Jargon Buster

Gazumping

Occurs when a seller accepts a higher offer from a third party on a property that exceeds the initial asking price. This can only occur when a sale has been agreed prior to legal exchange of contracts.

Gazundering

This is when a buyer decides to make the seller a lower offer just before contracts are due to be exchanged.

Ground Rent

An annual charge that is made by the freeholder to the leaseholder payable every year.

Guarantor

A third party who undertakes to ensure mortgage payments are maintained, who will also promise to pay the borrowers debt if the borrower defaults.