The property world is full of words and expressions that may be unfamiliar to anyone who is not regularly buying, selling, letting or renting a home. This guide will help shed light on estate agent lingo.
A payment which is charged to cover the costs of processing a property rental application. This is paid by the tenant and will be taken from the initial monies once the tenancy starts.
The rate of interest which the Bank of England charges for lending to other banks. These banks then use it as a benchmark for the interest rates they charge when lending money to consumers, often stipulating an interest rate “X% above the base rate”.
When buying: The amount of money paid by the buyer on exchange of contracts, usually 10% of the purchase price.
When renting: A monetary sum held by the landlord or agent for security against damage to a property or a breach of the tenancy terms. This is usually the equivalent to six weeks’ rent but may vary. If the deposit is for an Assured Shorthold Tenancy (AST), then it must be protected by one of the approved tenancy deposit protection schemes.
Items that have been damaged during a tenancy. The tenant is usually responsible for the cost of repair or replacement.
The items in addition to legal fees in conveyancing. These may include Stamp Duty Land Tax, Land Registry fees, search fees, mortgage redemption costs and any other expenses. All conveyancers should be able to estimate the likely level of disbursements before the transaction commences.
A right that affects a property – such as the right of neighbours to pass over an access path or the right of the water company to have their pipes and drains running under the property.
The broadest form of property tenure guaranteeing that occupation continues for an indeterminate period of time. This contrasts with leasehold, which is always subject to a specified period of occupation.
Subject to contract
Where contracts are still not exchanged and nothing is yet legally binding on either seller or buyer.
The person selling a property.
If you’re looking for the perfect home in Warwickshire or looking for a bit more space, take a look at our latest rental properties in the Leamington area or properties for sale or get in touch today to find out more on 01926 88 88 44.