Gas Safety Regulations 1998
Regulations that require that any gas appliances in a property have to be inspected by a gas engineer, who is certified by the Gas Safe Register, before tenants move into a property and annually thereafter.
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.
Ground Rent
When a freeholder lets land to a leaseholder and then subsequently builds on it, the rent paid 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.