September 28, 2023

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OnTheMove: A information to key property phrases for first time movers

5 min read

There are many individuals and processes concerned in the case of shifting residence and a myriad of related phrases to become familiar with.

For a lot of first time movers, these phrases may be complicated, so we’ve put collectively a jargon busting information to decode them which was featured in our first OnTheMove podcast episode.


A vendor is one other title for a vendor or a celebration promoting a property.

Valuation vs market appraisal

A market appraisal is what an property agent will present for you when your property that you simply need to promote. This will likely generally be known as a valuation however shouldn’t be confused with a RICS Certified Valuation or the official valuation of a property offered by the financial institution.

The official valuation of a property’s worth offered from the financial institution is predicated on comparable proof and doesn’t take issues under consideration like whether or not the property is vibrant and properly adorned or finish of terrace for instance.

Association charges

When desirous about organising your mortgage, association charges are what the lender will cost to have interaction you in a mortgage product. These are additionally generally referred to as product charges they usually can both be paid upfront or added to the mortgage, nonetheless in the event that they’re added to the mortgage, you’ll have to pay curiosity on them.

Mortgage Settlement In Precept (Mortgage AIP)

A mortgage Settlement In Precept (AIP) is offered by mortgage lenders to present you an concept of what they’d be ready to lend you. A mortgage AIP due to this fact provides you an summary of the quantity of mortgage you’d be capable to borrow and is predicated on checks performed by the lender and fundamental info akin to your credit score rating and your earnings.

Stamp Responsibility (Stamp Responsibility Land Tax)

Stamp Responsibility is tax payable within the UK on the acquisition of property or land. When shopping for a property, you get a sure proportion of your buy value Stamp Responsibility free and if you happen to’re a primary time purchaser, this can be a bigger portion as much as £425,000 for the time being. Stamp Responsibility is payable inside 30 days of completion and your conveyancer is accountable for paying it to the Land Registry.

Land Registry charges

Charges which can be due when you undergo to completion to register the property as new possession in your title.

Power Efficiency Certificates (EPC)

An Power Efficiency Certificates, generally referred to as an EPC, reveals the vitality effectivity of a property. EPC rankings vary from A (the very best ranking) to G (the worst ranking) and each property that’s rented, bought or purchased will need to have an EPC ranking within the UK.

Freehold vs leasehold

When wanting on the tenure of a property, freehold means you personal the property and the land that it sits upon, whereas with a leasehold, you personal the property however not the land for a set period of time and flats are usually leasehold.

Bought Topic to Contract (SSTC)

When a property is Bought Topic to Contract or listed as SSTC, this implies a suggestion on the property has been accepted however the events are nonetheless within the means of negotiation. Throughout the SSTC interval, the sale will not be but legally binding because the conveyancing and authorized course of has not but been accomplished so there’s an opportunity the sale should still fall by throughout this time and different provides can nonetheless be made on the property.

A full information to what SSTC means for consumers and sellers may be discovered right here.

Structural Survey vs Residence Purchaser Survey

A Structural Survey is essentially the most thorough survey performed for a property and covers all potential particulars of the structural parts of the constructing, and due to this fact seems at all the things from the exterior elements of the constructing to the interior elements of the constructing and the roof.

A Residence Purchaser Survey isn’t as in depth and received’t cowl the construction of the constructing.

Structural Surveys are normally performed when buying a freehold and a Residence Purchaser Survey is normally performed when shopping for a flat.


The conveyancing course of begins when a purchaser and vendor agree in precept a sure value for the sale of a property and each events have instructed a solicitor to hold out the method. Throughout the conveyancing course of, the vendor and their solicitor shall be accountable for offering draft contract papers, Title Deeds, protocol varieties, sellers questionnaires, what’s staying within the property in addition to additional particulars. The customer’s solicitor shall be accountable for elevating inquiries to ensure what the client is buying is what they suppose they’re shopping for, and there aren’t any hidden issues inside that.

The conveyancing course of will travel from one solicitor to the opposite to make sure each events are glad earlier than continuing to an trade of contracts.

For tips about selecting essentially the most cost-effective conveyancer for you, click on right here.


Gazumping is when a purchase order value has been agreed however one other social gathering provides the next value to try to safe the property for themselves by gazumping the initially agreed supply.

Property brokers usually get the blame when gazumping happens nonetheless brokers are sure by the Property Company Act which states they need to legally put any supply ahead to their consumer up till the purpose of completion which implies there isn’t something they will do to cease anyone making a suggestion.

Completion assertion

That is the assertion issued by the conveyancer that particulars the enter and output of all of the monetary particulars of a property buy or sale and is often given out between trade of contracts and completion.

Alternate of contracts

Alternate of contracts happens when the conveyancing course of has come to a conclusion and the deal strikes from Bought Topic to Contract to being legally binding. On trade of contracts, a completion date is ready and at that time the deal turns into legally binding and neither social gathering can again out and not using a consequence.

For an entire Shifting 101 and to listen to extra about these phrases and the house shopping for course of, you possibly can take heed to the total first episode of OnTheMove right here.

Content material offered by is for info functions solely. Impartial {and professional} recommendation ought to be taken earlier than shopping for, promoting, letting or renting property, or shopping for monetary merchandise. 

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