Set by the Government Actuary Department, GAD rates outline the maximum amount that those in drawdown can take from their fund each year as income.
A situation whereby the seller has accepted an offer from one potential buyer, but then accepts a higher offer from another buyer.
The act of a buyer lowering the offer they have already pre-agreed with the seller, typically just before the exchange of contracts. Often called ‘chipping’.
The profit made from the sale of product, before deducting other costs such as taxes and interest payments.
The rent paid by the leaseholder to the owner of the land on which the property stands (i.e. the freeholder), usually paid on an annual basis.
A promise made by the Government that all retirees will have access to free impartial advice from trusted independent sources like The Pensions Advisory Service (TPAS) and the Money Advice Service (MAS) to discuss all options available to them in the wake of the pension reforms.
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