property key terms you may not know

Adding Personal Touches To Your Rented Home

Property Key Terms You May Not Know

APRC:

APRC, formally known as an Annual Percentage Rate of Change, is the entire, total cost of a loan; including interest charges, arrangement fees and others shown as a percentage rate and easily comparable with mortgage interest rates.

Bridging Loan

A temporary loan advanced to help buy a new property before the existing one has been sold.

Chain

Multiple linked property sales where exchange of contracts have to take place on a simultaneous basis.

Conveyancing

The legal work involved in buying and selling properties.

Disbursements

Fee's including Stamp Duty and others on top of conveyancing which you normally pay via a solicitor.

Gazumping

Where a seller accepts a higher price than that previously agreed with another buyer.

Private Treaty

Way in which most house sales are completed in England and Wales.

Ombudsman

Professional bodies who investigate complaints on behalf of customers against estate agents, solicitors and insurance companies.

LAUTRO

LAUTRO, formally known as the Life Assurance Unit Trust Regulatory Organisation.

Vendor

The legal name sometimes used to describe the seller of the property.

Under Offer

When the seller accepts an offer on the property but contracts haven't yet been exchanged.

Freehold

Ownership of the property and land upon which the property is situated.

Stamp Duty

A tax paid to the government by the buyer upon completion.

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property key terms you may not know

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