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Glossary - G
Gifted Deposits (GD) – a method of purchasing a property where the seller gifts to you the deposit for the property you are purchasing off them. Builders sometimes give gifted deposits on new developments making it a “no money down deal”. As the maximum LTV (loan to Value) on a Buy-to-Let mortgage is 85% the gifted deposit would be 15% in this case.
Gross Income – The total current income expected from a property investment before any deductions.
Ground 1 Prior Notification – Section 8 of the Housing Act 1988 specifies under Schedule 2, the Ground 1 Notice is a means of recovering possession of a landlord’s property where it has been the landlord’s main residence, form a tenant with an assured tenancy (AT) or an Assured Shorthold Tenancy (AST), after the fixed term has ended.
Ground Lease – A long lease which can vary from 30 years to 900+ years, which is usually granted at a ground rent but subject to an introductory premium payment.
Grounds for Possession – Section 8 of the Housing Act 1988 (as amended by the Housing Act 1996) lays down certain circumstances (grounds) under which a landlord may successfully apply to court for possession during the fixed term of a residential tenancy in England & Wales.