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Failed Valuation Survey: this occurs when the surveyor’s report indicates that the value of the property is less than the sum requested by the borrower; on the basis of this the lender may then refuse the mortgage application

Fixed Rate Mortgage: this is a mortgage for which the agreed rate of interest is set for a specific period and cannot be increased or decreased during that time.

Fixtures & Fittings: this term describes all non-structural items included in the purchase or lease of a property.

Flying Freehold: a flying freehold is formed when part of a freehold property overhangs a different freehold property or land.

Freehold: absolute ownership of land with or without Chief Rent.