Estate Agency Jargon Buster
Those of us who help people buy and sell properties all day, every day are pretty clued up when it comes to the complicated phrases that go hand in hand with the process… And we are also guilty of throwing those phrases around as if your average buyer knows what the F we’re on about…
Here are the 11 most searched for phrases when it comes to property buying, according to Google Search Trends, over the past 12 months.
1.Gazumping (1,500+% increase)
When a higher off is made and accepted on a house, after someone else’s offer has already been accepted. This can happen at any time before contracts are exchanged (the point at which the transaction becomes legally binding in England & Wales)
2.Buy-to-let (1,500+% increase)
Purchasing a property for the sole intention of letting (renting) it out.
3.Power of attorney: (450% increase)
The authority to act for another person in specified or all legal or financial matters.
4.Leasehold (250% increase)
Basically, what most apartments are. We wrote a whole other blog dedicated to this here
5.Capital gains tax (200% increase)
A tax levied on profit from the sale of property or an investment. We reccommend some independant tax advice on this one if you think it may effect you!
6.Freehold (180% increase)
Permanent and absolute tenure of land or property with freedom to dispose of it at will.a piece of land or property held by freehold. Basically what the majority of houses are (or a whole block of flats) See the blog on leaseholds above to break it down more simply!
7.Probate (100% increase)
The document that is produced when someone passes away and their will is executed. You may also hear the term "Grant of Probate" - this process can take anything from a few weeks to a few years depending on how complicated the deceased's estate is. So always worth checking whether probate has actually been granted yet or not before committing to purchase.
8.Property chain (100% increase)
The number of houses involved in a transaction. i.e., A First Time Buyer (FTB) at the bottom of the chain, is buying a 3-bedroom home in Bracknell from Mr & Mrs Jones. Mr & Mrs Jones are buying a 4-bedroom home in Jennett’s Park from Mr Smith who is downsizing and moving in with family. That’s 3 links in the chain.
9.Conveyancing (90% increase)
The legal process undertaken by conveyancing solicitors to buy or sell a property.
10.Survey (60% increase)
Either a mortgage valuation survey, a homebuyer’s or a structural survey on the property you are buying. Some more info on survey types here
11.Ground rent (50% increase)
An annual fee paid by a Leaseholder, to a Freeholder.
Still confused? Your local Avocado Partners are here to make the whole process a lot easier… so just drop us a message and we can help make it all make sense.
07825 441 446 or 07821 039 315