A very low sum of rent or ground rent. In the past it was, literally, a peppercorn.
When a sale is agreed, the buyer’s conveyancer will send the seller’s conveyancer a standard list of questions about the property.
A sale conducted at a certain time by an auctioneer, either online or at a physical location, where competing buyers bid openly for a property and the highest bid wins. The purchase is binding on the fall of the hammer.
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