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Gifted Deposit

A Gifted Deposit is a sum that the seller usually offers against the property’s purchase price for the buyer’s deposit. It is an incentive that many modern conveyancing procedures are introducing to help first time buyers. This effectively means the buyer will avoid having to pay a...

Gazanging

Gazanging describes a property vendor or seller pulling out of a sale before exchange, not by reason of getting a better offer (Gazumping), but because they no longer want to move. The reasons given for Gazanging vary; the most common include:  An expectation that the market will...

Grant of Probate

This is the term used to describe the proof of legal authority which is required by the person who has been entrusted to deal with the deceased’s estate where there is a Will....

Grant of Letters of Administration

This is the term used to describe the proof of legal authority which is required by the person who has been entrusted to deal with the deceased’s estate where there is no Will or the Will is not valid....

Grant of Representation

This is the term used to describe the proof of legal authority which is required by the person who has been entrusted to deal with the deceased’s estate....

Gift with Reservation of Benefit

This is a gift which is not fully given away, e.g. a property which is given away  to someone but were the person making the gift continues to leave there. It is therefore a gift with conditions attached whereby the person giving the gift retains some benefit....

Gifts in consideration of Marriage or Civil Partnership

Gifts that are to be made to a person who is getting married or who is entering into a civil partnership are exempt from IHT up to the following amounts: £5, 000 made by the person’ parent£2, 500 made by the person’s grandparent£1, 000 made by anyone...

Gazumping

Gazumping is when a seller accepts an offer from one interested party, only to accept a higher offer later on from someone else. Incredibly annoying when it happens to you, it can throw your finances, your timing and your mood, leaving you right back where you started all those months ago....

Gypsum Search

A Gypsum Search is a conveyancing search which reveals the proximity of mine workings to the property, when the mine was worked, the depth of workings and If there are any planning consents to carry out workings. It is a relevant search depending on the location on the property and should be...

Ground Rent

Because leasehold is a tenancy, it is subject to the payment of a rent (which may be nominal) to the landlord. Ground rent is a specific requirement of the lease and must be paid on the due date, subject to the issue of a formal and specific demand by the landlord. Is the rent paid by owners of the...