Photo © AESanfacon, licensed Creative Commons Attribution Share-Alike. Cottage: An old, rustic, smaller house that often has a garden, where centuries ago the residents would grow vegetables and flowers.Ī cottage house in Kensington Gardens, England.Conveyance: The legal term for the transferring of property ownership from one person to another.Conversion: An older house that has been remodeled into two or more flats or maisonettes may also refer to a warehouse or another industrial building that has been turned into residential property.Contractual tenancy agreement: This type of tenancy agreement may be used when the annual rent is greater than £100,000.Completion: This is the point at which ownership of a property is transferred from the seller to the buyer and the balance of the purchase price (minus the deposit) is handed over.It is also sometimes called a release clause. Break clause: This clause can be included in a fixed-term tenancy agreement and enables either the tenant or landlord to terminate the tenancy earlier than the end of the original fixed term.

Bedsit: A single occupancy room with shared bathroom in a private house, usually used by students.

Assured shorthold tenancy: This type of tenancy gives the landlord the right to repossess their property at the end of the lease.

Agent: A person (or a company) who has been authorized to act on behalf of a landlord, such as a letting, management, or estate agent (realtor).

Administration fees: Fees charged by letting agents for processing references and preparing the lease and inventory.

To get you started, here is a helpful list of important British real estate terms for both buyers and renters. The whole process of finding accommodation in London (especially a home purchase) is very different from the procedure used in the United States, so be prepared for a bit of a roller-coaster ride when trying to rent or buy a home in London. If you have enough capital floating around you could look into buying property in London. As you’d expect, you can rent a place for either a short or long term, depending on your needs. There are numerous types of properties available in London, and the range is staggering: from converted lofts to terraced houses to apartment blocks-with everything in between.

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