Glossary

BACS

Banks Automated Clearance System, a method by money can be transferred Transfers by this method usually take up to 3 days to reach the intended account

Bailiff

Bailiffs and enforcement officers are people authorised to remove and sell possessions in order to pay the money a debtor owes to a person or an organisation. They may also conduct evictions, and arrest people.

Bank Reference

A bank will never be derogatory about the person they are referring to so references will often be coded in this way and require a lot of reading between the lines.

Banker's Draft

Cheque issued by a Bank or Building Society guaranteed to be paid

Bankrupt

Insolvent - unable to pay creditors and having all goods/effects administered by a liquidator or trustee and sold for the benefit of those creditors; as a result of an order under the Insolvency Act 1986

Base Rate

The prevailing rate of interest set by the Bank of England most lenders use as a base for calculating interest from

Bedsit

Single room accommodation serves as a bedroom and living space in one Generally sharing a bathroom and/or kitchen with others Abbreviation of 'bed sitting room'

Bench Warrant

A warrant issued by the judge for an absent defendant to be arrested and brought before a Court

Betterment

The amount by the value of land is increased by development or by the grant of planning permission, or because of the development of neighbouring land into new properties

Break Clause

The point at a contract can be terminated by the tenant or the Landlord - must be a fair term

Bridging Finance

a short term loan secured on the value of the property and or land

Brine Search

A search to establish if a property might be affected as a result of disused workings near the property

Broker Fee

A fee charged by a broker or other intermediary for advising / negotiating a loan

Brown Field Site

Land has been previously developed, excluding mineral workings or other temporary uses. New houses and flats are often built on such sites

Building Lease

A long-term lease, imposing an obligation on the lessee to erect one or more buildings on the leased land, will become the property of the landlord after the lease expires

Building Regs Part P

Since 1st January 2005, the design, installation, inspection and testing of electrical installations in dwellings will be controlled under the Building Regulations.

Building Regulation Consent

Approval by the local authority on the design and materials used in building work

Building Survey

This is sometimes called a full structural survey It is a thorough inspection of a property carried out by a chartered surveyor

Buildings And Contents Insurance

Buildings and contents insurance can often be purchased together protecting both the building structure and your belongings and possessions inside

Buildings Insurance

A policy pays the cost of rebuilding or repairing your house if it is damaged or destroyed

Buildings Survey

Also called a structural survey, this provides a detailed report on the property's construction

Built Environment

A part of the environment consisting of buildings and structures

Bungalow

A single storey house

Buy To Let

The term used to describe buying a property with the specific intention of renting it out rather than living in it

Buy To Let Mortgage

A loan taken out to buy a property as an investment, for the sole purpose of renting the property out The rental income received from the tenant is used to repay the mortgage

Buy To Share

Describes the increasing trend of buying a property with the intention of renting out one or more rooms to help pay the mortgage Some lenders offer specialist mortgages for this