F

FORFEITURE

The ending of a lease by the landlord re-entering the property or by the commencement of proceedings for possession of the property by the landlord – usually when the tenant is in breach of the terms of the...

FRI LEASE

A full repairing and insuring lease where all costs of repairs and insurance are borne by the tenant (notwithstanding the fact that the landlord may insure and physically carry out the repairs but will claim the cost of doing so back from the...

Failed Valuation Survey

A valuation survey is when the surveyor determines the final value of the property, based on a detailed inspection of the interior and the outdoor areas. A failed valuation survey can occur for a number of reasons. Firstly, it may be that the seller overestimated the price of the property or that...

First Time Buyers Initiative

The First Time Buyers Initiative enables first time buyers to acquire a share in a home on a designated First Time Buyers Initiative development with Government financial assistance ( current minimum £25, 001). If one qualifies don’t have to pay anything on the amount the Government has...

From OS1

The Land Registry Form used to apply for guaranteed copies of the title register and/or title plan (‘official copies’). Information provided electronically through this service is not guaranteed. ...

Foreign Domicillary

This is a type of 'excepted estate' and will apply where the deceased was not domiciled in the UK and died after 5 April 2004. It will be treated as an excepted estate provided the estate in the UK was not worth more than £100, 000 and consisted only of cash and or quoted shares....

Flipping

Flipping is the act of buying and quickly reselling an asset.   Typically property or shares in an initial public offering.   It is commonly done by investors buying so-called "below market value" property e.g. from distressed sellers or foreclosures....

Freeholder

A freeholder is normally a company or person that owns the actual freehold of the building. The leaseholder will own the house or flat on a lease for a certain number of years, but the freeholder will own the property outright. Freeholders are usually responsible for the repair and maintenance of...

Forfeiture

Forfeiture is a legal process which enables a landlord to terminate a lease where the tenant is in breach and take back possession of his or her property.  Related terms - forfeit and repossession....

Full Title Guarantee

The seller of a property must state the guarantee they are prepared to give. This is the normal guarantee given by a property owner.