Leasehold Definitions - Jargon Buster

6 definitions for letter V:

Valuation (Mortgage Valuation)

A valuation of the property prepared for Lenders. They require this basic survey of a property to estimate its value for mortgage purposes before lending. It only answers the Lender's queries on the property and does not necessarily address the concerns of the Borrower.

Variable base rate

A basic rate of interest charged on a mortgage. This may change in relation to market conditions - in other words, monthly payments could either go up or down.

Varnish (pai.)

A resin, asphalt or pitch dissolved in oil or spirit, which dries in air to a brilliant, transparent, protective film. Varnishes are either oil varnishes are either oil varnishes that dry by oxidation of drying oil, or spirit varnishes. Varnish may be mixed with paint, put on over it to increase its gloss, or put on unpainted wood. See lacquer.

Vendor

Referring to the seller or person who sells property or land.

Veneer (1) (tim.)

A thin layer of wood of uniform thickness which may have been sliced, rotary cut, cut half-round, or sawn. It is used either as a facing, for its beauty of figure, to stronger, less beautiful wood or for its strength.

Veneer (2) Mainly (USA)

A layer of brick or marble or other facing outside a wall. The veneer looks well and resists the weather. See brick veneer. and below.