Some estate agents use a lot of unnecessary jargon. It’s not big or clever.
At Brunton Residential, we believe in honesty and telling things as they are so we’ve created this jargon-busting guide to help you understand some of the language you might encounter during the buying process.
The vendor – The person selling a place.
The applicant – The person buying the place.
Sole agent – Not to be confused with a “soul” agent who is a fan of Luther Vandross / James Brown and sells and lets properties; basically this means the only agency selling the property.
Chain free – This should be an easier place to buy due to the lack of people, solicitors, agents, surveyors etc involved.
Mortgage Offer – The lender’s letter proving you have a loan for the money to buy the property.
Conveyancing – The legal stuff that needs doing when you are buying a place.
EPC (Energy Performance Certificate) – The piece of paper which shows how energy efficient (draughty or insulated) the place is.
Subject to contract – You’ve agreed to buy the place, they’ve accepted your offer but everything is still in the lap of the gods until exchange of contracts happens.
Stamp duty – The Government tax which makes buying your place a lot more expensive, especially if it’s a holiday home in Cornwall or a flat in Brixton you plan to let out (as of April this year).
Exchange – When everything is legally agreed by everyone involved and you can swap contracts, making buying the place a whole lot more likely. At this point you can have a drink.
Completion – The moment the place becomes yours. When the keys are in your hand, kiss the agent, order a take away and have another, larger drink.