Jargon Buster

Accompanied Viewings
Viewings that will accompanied by a member of our team.

An invisible line dividing one person’s property from that of another.

Cash Buyer
A cash buyer is someone with ready fund/cash in the bank.

Cash on Completion
This is a buyer who will be able to purchase with cash upon the sale of their property.

This is the point at which you will either become the legal owner of property or have legally sold your property. Monies will be transferred to the vendors’ solicitor and keys will be handed over to the new legal owner.

They are the solicitors that deal with residential and commercial property sales.

Energy Performance Certificate (EPC)
A report required by law for the marketing of any residential or commercial property that shows the current energy efficiency of a building and gives recommendations for improvement.

Throughout the sales process solicitors will ask questions about the property you are purchasing. This is referred to as raising enquiries.

The individual named as the responsible person to look after someone’s personal affairs in their will.

This is the formal agreement to purchase a property whereby solicitors exchange signed contracts. It is at this point the you will be required to place a 10% deposit and be legally bound to purchase a property.

Feature Property
A further enhancement of your property listing on Rightmove which pins it to the top of the search page for a specified period of time.

First Time Buyer (FTB)
This is a buyer that has never bought a property before.

First Time Buyer Schemes
A scheme offered by the local council to help first time buyers get on the property ladder when purchasing a new build property. These schemes vary, with different criteria from developer to developer.

Fixtures and Fittings Form (F&F Form)
This is a document your solicitor will ask you to fill in which asks you to confirm what you will be including in the sale of your property.

Home Buyers Survey
This is an optional full survey offered by lenders and individual surveyors to assess the condition of a property.

Mortgage in Principle (MIP)/ Decision in principle (DIP)/ Agreement in principle (AIP)
These are all the same thing. The lenders decision as to how much money they might be able to offer you based on the information you have provided to them or your mortgage broker.

Mortgage Offer
This is the lenders offer on how much they will be willing to lend you on a particular property.

Mortgage Valuation Survey
A compulsory survey instructed by lenders for them to give their opinion on the value of the property you are wishing to purchase.

Offers in the Region Of
This is an indictor that we expect to achieve in and around this amount.

Offers Over
This is the minimum the vendor would consider.

An agreement that if something increases in value due to a change of status after it is purchased, the new owner will pay the previous owner a percentage of the increase in value. For instance, if the new owner obtains planning permission on a piece of land, they will pay ‘overage’ to the person they bought it from.

Premium Listing
An enhanced listing on Rightmove so that your property stands out from the crowd. We apply a Premium Listing to all properties listed with us.

The process in which an executor of a will applies to look after the property and monies of someone who has died.

Proceedable Position
A buyer that has either full cash, is not dependent on the sale of a property or has a property that is Sold Subject to Contract.

Proof of Funds
Evidencing to us the full finances equalling to your offer amount. These could include bank statements, mortgage in principal or showing the equity in your property.

Property Information Form (PIF)
This is a document your solicitor will ask you to fill in which asks you to confirm comprehensive information about the property.

Sales Negotiator
A dedicated member of the team that will look after your property sale.

Sold Subject to Contract (SSTC)
This is having an offer agreed and proceeding with solicitors.

Tenancy Agreement
A contract between you and your landlord, outlining the terms and conditions of your tenancy, and allowing you to live in the property providing you pay rent and follow the rules.

Under Offer
The point at which you accept an offer on your property but it has not yet been instructed to solicitors.