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Page 18 of 18
Under offer
When a seller has accepted an offer from a purchaser but contracts have not yet been exchanged, the property is considered to be 'under offer'.
Valuation
This is the value of a property, normally used for mortgage purposes, attained from a basic survey of the property. Mortgage lenders insist on a valuation before lending.
Variable Base Rate
This is the basic rate of interest that is charged on a mortgage. It may vary in accordance with the Bank of England's base rate and relevant market conditions.
Vendor
This is the person or legal entity selling a property.
Yield
This is the annual return income from a property expressed as a percentage of its value.