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Residential conveyancing - jargon buster G

If you are looking for a conveyancing solicitor to handle a residential house sale, house purchase or a re-mortgage then please contact us on 01616 966 229 for a free, no obligation initial chat with one of our legal advisors, or request more information via our contact form.

G

Gazumping: The verb "gazump" means to refuse to formalise a sale agreement at the last minute in order to accept a higher offer. The word is thought by some people to have come from the Yiddish word gazumph meaning to swindle or overcharge, which became gangster slang in the 1920s. With buoyant property prices in the British residential property market of the late 1980s and early 1990s, gazumping became commonplace in England and Wales because a buyer's offer is not legally binding even after acceptance of the offer by the vendor.

Gifted Deposit: A vendor gifted deposit is when part of the balance (usually 5%) is paid by the company / person(s) selling the house – this is common in new build properties.
 
Good Leasehold Title: If evidence of the landlord’s title is not available, the lease will be registered with Good Leasehold title - the Registrar is only prepared to certify that the lease cannot be challenged by the Landlord, not that it is absolute against the whole world.
      
Grantor: A person who grants an estate or interest in land.