Glossary
Garden Flat
Literally a flat with a garden
Garnishee
A summons issued by a plaintiff, against a third party, for seizure of money or other assets in their keeping, but belonging to the defendant
Gas Safety
You or your agent cannot contract out of your obligations under the Regulations and you should be aware that a breach of the Regulations is a criminal offence enforced by Health & Safety Executive and may result in a custodial sentence being issued
Gearing
The use of borrowing potentially to increase the amount you get back, but will also increase the risk
General Conditions Of Sale
General Conditions covering all properties for sale
General Product Safety
The General Product Safety Regulations provide that anything supplied to a consumer in the course of commercial activities must be safe
Georgian
Property built between approximately 1714-1800
Good Repair
rented properties are required to be maintained in good repair and fit for human habitation See HSSRS standards additional rules apply to HMO
Governance
How organisations are run and managed
Granny Flat
Smaller self-contained flat at the back or on an upper floor of the main property Usually with it's own front door
Granting A Tenancy
A Tenancy is granted upon the giving of the keys not the signing of the agreement. Such agreement should always contain a subject to availability clause like ours
Greenfield Site
An area not previously used for built development
Gross Income
Your total income before tax and expenditures
Gross Yield
(Annual rental income × 100), divided by purchase price
Ground Rent
The rent charged by the landlord/council to the leaseholder
Grounds For Possession
Applicable to section 8 standard possession procedure - see Grounds under section 8
Group Litigation Orders
A Group Litigation Order can be made in a claim in which there are multiple parties or claimants. The order will provide for the case management of claims which give rise to common or related issues of fact or law
Guarantee
A legally binding promise given by someone payment if somebody else fails to do so
Guaranteed Rental Income
There is an amount of income that is guaranteed per year Make sure you enquire who is guaranteeing the rental income, for how long and if there a contract in place
Guarantor
The person who provides a guarantee and promises to make payment good should the person responsible for the agreement fail
Rent Arrears - Tenant Eviction
BAN TENANT FEES 1 JUNE 2019