Selling a property can be a confusing time. Not only are there so many steps, so much to think about and so many processes and costs, there’s also the element of jargon only the experts know. Which can often lead you banging your head against a wall.
Here at Fast Cash Property we only deal in simplicity, from our services and buying process, to the advice, support and language we use to ensure you get the best possible selling experience.
However, if there are a few terms you aren’t sure of, do not worry. Below you’ll find our complete selling your home glossary so you know exactly what you’re talking about, and more importantly what’s being said to you.
- Advance: A term used to describe your mortgage loan.
- APR: This stands for annual percentage rate and is the total cost of your mortgage loan. This includes all costs, fees and interest charges. This is shown as a percentage and is used in other areas of finance too.
- Balance Outstanding: The amount you are still required to pay on your mortgage.
- Building Insurance: A type of insurance taken out to ensure you can rebuild your home from scratch should it be damaged by the likes of lightning or fire.
- Buy-to-let: A type of property that has been purchased with the desire to then let it out to tenants.
- Chain: The process of buying and selling where other people are involved in transactions at the same time. Therefore all transactions need to be completed for sales to go through. If a transaction doesn’t go through this is a break in the chain and has a knock on effect for the other transactions.
- Completion Date: The date in which a transaction has been completed and the home has officially changed ownership.
- Contract: The legally binding document between the buyer and seller.
- Conveyancer: This is a person who is qualified to act in the sale of properties.
- Deeds: Documents which define the ownership of the property and the amount of land they own, including the land boundaries.
- EPC: This is an energy performance certificate which sellers must get by law when selling in order to highlight how energy efficient the home is.
- Equity: The difference in the mortgage which you owe on your home and the value of a property.
- Gazumping: When you’ve had an offer accepted on a property but the seller then accepts a higher offer from another buyer.
- Gazundering: When a buyer lowers their offer just prior to exchanging contracts with the seller.
- Land Registry: The governing body in England and Wales which has the records of all registered properties.
- Stamp Duty: This is tax paid to the government when purchasing a property. It is paid once the sale is complete.
- Survey: An inspection carried out by a surveyor to ensure the valuation of the property is correct and there are no hidden faults.
- Variable Interest Rate: A type of interest that will fluctuate over time during your mortgage.
- Vendor: Another way to describe a seller.