Our simple guide to understanding estate agent jargon

Do you know the difference between being gazumped and gazundered?

When you’re moving house, there is a long list of things to think about. The last thing you need when you’re buying or selling a home is to get confused by jargon.

At Andrew Porter Limited, we believe in straight-talking honesty and exceptional customer service. We communicate clearly with our customers to make sure our services meet their needs and to make the process of moving to a new property that little bit easier.

To help you understand exactly what you’re getting into, here’s our handy guide to the terminology you need to know when you’re buying or selling your house:

• Advance – This is the sum of money your mortgage provider agrees to lend you to buy your house
• Appraisal – When an estate agent comes to value your home, they will carry out an appraisal before giving you their professional opinion on what it is worth.
• Bridging loan – If your circumstances mean you need to buy a new home before you’ve managed to sell your old one, you can apply for a bridging loan. This temporary loan will cover the period of time until you are able to sell your property and put the proceeds towards your new home.
• Chain – These are all the properties which are reliant on exchanging contracts at the same time. When you buy a home from someone, they are likely to be buying a property from someone else who may also be buying a new property. As a problem at any point in the chain can delay or even stop purchases taking place, properties with no onward chain are a real selling point for estate agents.
• Completion date - This is the day when all the legal transactions concerning the sale and purchase of a property are concluded. On the completion date, all the money, keys and documents will be handed over and the buyer will become the legal owner of the property. For most people, this is also their moving day.
• Contract – The contract is a legal agreement between the buyer and the seller. It is usually prepared by a solicitor and it will include all the terms and conditions of the sale. Breaching a contract could lead to legal action being taken against you.
• Conveyancing – Conveyancing is carried out by a lawyer and is the word used to refer to all the legal work involved in transferring ownership of a property from one person to another.
• Deeds – The deeds are the official legal documents which state who owns a property
• Deposit – Most buyers will be familiar with this one. The deposit is the amount of money you have to put towards a property, the rest will usually be covered by a mortgage in most circumstances.
• Disbursements – During the house buying and selling process, there are all sorts of expenses which crop up. Disbursements are the ones which are paid for on your behalf by your solicitor (who will add them to your bill) and include stamp duty, local searches and Land Registry fees.
• Exchange of Contracts – Once the legal contracts have been exchanged, neither the buyer or the seller can back out of the sale without having to pay a penalty. This is usually the point people feel they can relax a little as they know their move is actually going to go ahead.
• Fixed price – The seller is looking for a specific amount for their home and will not accept any lower offers.
• Fixtures and fittings – This term is used to refer to all those things included in the property which are not a fundamental part of the building. These can include carpets, curtains and light fittings.
• Freehold – When you own a freehold property, you own the building and the plot of land it has been built on.
• Full structural survey – A complete survey of the property, this will look at the main features of the building including the foundations, plumbing, walls, wiring, plumbing and roof.
• Gazumping – The seller accepts an offer for their home but later accepts a better offer from another buyer.
• Gazundering – The buyer has an offer accepted and then waits until the sale is almost completed before reducing their offer just before the contracts are exchanged.
• Home Buyers Report – This is a less comprehensive version of a structural survey and only comments on the condition of the parts of the property which can be easily accessed.
• Leasehold – When you buy a leasehold property, you will own the home but not the land it is on. You will usually pay an annual sum to the landlord, which is called ground rent.

If you’re in the process of moving home, make sure you book your removal company early in time to secure your preferred moving date.  Contact our home removals team today to book a free surveyor visit.