Gazumping occurs when a seller accepts an verbal offer (a promise to purchase) on the property from one potential buyer, but then accepts a higher offer from someone else. It can also refer to the seller raising the asking price or asking for more money at the last minute, after previously verbally agreeing to a lower one. In either case, the original buyer is left in a bad situation, and either has to offer a higher price or lose the purchase.
This is where you hold property ownership rights equally with another person or persons. If one person dies, ownership reverts entirely to the surviving person or persons. This legal agreement supersedes any Will the deceased may have made.
This is where you own the property but not the land it is built on, for a specific number of years. Flats are usually owned on a leasehold basis. You may find it hard to get a mortgage if there are fewer than 70 years left on the lease of the property you want to buy. Leases are renegotiable, but the shorter the remaining years, the more expensive it will usually be.
SVR means Standard Variable Rate. This is the default mortgage interest rate your lender will charge you after your initial mortgage deal ends if you choose not to take a new fixed or tracker rate deal.
A tracker mortgage is a variable rate mortgage, which means that the interest you pay and therefore your monthly mortgage payment can be subject to change. The mortgage interest rate is set at a fixed percentage above the Bank's base rate, which usually tracks the Bank of England (BoE) base rate . The interest rate payable will rise and fall in line with changes to the Bank's base rate.