When you own a leasehold property you might have to pay into a fund to help cover any unexpected maintenance or repairs, like replacing the roof. There are rules about how landlords must manage these funds. You won’t usually be able to get back any money you pay into them, for example if you sell the property on.
This 'Glossary of Terms' – those commonly used in the realm of property auctions, is monitored and updated regularly to remain a current reference point.
If there are any terms that you have come across which we have not included here and you are unclear about, please do get in touch and we will be happy to provide you with a clear explanation and add the new term to our list.
For more information on buying or selling at a property auction, have a read of our guide to buying at auction.