Are you looking for London, England apartments for rent but confused by all the terminology? Use this convenient glossary to decode Brit-speak and understand the different types of properties available, lease and purchase terminology, mortgage information and other confusing UK relocation terms. At London Relocation, we offer full-service assistance in finding London student apartments, London, England apartments for rent for corporate relocation, and even flats and homes for sale in London.

Apartment Terminology

Bedsit - Often compared to an American studio apartment, a bedsit is actually just a room with a bed in it - no private bath, no kitchen and no living area. Don't be fooled by London, England apartments for rent that claim their bedsit is a true studio apartment. We do not recommend them, even for short-term stays.

Fitted CarpetWall-to-wall carpeting. This type of floor covering is less common in UK apartments than it is in many American cities.

FlatThis is the most common term used for a London, England apartment for rent. Sometimes, a flat is considered an apartment that takes up one whole floor of a building, but this is not always the case. For London student apartments, you will probably be looking primarily at flats.

FreeholdA home where the owner has full rights to both the house and the property it is on. A freehold home allows buyers to do anything they wish with the property. These homes can be quite pricey in London, but offer buyers many benefits.

MaisonetteSimilar to what many Americans call a townhouse, the term maisonette generally refers to a two-story apartment with internal stairs and individual front doors for each unit. If your family is relocating to London, England, you may be interested in a maisonette.

Financial Terminology

Bank of England - The UK's central bank, the Bank of England has been in existence since the 17th Century. Since 1996, it has been responsible for setting monetary policy in England, including setting interest rates (similar to the Fed's role in the United States). If you are planning a permanent relocation and would like to purchase your London flat or home, you'll want to be familiar with current interest rates and Bank activity.

Mortgage Term - Although UK and US mortgages are similar in many ways, keep in mind that the standard repayment term for London real estate is 25 years, not the traditional 30-year payback found in the US.

Stamp Duty - When you purchase property in London, England worth over 60,000 pounds, you are required to pay Stamp Duty. This tax is levied at 1, 3 or 4 percent, depending on your property's value.

VAT - Value-added tax, or VAT, is a term you'll see frequently, both when searching for London, England apartments for rent and anytime you live in the UK. Levied on all goods and services, from groceries to vehicle purchases to monthly rent, VAT is currently set at 17.5 percent.

At London Relocation, we strive to offer the best UK relocation services out there. From providing you with great London insider tips on life in London to helping students and corporate professionals find their ideal London, England apartment for rent or purchase, we have everything you need to make short- and long-term UK relocation a breeze. Find out more - contact a relocation specialist today!