Jargon buster

Want to know your Conveyancing from your EPCs? You'll come across lots of terms used by agents, surveyors and legal professionals over the next few weeks. Use our jargon buster to crack their meaning and be fully informed.

Arrangement fee

A fee charged by some lenders on particular deals. Find out more about financial services and mortgages.

Asking price

Price a seller hopes to achieve.

Break clause

The point at which a sole agency contract can be terminated.

Buildings survey

Also called a structural survey, this provides a detailed report on the property's construction. Find out more about surveys.

Buying off plan

When you buy a property that hasn't been built yet, i.e. you are buying it based only on what you can see on the plans.

Chain

Where there are more than two properties aiming to complete sale on the same day.

Completion

The final part of the transaction when the transfer of the property title is legally given to the new owner. Find out more about conveyancing.

Conditions of sale

Part of the contract of sale drawn up during conveyancing. Find out more about conveyancing.

Conveyancer

Person who carries out the legal and administrative process involved in transferring the ownership of loan or any building from one owner to another. Find out more about conveyancing.

Deposit

The down payment on a property, paid when contracts are exchanged.

Equity

The difference between the price of a property sold and the loan on it.

Exchange of contracts

A binding legal agreement that confirms the intention to transfer ownership of a property between a buyer and seller.

Gazumping

When your seller accepts your offer but then agrees a higher price with another buyer.

Gazundering

Usually occurs on the day of exchange and is when a buyer re-offers at a lower figure than is agreed on the contract, in order to force the purchase price down.

Homebuyer survey

A standard report that evaluates any urgent repairs. Find out more about surveys.

Listed building

A building that has special preservation orders on it.

Mortgage agreement in principle

An expression of a mortgage lender's willingness to enter into an agreement subject to other conditions being met. Also known as an MAP. Find out more about financial services and mortgages.

Mortgage arrangement fee

A cost charged direct to you by a mortgage broker or independent financial adviser, usually charged on an hourly basis. Find out more about financial services and mortgages.

Mortgage valuation

A report commissioned by your lender to check the property is valued correctly. Find out more about financial services and mortgages.

Planning permission

When permission has to be sought from the local council for changes to be made to a property.

Property price survey

Research that shows the prices of properties across the country.

Sale contract

Contract with an estate agent.

Search

Information on planning and environmental matters obtained from the local authority.

Selling price

Price actually achieved, can be lower or higher than the asking price.

Stamp duty tax

A property purchase tax paid to the Government when you buy a property. Find out more about stamp duty.

Sum insured

The amount for which you have insured your property or items. For example, it might be £30,000 for contents or £175,000 for rebuilding costs. This is the 'sum' you have 'insured' and are paying annually or monthly for. If something goes wrong, it is the most the insurer will pay out.

Survey

A report on the condition of a property. Find out more about surveys.

Unlimited cover

Where there is no upper value on the amount you are covered for on your insurance. This is worth considering if you have many high-value possessions, although remember that you will have to specify individually any high value items.