Jargon Buster - U-Z

Wimpey No-Fines is a construction method for building houses and other structures that was popular in the UK in the 1950s and 1960s. It ...

A Woolaway house is a type of non-standard prefabricated concrete house built in the UK in the mid-20th century. The houses were constructed using ...

Value Added Tax (VAT) is a consumption tax that is added to the price of goods and services in the UK and many other ...

Mortgage underwriting is the process by which lenders evaluate the risk of lending money to a borrower for the purpose of purchasing or refinancing ...

In the context of property transactions in the United Kingdom, a vendor is a person or entity who is selling a property. The term ...

A variable interest rate mortgage is a type of mortgage where the interest rate can change over time. This means that your monthly repayments ...

The fee charged by the lender for a mortgage valuation.

An appraisal of a property to establish its market value. This is generally instructed by the lender for the lender. As the name implies ...

A property is said to be unencumbered if there are no loans or mortgages secured against it. Unencumbered property refers to a property that ...

The term “under offer” refers to a property that has received a successful offer from a prospective buyer, but the legal part of the ...