• Blog
  • Process
  • FAQ
  • Contact
  • Agent Login
  • Surveyor Login
  • Homebuyer Login
  • Glossary - Jargon Busted

    6th December 2017

    Glossary – jargon busted

    A  B  C  D  E  F  G  H  I  J  K  L  M  N  O  P  Q  R  S  T  U  V  W  X  Y  Z

    A

    Auction: a public sale in which goods or property are sold to the highest bidder

    Asking Price: the price at which something is offered for sale

     

    B

    Building Survey:  survey suitable for big, old, complicated, or listed properties as well as those in need of renovation.

     

    C

    Completion: the final stage in the sale of a property, at which point it legally changes ownership through the transfer of funds

    Condition Report: a survey suitable for fairly new, conventional and straightforward properties.

    Conveyancing: the legal process of transferring property from one owner to another

     

    D

    Damp: an excess of moisture in a building that cannot escape resulting from water ingress from outside or condensation on the inside (see post)

    Damp proof course: in simple terms this is a barrier which is designed to prevent damp within a property. The damp proof course is a barrier in the wall which stops water (moisture) rising from the ground and up the walls through capillary action – a process known as rising damp.

    Deposit: a sum payable as a first instalment on the purchase of something or as a pledge for a contract, the balance being payable later

     

    E

    Estate agent: a person whose job involves selling and renting out buildings and land for clients

    Exchange of Contracts: the moment where the agreement to buy/sell a property becomes legally binding and a deposit is typically paid by the buyer

     

    F

    **Definitions coming soon – have a definition query? Contact us!**

     

    G

    Gazumping: the seller is tempted to accept a better offer just before exchange of contracts despite the investments you’ve made into conveyancing and surveys

    Gazundering: the buyer is tempted to change their offer just before exchange of contracts, threatening to withdraw if the seller doesn’t accept a lower offer

    Gazanging: the seller withdraws in the belief that the market will improve in a few months and they will get a better price

     

    H

    Heave: upward movement of the ground beneath the buildings as a result of the soil expanding.

    Homebuyer Report: survey suitable for older, fairly standard properties that may need some attention. Can come with or without a valuation.

     

    I

    **Definitions coming soon – have a definition query? Contact us!**

     

    J

    **Definitions coming soon – have a definition query? Contact us!**

     

    K

    **Definitions coming soon – have a definition query? Contact us!**

     

    L

    Landslip: downward movement of sloping ground.

     

    M

    Mortgage: a legal agreement by which a bank, building society, etc. lends money at interest in exchange for taking title of the debtor’s property, with the condition that the conveyance of title becomes void upon the payment of the debt.

    Mortgage valuation: a valuation of the property by the mortgage lenders to confirm the property is a suitable security for the value of the loan being provided.

    Mortgage in principle: a certificate or statement from a lender to say that ‘in principle’ they would lend a certain amount to a particular prospective borrower or borrowers based on some basic information. (Also known as: Decision in Principle, Mortgage Promise, Agreement in Principle)

    Mortgage offer: a formal document containing the final loan amount and any conditions attached to the loan. Typically valid for 3-6 months.

     

    N

    **Definitions coming soon – have a definition query? Contact us!**

     

    O

    Offer: present or proffer (something) for (someone) to accept or reject as desired (such as an amount of money for a property)

     

    P

    Patching (Tuck Pointing): the old mortar between the bricks (pointing) is patched over without first removing the crumbling sections.

    Pointing: the mortar that bonds bricks together in a wall

    Property sourcer: finds, negotiates and packages property deals for a buyer

     

    Q

    **Definitions coming soon – have a definition query? Contact us!**

     

    R

    Repointing: the eroded mortar is removed to provide a clean brick/stone surface and new mortar is put back in place.

    RICS: Royal Institution of Chartered Surveyors – the regulatory body for Chartered Surveyors.

     

    S

    Searches: enquiries that provide further legal information about a property you plan to purchase. These include local authority searches (such as planning issues), water and drainage searches (e.g. to check if public sewers affect future development of the site) and environmental searches (e.g. to check for previous land use and resulting environmental issues).

    Settlement: downward movement as a result of the soil being compressed by the weight of the buildings within ten years of construction.

    Subsidence: downward movement of the ground beneath the buildings other than by settlement.

     

    T

    **Definitions coming soon – have a definition query? Contact us!**

     

    U

    **Definitions coming soon – have a definition query? Contact us!**

     

    V

    **Definitions coming soon – have a definition query? Contact us!**

     

    W

    **Definitions coming soon – have a definition query? Contact us!**

     

    X

    **Definitions coming soon – have a definition query? Contact us!**

     

    Y

    **Definitions coming soon – have a definition query? Contact us!**

     

    Z

    **Definitions coming soon – have a definition query? Contact us!**