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Glossary - V
Vacant Possession – The term “vacant possession” is a legal one frequently used in contracts for the sale, purchase and letting of property. It is usually a requirement that on the completion of a sale the seller gives the buyer vacant possession. At the end of a tenancy a tenant gives the landlord vacant possession by surrendering possession of the property by handing back keys, or more formally by signing a deed of surrender.
Valuation Office Agency (VOA) – The VOA maintains rateable values and lists for millions of properties e.g. for council tax banding.
Valuation roll – The Scottish equivalent of the rating list, completed by the Scottish Assessors Association(SAA).
Valuation Tribunal – The Valuation Tribunal deals with appeals about council tax and non-domestic (business) rates. Appeals arise when the Valuation Office Agency or the council do not agree with a ratepayer or council taxpayer’s contention and the taxpayer or ratepayer is not satisfied.
Variable Base Rate – A mortgage where the basic rate of interest may change due to market conditions, meaning monthly payments may increase or decrease.
Vendor – In law, the vendor is the person selling a property.