Leasehold Definitions - Jargon Buster

8 definitions for letter G:

Gable end

This is the side wall of a house when it extends upwards into the inverted "V" of a pitched roof.

Gazumping

In the event of two people wishing to purchase the same property, one buyer may offer more than the other to tempt the seller into proceeding with him. This is despite the fact that the seller may have already accepted the other buyer's offer, subject to contract. There is no legal obligation to the first buyer, only a moral one.

Gazundering

This is similar to gazumping, except on this occasion it is the purchaser reducing his offer prior to exchange of contracts. It probably goes without saying that gazumping is prevalent in an active market, and gazundering in a slow market.

Gilts

Government stocks, sold on the stock exchange. An alternative form of investment to putting your money in the bank

Ground rent

When a person lets land to another and he then subsequently builds on the land, the rent passing is in respect of the land only and is therefore known as ground rent.

Guarantor

A mortgage lender may require a borrower to appoint a guarantor. This is someone who promises to pay the borrower's debt if the borrower defaults, could for example be a parent taking personal responsibility should their child default on payments.

Gutter

A channel along the edge of a road or an eave, to remove rainwater. Eaves gutters can occur where two roof slopes meet. See box gutter.

Grant of new lease

The term used to describe a transaction where the freeholder/landowner demises an interest in land via a legal contract called a lease to the person buying it. The person buying may be referred to in the contract as a lessee, tenant or leaseholder.