Are you confused by estate agent jargon?

Are you a bit confused by estate agent jargon? Use our handy guide to decipher the terminology that estate agents use so that you are never befuddled again!

 

Memorandum of Sale

A memorandum of sale is an important document, which attests to the fact that the seller and the buyer have agreed on the sale of the property.

 

Survey

A report of the condition of a property. There are several different types of survey.

 

Chain

When several house purchases and sales are dependent on one another for a successful conclusion, this is referred to as a property chain.

 

Completion Statement

In essence, a completion statement for the sale of a property is the bill you are required to pay for different sale-related expenses. It will list all of the payments you need to make in order to complete the purchase.

 

Assign

This is the transfer of ownership of a property from one individual to another.

 

Annual Percentage Rate (APR)

The overall cost of the loan, expressed as a percentage, that includes interest and arrangement fees.

 

Arrangement Fees

Fees the mortgage lender charges for arranging the loan.

 

Acceptance

The act of signing a document to accept a mortgage offer from a lender.

 

Bridging Loan

Utilised to obtain funding for a purchase before the buyer has sold their present property.

 

Contract

The binding terms of the agreement concerning the transaction between the buyer and seller.

 

Conveyancer

All legal matters relating to the sale and purchase of property are handled by a licensed conveyancer.

 

Conveyancing

The process of formally transferring the ownership of property.

 

Equity
The equity in a property is the portion of it that you actually own. It is the market value of the property minus any outstanding mortgage.

 

Capital

The “profit” on a property is called the capital or equity.

 

Base Rate

Commercial banks that receive loans from the Bank of England are required to pay interest, the amount of which is based on the base rate. So if the base rate goes up, so do mortgage rates.

 

If you are considering putting your property on the market and would like to know more about how we can help you to be in your new home in time for summer please give us a call on 01608 695252 or send us an email to hello@distinctpropertyconsultants.co.uk.

 

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