Navigating the world of property sales in the UK can sometimes feel like learning a new language. Estate agents use a variety of terms and phrases that, to the uninitiated, can be quite perplexing. Understanding this estate agent jargon is crucial for any UK homeowner looking to sell their property.
This guide will demystify some of the most common terms and phrases, helping you to communicate more effectively with your agent and potential buyers.
‘Chain Free’
When an estate agent mentions a property is ‘chain free’, it means the seller does not need to purchase a new property to move out. This is often a desirable situation for buyers as it suggests a potentially quicker and simpler transaction process.
‘Guide Price’
This term refers to the price range within which the seller hopes to sell their property. It’s not a fixed amount but rather an indication of what they expect to receive. Understanding this can help you gauge how much room there is for negotiation.
‘Offers in the Region Of (OIRO)’
When you see ‘OIRO’ attached to a property listing, it means the seller is open to offers near the stated price, but possibly willing to consider slightly lower offers. It’s a term that invites negotiation.
‘Gazumping’ and ‘Gazundering’
Gazumping occurs when a seller accepts a higher offer from a new buyer, despite having already agreed to a lower price with another. Conversely, gazundering happens when a buyer lowers their offer at the last minute, just before contracts are exchanged. Both are frowned upon but not illegal in England and Wales.
‘Leasehold’ vs ‘Freehold’
These terms refer to the ownership status of the property. With a freehold, you own the property and the land it sits on outright. Leasehold means you own the property but not the land, and you might have to pay ground rent or service charges. Leaseholds are common for flats and apartments.
‘Stamp Duty’
This is a tax paid by the buyer of the property, calculated as a percentage of the purchase price. It’s important to understand how much stamp duty your potential buyers will need to pay, as it can affect their budget and willingness to purchase.
‘Conveyancing’
This is the legal process of transferring property ownership from one person to another. It involves a conveyancer or solicitor who handles the legal aspects of buying and selling property.
‘EPC Rating’
An Energy Performance Certificate (EPC) rating gives an indication of how energy efficient your property is, with ratings from A (most efficient) to G (least efficient). A better EPC rating can be a selling point for your home and it’s a legal requirement. Your agent will arrange for an EPC on your property on your behalf.
‘Under Offer’ and ‘Sold STC’
‘Under offer’ implies that an offer has been made on the property and the seller is considering it. ‘Sold Subject to Contract (STC)’ means the seller has accepted an offer, but the legal process is not yet complete.
‘Vendor’
Simply put, this is the person selling the property.
Armed with this knowledge, you can navigate the property market with greater confidence. Remember, selling your home is a significant step, and understanding the language of the trade is key to a successful transaction.
If you’re contemplating selling your home and want expert guidance in plain English, Eastaway Property is here to assist. We believe that every property has a story; let us share yours.
Contact us for a free, no-obligation marketing appraisal, where we’ll speak your language and make sure your property story reaches the right audience. With our approachable expertise, we’ll help translate your selling goals into a successful reality.