Explore the AddressLeap glossary to demystify the terminology used on our website. Whether you're a newcomer or an experienced user, this resource will empower you to navigate our platform with ease and enhance your search capabilities.
Sales Listings
- Price: This is the total cost of buying the property, including mortgage payments, deposit, stamp duty, legal, and moving costs.
Type of Tenure
- Freehold: You own the property and the land, with more freedom for maintenance and changes.
- Share of Freehold: Ownership is shared among multiple properties in the same building.
- Leasehold: You buy the right to live in the property for a fixed number of years, with ground rent and service charges.
- Commonhold: Freehold ownership with common areas managed by a commonhold association.
- Shared Ownership: You buy a percentage and pay rent on the rest. Permission may be needed to sell.
- Length of Lease: Indicates how long you have the right to live in the property.
- Ground Rent: Regular payment from the leaseholder to the freeholder or management company.
- Peppercorn Rent: A very low or token rent paid by a tenant to a landlord.
- Annual Service Charge: Regular payment for building-related services in shared areas.
Sales Listings (auctions)
- Guide Price:Seller's minimum expectation at auction, subject to change.
- Reserve Price: Minimum price at which the property can be sold at auction.
Lettings Listings
- Rent: The amount and frequency of rent payments.
- Security Deposit: Provides security for the landlord against damage or unpaid rent.
- Tenancy Length: How long the landlord offers to let the property.
Stamp Duty
Stamp duty: Stamp Duty Land Tax (SDLT) is a form of tax that is paid to the government when you purchase property or land, above a certain price threshold, in England or Northern Ireland.
Student Property Affordability
Before deciding where to live, it's crucial to understand what you and your potential housemates can afford.
Jargon Buster
- PCM: Price Per Calendar Month
- PW: Price Per Week
Other Considerations
- TV License: Required for each occupier with individual agreements or if you watch live streaming.
- Utility Bills: Essential bills (gas, water, electricity) and optional bills (phone, broadband).
- Council Tax: Full-time students are exempt.
- Contents Insurance: Covers personal items against damage or theft.