dcsimg The Ultimate Estate Agent Jargon Buster | We Buy Any Home

 

Amortization Jargon Buster Estate Agents We Buy Any Home

Annual Percentage Rate: a compound interest rate figure used to compare different mortgages. APR shows the true cost of borrowing over the entire term and should appear on all mortgage illustrations

Appraisal Value: value of the property, as estimated by a surveyor

Break Clause Jargon Buster Estate Agents We Buy Any Home

Bridging Loan: a short-term loan taken out to cover the interval between two transactions, typically the buying of one house and selling of another

Collective Enfranchisement: is the right of owners of flats in parts, or the whole, of the building to join together and buy the freehold of that building, requires coordination of at least 50% of the buildings tenants

Completion: the final step in the legal process of transferring ownership of property. Completion is usually the point at which the purchase price for the property is paid and the transfer documents are dated.Covenant Jargon Buster Estate Agents We Buy Any Home

Conveyancing: In law, conveyancing is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or a lien.

Dilapidation: this refers to any breaches of lease agreements which relate to the condition of property, damage and upkeep in particular, during the term of tenancy or when the lease ends
Disbursements Jargon Buster Estate Agents We Buy Any Home

Discharge Fee: paid to some lenders for releasing their hold over a property once you’ve paid off your loan. Often applies if you’ve paid it off early.

Easement: is a non-possessory right to use and/or enter on the property of another without possessing it, used to describe the right of way between landowners
Encumbrance Jargon Buster Estate Agents We Buy Any Home

Exchange: the exchange of contracts, when the agreed terms become binding on the buyer and seller.

Flying Freehold Jargon Buster Estate Agents We Buy Any Home

Freehold: when the owner of the property also owns the land

Gazumping: when a seller accepts a higher offer from a 3rd party on a property that they have already agreed to sell to someone else prior to exchanging contracts

Gazundering Jargon Buster Estate Agents We Buy Any HomeGround Rent: the annual charge levied by freeholder to leaseholder

Holding deposit Jargon Buster Estate Agents We Buy Any Home
Initial Monies Jargon Buster Estate Agents We Buy Any Home

Land Registry: the Government department responsible for registering ownership of land

Leasehold Jargon Buster Estate Agents We Buy Any Home

Negative Equity: is when the value of an asset falls below the outstanding balance on the loan used to purchase that asset.

Probate Jargon Buster Estate Agents We Buy Any Home

Peppercorn ground rent: nominal periodic rent usually paid annually

Redemption: when a mortgage is fully repaid

Ring Fenced: refers to money held in such a way that it can only be used for a specified purpose. So in the case of a tenancy deposit, it can be used only for the purposes set out in the tenancy agreement.

Share of Freehold Jargon Buster Estate Agent

Tender

Title deeds: paper documents showing the chain of ownership for land and property. They can include: conveyances, contracts for sale, wills, mortgages and leases.

Title Search: investigation carried out by a conveyancer or solicitor into the history of ownership of a property. Will check for liens, unpaid claims, restrictions or any other problems that may affect ownership
Unencumbered Jargon buster Estate Agents We Buy Any Home

Void Period: period of time when the property is empty/unoccupied by the tenant

 

If you’re looking to sell a property without all the confusion, we can help. Our service is simple, fast, effective and we promise not to bamboozle you with jargon!