If you’re just beginning your venture into the property market, it may be intimidating to be met with a plethora of legal terms. After all, the property market is a dense, diverse sector with many terms that can be confusing if you’re not aware of their definitions. Our handy property jargon buster is here to ensure you can navigate the world of the property market with confidence!
Conveyancing – the legal process of transferring a property from one owner to another.
EPC – Energy Performance Certificate. A document that rates how energy efficient a property is.
Equity – the amount of money a homeowner has put into a property.
First-time buyer – someone who has never bought a property before.
Guide price – an estimated value given to a property.
Letting – a property that is on the market to be rented.
Mortgage – a loan provided by a bank/building society, etc. that allows the buyer to pay the lender over time.
Fixed-rate – an unchanging rate charged during the period of a loan/mortgage.
Forward chain – a scenario where the seller is using the funds achieved by a sale to buy another property.
New build – a newly constructed property.
OIEO – offers in excess of.
Ombudsman – an independent, impartial service designed to settle disputes between the customer and the agent.
Peter Lane Town & Country – a property that we highlight as a luxury property on the upper end of the market.
STC – subject to contract. The owner of a property has accepted an offer, but the legal processes have yet to occur.
Valuation – an assessment of the current value of a property, in which the agent will visit your home and provide an appraisal.
Now that you’re informed on the various terms used in the property world, you can begin your property journey with Peter Lane & Partners! Request a valuation with us today:
Huntingdon: 01480 414 800
Kimbolton: 01480 860 400
