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