Valuation
A basic survey of a property to estimate its value for letting purposes.
Value
The price of a property under normal conditions, i.e. when the buyer is not forced to buy and the seller not forced to sell.
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.
Vendor
Refers to the seller or person who sells property or land.
Void period
Period of time where the property is empty/unoccupied by the tenant.