Jargon Buster


Jargon Buster

Are you looking at buying or selling a property? Are you looking to find a mortgage?

You might have heard a few different phrases or terms and maybe you aren’t quite sure what they mean, well our local property experts here at Next Home are here to help! Here’s a quick guide on some industry lingo!

Administration/Application fee

This is a fee levied by the mortgage lender to cover the cost of processing a mortgage application.

Appraised value

This is the value of a property as estimated by a surveyor.

CHAIN

The situation that occurs when a buyer is reliant upon completion of the sale of their existing property, in order to complete on the purchase of his new property.

COMMISION

The agents fee for selling the property.

CONVEYANCING

Traditional term for the legal work involved in the purchase and sale of a property.

LAND REGISTRY FEE

Paid to the Land Registry to register ownership of a property.

LISTED BUILDING

One officially listed as being of special architectural or historic interest, which cannot be demolished or altered without (local) government consent.

LOAN TO VALUE

The size of the mortgage as a percentage of the property’s value.

PRINCIPAL

The sum of the loan on which interest is calculated.

TRANSFER DEEDS

The land registry document that transfers legal ownership from seller to buyer.

These are just a few different terms you might hear when looking into purchasing a property. If you hear or see anymore that you aren’t sure about then just pick up the phone and call your local property experts here at Next Home! We are always happy to help and answer your questions and enquiries. Call us today on: 01738 44 43 42