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Property Key Terms You May Not Know


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Here are all the property jargon you may not know

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Property Key Terms You May Not Know

  1. 1. Property Key Terms You May Not Know
  2. 2. APRC: • APRC, formally known as an Annual Percentage Rate of Change, is the entire, total cost of a loan; including interest charges, arrangement fees and others shown as a percentage rate and easily comparable with mortgage interest rates.
  3. 3. Bridging Loan •A temporary loan advanced to help buy a new property before the existing one has been sold.
  4. 4. Chain • Multiple linked property sales where exchange of contracts have to take place on a simultaneous basis.
  5. 5. Conveyancing •The legal work involved in buying and selling properties.
  6. 6. Disbursements •Fee's including Stamp Duty and others on top of conveyancing which you normally pay via a solicitor.
  7. 7. Gazumping •Where a seller accepts a higher price than that previously agreed with another buyer.
  8. 8. Private Treaty •Way in which most house sales are completed in England and Wales.
  9. 9. Ombudsman •Professional bodies who investigate complaints on behalf of customers against estate agents, solicitors and insurance companies.
  10. 10. LAUTRO •LAUTRO, formally known as the Life Assurance Unit Trust Regulatory Organisation.
  11. 11. Vendor •The legal name sometimes used to describe the seller of the property.
  12. 12. Under Offer •When the seller accepts an offer on the property but contracts haven't yet been exchanged.
  13. 13. Freehold •Ownership of the property and land upon which the property is situated.
  14. 14. Stamp Duty • A tax paid to the government by the buyer upon completion.
  15. 15. We hope you enjoyed our blog: Property Key Terms You May Not Know. If you have any questions or require further advice, don't hesitate to contact us: Twitter: @GlocalR Facebook: Glocal Residential Or, Call us today: 0121 655 5188