Definitions
A glossary list of definitions for conveyancing terms and abbreviations beginning with ‘G’ can be found below.
- Gazumping
Gazumping is when the Seller agrees to sell the property to another Buyer even though they accepted an offer from a Buyer. Gazumping is possible until an exchange of contracts has taken place.
- Good Title
Similar to ownership with ‘absolute title’, but the owner is subject to all matters similar to ‘absolute title’ plus any adverse interests existing at the date the property was first registered. This class of title can be given to leasehold land. This type of title will often be granted if the freehold title for the property is not currently registered and so the full extent of all matters affecting the property is not currently known.
- Ground rent
This is the rent payable to a landlord which is often an annual amount. The rent is usually in relation to leasehold houses and flats, and essentially is payment for renting the ground on which the property stands.
- Guarantor
A person that agrees to meet mortgage or loan repayments of a property owner if that person is unable to make the payments. A guarantor will often be a parent or guardian of one of the property owners and their agreement in this way can significantly increase the amount a first time buyer can borrow.