property key terms you may not know
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Adding Personal Touches To Your Rented Home
Property Key Terms You May Not Know
APRC:
APRC, formally known as an Annual Percentage Rate of Change, is the entire, total cost of a loan; including interest charges, arrangement fees and others shown as a percentage rate and easily comparable with mortgage interest rates.
Bridging Loan
A temporary loan advanced to help buy a new property before the
existing one has been sold.
Chain
Multiple linked property sales where exchange of contracts have to take place on a simultaneous basis.
Conveyancing
The legal work involved in buying and selling properties.
Disbursements
Fee's including Stamp Duty and others on top of conveyancing
which you normally pay via a solicitor.
Gazumping
Where a seller accepts a higher price than that previously agreed with another buyer.
Private Treaty
Way in which most house sales are completed in England and Wales.
Ombudsman
Professional bodies who investigate complaints on behalf of customers against estate agents, solicitors and insurance companies.
LAUTRO
LAUTRO, formally known as the Life Assurance Unit Trust
Regulatory Organisation.
Vendor
The legal name sometimes used to describe the seller of the
property.
Under Offer
When the seller accepts an offer on the property but contracts
haven't yet been exchanged.
Freehold
Ownership of the property and land upon which the property is situated.
Stamp Duty
A tax paid to the government by the buyer upon completion.
We hope you enjoyed our blog: Property Key Terms You May Not
Know.
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