Glossary ARLA (Propertymark): The Association of Residential Letting Agents - the professional body for letting agents in the UK. ARMA: The Association of Residential Managing Agents - the leading trade association for residential leasehold management in England and Wales. RICS: The Royal Institution of Chartered Surveyors - the world’s leading professional body for qualifications and standards in land, property, infrastructure and construction. NAEA (Propertymark): The National Association of Estate Agents - the professional body for estate agents in the UK, promoting the highest standards in estate agency. Chain: Most sellers will be buying a new home at the same time, and the person they’re buying from is also likely to be buying another property. This is called a chain. Completion date: This is the date when you become the owner of your new property, and can move in, having paid all money due. Completion statement: Your lawyer or conveyancer will provide a statement, which lists all the financial transactions and costs. Conditions of sale: These are the terms agreed between the buyer and seller, including any special terms. Conveyancer: A property lawyer or solicitor who manages all of the legal aspects of selling or buying a property. Conveyancing: The legal process of buying or selling a property and transferring ownership. Deed(s): The legal document(s) that gives title to the property and includes its history of ownership. Deposit: See Mortgage deposit and Holding deposit. Disbursements: Other expenses paid by the lawyer or licensed conveyancer on the buyer’s behalf, such as local searches, Stamp Duty and Land Registry fees. EPC: The Energy Performance Certificate (EPC) shows the energy efficiency and carbon emissions of a property and gives an indication of the fuel bills. It’s shown as two graphs - the energy efficiency and environmental impact of the property. Each is graded from A to G with A being the best rating. Equity: This is how much of the property you own. It’s the difference between the value of your home and the mortgage you still owe. Negative equity occurs when you owe more to the lender than the sale price of the property. Exchange of contracts: The buyer and seller exchange contracts through their lawyers. The contract is a legally binding agreement and means they are committed to the transaction. At this time, the buyer could pay a holding deposit. Fixtures and fittings: A list of the items at the property, which will be included or excluded from the sale. Freehold: When you buy a freehold property you own the property and the land outright and are responsible for maintaining them. See also Share of freehold. Gazumping: This happens if the seller takes an offer of a higher price offer from another house buyer after your offer has been accepted. Gazundering: This happens if the buyer offers a lower price after the original offer has been accepted by the seller. Holding deposit: This is paid when contracts are exchanged, but not all sellers insist on a holding deposit. It is paid to the seller’s solicitor and is usually between £500 and £1000 or a percentage of the purchase price. This demonstrates that you are serious about purchasing the property and is only refundable in some circumstances, usually if the seller pulls out. 3 2
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