Vacant possession

The right to insist that anyone living in a property you are buying leaves the property on or before completion of your purchase and mortgage.

Valuation

An assessment of the value of a property by a valuer or surveyor to establish the property’s worth and suitability for security for the mortgage required. This can sometimes been done by a desktop or drive by valuation. It is carried out for the lender but you will usually be responsible for the fee and receive a copy of the report.

Valuation report

The written report provided following a valuation being carried out by a valuer. It is a brief report for mortgage purposes only and is not a detailed building or structural survey.

Variable interest rate

An interest rate that we can change, either increasing or decreasing it, usually in response to changes to the Bank of England base rate.

Vendor

The person who is selling a property.