What is the jargon used in buying and selling property?
Disbursements: payments we make on your behalf to third parties e.g. stamp duty or for property searches.
Stamp Duty: a tax you pay when purchasing a property; first time buyers are exempt up to £300,000. See here for a calculator on how much you’ll need to pay for your dream home.
Searches: a collection of reports about the land surrounding your new home.
Freehold: you own the building and the land in perpetuity.
Leasehold: you own the property for the length of your lease agreement, you’ll usually pay maintenance fees and annual ground rent.
Peppercorn rent: a token or nominal rent, fairly common on very long leaseholds, can be as small as £1 per annum.
Exchange: solicitors exchange contracts and your moving in date gets arranged.
Completion: you now officially own your new home!
Gazump: a seller reneges on your offer and accepts a higher offer from another buyer.
Chain: a group of buyers and sellers connected in a property chain.
Homebuyers report: a report giving an overall opinion on the condition of a property that helps you decide whether or not to go ahead with the purchase.
Royal Institute of Chartered Surveyors (RICS): RIC surveyors conduct homebuyers reports.
Please note that all information provided in this FAQ is for general reference only. It should not be used as a sole or definitive source, nor is it intended to be used for decision making in place of appropriate advice from a qualified legal professional. As such the information is provided as-is and Brevis cannot accept any responsibility or liability for any loss or damage resulting from any errors or ommission in, or any reliance on, information contained in this guide.