[glossary]
- Abandonment – When a tenant leaves a property without notice and stops paying rent, potentially terminating tenancy.
- Abstract of Title – A summary of the legal history and ownership of a property.
- Additional Enquiries – Further questions raised by a buyer’s solicitor before contracts are exchanged.
- Advance – The amount of money a lender agrees to lend on a mortgage.
- Agreement in Principle (AIP) – A lender’s confirmation of how much they may be willing to lend to a borrower.
- Assent – A legal document used to transfer ownership of a property from the estate of someone who has died.
- Assured Shorthold Tenancy (AST) – The most common type of tenancy agreement used in residential lettings.
- Auction – A method of selling property through bidding, typically with immediate exchange of contracts.
- Arrears – Money owed that is overdue, typically referring to unpaid rent or mortgage payments.
- Assignment – The legal transfer of a lease or tenancy to another person.