Jargon buster
Want to know your conveyancing from your HIPs? You'll come across lots of terms used by agents, surveyors and legal professionals over the next few months. Use our jargon buster to crack their meaning and be fully informed.
Arrangement fee
A fee charged by some lenders on particular deals.
Asking price
Price a seller hopes to achieve.
Break clause
The point at which a sole agency contract can be terminated.
Buildings survey
Also called a structural survey, this provides a detailed report on the property's construction.
Buying off plan
When you buy a property that hasn't been built yet, i.e. you are buying it based only on what you can see on the plans.
Chain
Where there are more than two properties aiming to complete sale on the same day.
Completion
The final part of the transaction when the transfer of the property title is legally given to the new owner.
Conditions of sale
Part of the contract of sale drawn up during conveyancing.
Conveyancer
Person who carries out the legal and administrative process involved in transferring the ownership of loan or any building from one owner to another.
Deposit
The down payment on a property, paid when contracts are exchanged.
Equity
The difference between the price of a property sold and the loan on it.
Exchange of contracts
A binding legal agreement that confirms the intention to transfer ownership of a property between a buyer and seller.
Gazumping
When your seller accepts your offer but then agrees a higher price with another buyer.
Gazundering
Usually occurs on the day of exchange and is when a buyer re-offers at a lower figure than is agreed on the contract, in order to force the purchase price down.