Property Jargon 101 – Learning The Language Of Your Estate Agents

Buying a new home can be confusing, especially if you’re doing so for the first time, so we won’t blame you if some of the technical terminology used in your paperwork goes over your head.

Jackson Green & Preston is all about making moving as straightforward as possible, so we have compiled a small selection of some of the key terms you might need to know.

Agreement in Principle – An estimate of how much money you will be able to borrow from a mortgage lender, usually based on income and credit history

Bridging Loan – A short-term loan which enables a buyer to purchase a property before selling their own

Property Chain – This occurs when several property sales are dependent on each other, where for example you have to wait to move into your new home until its original owner has moved into theirs

Conveyancer – A lawyer specialising specifically in the transfer of home ownership

Equity – This represents the ongoing market value of a home, taking into account additional money the homeowner has put into the property

Freehold – You own both the building you buy and the land it sits on, as opposed to only owning a single property, such as a flat.

Under Offer – If a property is under offer, this means the seller has accepted an offer, but contracts are still yet to be exchanged