Jargon Buster

Lease

A set of rules for a certain time which you can occupy premises at a certain rent. A legal document outlining the contractual obligations between a Landlord and a Tenant

 

Dilapidation

Repairs required during or at the end of a tenancy due to general wear and tear. At the end of a lease you may be obliged to carry out certain repairs. If you don’t the landlord, may hold you liable for any costs sustained. 

 

Schedule of condition

  A record of the condition a property is in at the start of a tenancy that can be found at the end of a lease document. This document sits behind the lease and states the condition of the property at the time you take occupation. 

 

Surveyor

Professionals who go around a building and make sure it’s not about to fall down and blow up. A professional that examines the condition of a property for quality, construction progress and valuations. 

 

Property agent

A professional that advertises premises that are available to buy or rent.

 

Credit: Jane Hartley Associates

Spread

Price you pay over and above the interbank rate: Which is seen as being in the middle of the market where banks trade with each other. It is essentially the benchmark which people use and the spread is the distance from this benchmark.

  
Spot

Financial market term which essential means for standard delivery which is usually two days in the professional financial market. For SME’s Spot can be anything from today to two days’ time. 

 

Basis Point

An interest rate term. It is 1/100 of 1% i.e. 25 Basis points is 0.25%.

 

Hedging

Is an investment or contract method to reduce the risk of adverse price movements in an asset.

 

Forex

The foreign exchange market is a global decentralised or over-the-counter market for the trading of currencies.

 

Credit: Smart Currency Business

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