Jargon Busting Guide: Understanding Estate Agent Speak

Buying, selling, or renting a home is exciting - but let's be honest, the jargon can make it feel like you need a translator.  From "gazumping" to "LTV", the property world has language all of its own.  Don't worry - we've broken down some of the most common terms you'll hear, so you can feel confident every step of the way.

Key Terms Explained 

Chain
This means a line of buyers and sellers linked together because each purchase depends on another.  For example, if you're buying a house from someone who also needs to buy, you're in a chain.

Gazumping
When a seller accepts your offer, but then later takes a higher one from someone else before contracts are exchanged. (Yes, it's frustrating - but it happens).

LTV (Loan to Value)
A mortgage term.  It's the percentage of the property price you're borrowing compared to the deposit you put down.  For example, with a £200,000 home and a £20,000 deposit, your LTV is 90%.

Exchange of Contracts
This is the moment your purchase becomes legally binding.  Before this point, either party can walk away.  After exchange, you're commited.

Completion
The big day!  This is when the money is transferred, and you you get the keys to your new home!!

Freehold vs Leasehold

• Freehold  You own the property AND the land it sits on.
• Leasehold You own the property for a set number of years but not the land.  You may also have to pay ground rent and service charges.

Survey
A professional check on the condition of the property - spotting issues like damp, roof problems, or structural concerns before you commit.

STC (Sold Subject to Contract)
The property is under offer, but contracts haven't been exchanged yet.

Final Thought

Understanding the lingo makes the whole process smoother - and less stressful.  If you ever hear a term you're not sure about, don't be afraid to ask your estate agent.  We're here to make things clear, not confusing.