This document defines key property terms that buyers and sellers should understand when purchasing a home. It explains terms like APRC, which is the total cost of a loan including fees; bridging loans, which help finance a new property before the existing one sells; and conveyancing, which is the legal work of buying and selling. Other defined terms include gazumping, when a seller accepts a higher offer; private treaty sales; roles of ombudsmen and regulatory organizations; meanings of "vendor", "under offer", and "freehold"; how stamp duty works; and contact information for any other questions.

1. Property Key Terms You May
Not Know

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. Bridging Loan
•A temporary loan advanced to
help buy a new property before
the existing one has been sold.

4. Chain
• Multiple linked property sales
where exchange of contracts
have to take place on a
simultaneous basis.

5. Conveyancing
•The legal work involved in buying
and selling properties.

6. Disbursements
•Fee's including Stamp Duty and
others on top of conveyancing
which you normally pay via a
solicitor.

7. Gazumping
•Where a seller accepts a higher price
than that previously agreed with
another buyer.

8. Private Treaty
•Way in which most house sales are
completed in England and Wales.

9. Ombudsman
•Professional bodies who investigate
complaints on behalf of customers against
estate agents, solicitors and insurance
companies.

10. LAUTRO
•LAUTRO, formally known as the Life
Assurance Unit Trust Regulatory
Organisation.

11. Vendor
•The legal name sometimes used to
describe the seller of the property.

12. Under Offer
•When the seller accepts an offer on the
property but contracts haven't yet been
exchanged.

13. Freehold
•Ownership of the property and land
upon which the property is situated.

14. Stamp Duty
• A tax paid to the government by
the buyer upon completion.

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:
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