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Vacant Possession: the previous occupants must vacate the property before you move in, including any tenants.

Valuation: this is the value of a property, normally used for mortgage purposes, attained from a basic survey of the property. Mortgage lenders insist on a valuation before lending.

Variable Base Rate: this is the basic rate of interest that is charged on a mortgage. It may vary in accordance with the Bank of England’s base rate and relevant market conditions.

Vendor: the owner of the property to be sold.