6 terms
Property Types Property Terms
Definitions covering different property classifications — leasehold, freehold, buy-to-let, and more.
- Buy-to-Let (BTL)
- A property purchased specifically to rent out to tenants. Buy-to-let mortgages have different criteria to residential mortgages — typically requiring a larger deposit (usually 25%+) and charging hi...
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- Freehold
- Full ownership of both the property and the land it sits on, with no time limit. Most houses in England and Wales are freehold. As the freeholder, you are responsible for all maintenance but have n...
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- HMO (House in Multiple Occupation)
- A property rented to three or more tenants who form two or more separate households and share facilities like a kitchen or bathroom. Larger HMOs (5+ tenants) require a mandatory licence from the lo...
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- Leasehold
- Ownership of a property for a fixed period, as set out in a lease. Most flats in England and Wales are leasehold. The leaseholder owns the property but not the land. Key considerations: lease lengt...
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- Listed Building
- A building of special architectural or historic interest, protected by law. Graded I (exceptional), II* (particularly important), or II (of special interest). Any alterations — internal or external...
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- Share of Freehold
- When flat owners in a building collectively own the freehold, usually through a management company in which each flat owner has a share. This gives residents control over management, service charge...
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