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New for old

The mortgage definition for New for old:

Insurance cover which pays the full cost of replacing damaged or lost property with a similar, new item.

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Flying freehold

Flying freehold
A flying freehold occurs when part of a freehold property overhangs part of a different freehold property or land and is usually formed when a property is split into two or more freeholds.


Freeholder

Freeholder
Owner of the freehold on the property.


Leasehold

Leasehold
When you buy a leasehold property, essentially you are buying nothing more than the right to occupy a building for a given length of time. You will have to pay ground rent and maintenance in addition to a one-off payment that buys ownership of the lease until sold or it runs out. The amount of alterations you can make to the property varies accordance with the lease and you may well have other conditions imposed upon you by the landlord. As a rule, look to buy a lease with over 50 years remaining.




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