Sometimes we use slightly perplexing words in the property world, so if you're not sure what they mean, check out our jargon-buster.
Sale by Tender
A process by which a property is placed on the market inviting sealed bids to be submitted to the estate agent by a given date and time for the seller's consideration. Sale by Tender sales are subject to the buyer paying an introduction fee rather than the seller paying a commission fee to the agent.
This is a request or enquiry relating to information about a property that is held by the local authority or the Land Registry.
The property which the lender can sell to repay the loan if the borrower does not keep up the mortgage payments.
A property which is joined to one other house.
The costs that are incurred by a freeholder for repairing and maintaining internal and external communal parts of a building, which is passed to the leaseholder.
This is a single estate agent entrusted with the sale of a property; usually for an agreed term.
A legal expert who handles all the documentation of a sale or purchase of a property.
The tax paid by the buyer for a property where the purchase price exceeds £125,000. The rates of duty paid currently range from 1% to 4% of the purchase price depending upon the total value of the property bought. Some areas may be exempt from this charge depending on local conditions.
Standard Variable Rate (SVR)
The standard variable rate is the normal interest rate lenders charge. This rate can change from time to time.
The most comprehensive type of property survey carried out by a professional surveyor that should give the buyer an indication of any structural problems or repairs required.
A property that consists of one main room or open-plan living area which incorporates both sleeping and cooking facilities, generally with a separate bathroom or shower room.
Subject to Contract (STC)
The term used to confirm that a transaction is not legally binding.
A professionally qualified expert who carries out an instructed survey.