

noun

money paid by someone who lives or works in a building to the owner of the land that the building is on

home loan

noun

an amount of money that a bank lends someone to buy a house

house-hunting

noun

the activity of trying to find a house to live in, especially one that you want to buy

landholdings

noun

the land that someone owns

land reform

noun

a process in which land is given or sold at low prices to ordinary people, so that it is not owned only by a few rich people

lease

noun

a legal contract in which you agree to pay to use someone else’s building, land, or equipment for a specific period of time

leaseback

noun

an agreement in which you continue to use your property after you sell it, while making regular payments to the new owner

leasehold

noun

a house or flat that you lease

leasehold

noun

the use of property by leasing it

leasehold

noun

owned or used for a specific period of time according to a lease

let

noun

a period of time in which a house or flat is rented to someone

mortgage

noun

a legal agreement in which you borrow money from a bank in order to buy a house. You pay back your mortgage by making monthly payments

mortgage

noun

the amount of money that you borrow in a mortgage agreement

negative equity

noun

a situation in which your house has lost value and is now worth less money than the amount that you have borrowed as a mortgage

non-resident

adjective

not living in a house that you own

open house

noun

a period of time when you can go to look at a house that is for sale without making an arrangement to go there

owner-occupied

adjective

a house that is owner-occupied is lived in by the person who owns it

peppercorn rent

noun

a very small rent

private treaty

noun

an agreement to sell property that is made directly between the person selling the property and the person buying it

property ladder

noun

a series of stages in which you start by buying a cheap house then buy and sell several times getting a bigger, better house each time

property tax

noun

a tax that you pay based on the value of the land and buildings you own

rack-rent

noun

rent that is unfairly high

rent

noun

an amount of money that you pay regularly for using a house, room, office etc that belongs to someone else

rent strike

noun

a period of time during which people refuse to pay rent for the place where they are living in order to protest against something

retainer

noun

a reduced rent that you pay to keep your house, flat etc when you are not living in it, so that you can live in it when you return

savings and loan association

noun

a building society

service charge

noun

an amount of money that people who live in flats pay for services such as cleaning and keeping the garden tidy

sublease

noun

a contract that allows someone to rent a flat, house, or office from a person who is renting it from someone else

survey

noun

an examination of a house done by an expert for someone who wants to buy it

survey

noun

a written statement that gives the results of this examination

survey

verb

to examine an area of land in order to decide where buildings will go, or where the edges of someone’s property are

surveyor

noun

someone whose job is to examine a house or other building to see if it is in good condition, especially for someone who wants to buy it. The American word is appraiser.

tenancy

noun

the right to use a flat, building, or a piece of land that you rent from the person who owns it

tenancy

noun

the period of time for which you rent a place or piece of land

title deed

noun

an official document that shows who legally owns a building or piece of land

vacant possession

noun

the fact that no one is living in a house when the new owner buys it

landownership

noun

landowning

adjective

leasehold

adverb

give someone notice

to tell someone officially that they must leave a place that they are renting

to/for let

available to be rented

under offer

if a house or flat is under offer, someone has offered to buy it

Open Dictionary

chicken raffle

any random process, such as a competition in which a name is drawn from a hat

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