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Property Jargon

From the simple to the complex! Hydeproperty's property jargon index will guide you through the language of the property market. Alphabetically listed and user friendly. 


A

Annual percentage rate (APR)----- The rate at which interest on loans / mortgages is charged. For example, 100 Euro borrowed at a 10% APR on a loan term of 1 year means you repay 110 Euros altogether.

Auction-----The sale of a property to the highest bidder. This can be done through a public auction held in a sales room or a private auction where bidders are directly in contact with an Auctioneer.

B

Bridging Loan-----A specific type of loan which allows a person purchase a second property before the sale of their own property is complete.

Building Survey-----A structural survey of a property which reports on the condition of a property. A purchaser usually has a building survey done to so they know the exact condition of the property they are buying.

Buy to Let----- When a property is purchased or built for the specific purpose of letting / renting to others.

C

Capital Gains Tax-----A tax levied by the government on the profit made by the sale of a property. Various exemptions and conditions apply to this tax. 

Contract-----Once a price has been agreed between a purchaser and a seller, a contract is drawn up by their solicitors giving the conditions & details of the sale. Once signed, a legally binding document between the purchaser and seller.

Conveyancing-----Term used to describe the legal work involved in the buying and selling of property. Also gives rise to a conveyancer, a person who is proficient in such work.

Covenants-----The rules governing a property usually found in its title deeds / lease.

D

Deeds-----Legal document showing ownership of a property.

Deposit-----An initial sum of money paid by the purchaser on a property. 

E

End of Terrace-----Description of a property which is located at either end of a row / terrace of houses. See terrace also. 

Endowment Mortgage-----A specific type of mortgage wherby the purchaser makes repayments consisting of a certain amount of interest on the mortgage and a certain amount which is invested in an endowment policy (eg. a pension, stocks & shares etc). The endowment policy should finish within a certain time frame and be sufficient (in theory) to repay the full mortage.

Equity-----The difference between a property's value and the outstanding mortgage on it.

F

Fixtures and fittings-----A term used to describe items such as skirting boards, light switches, plug sockets etc. Not normally taken by a seller when leaving a property.

Freehold-----Term used to describe ownership of a property, meaning it is literally 'held free'. See also Leasehold to contrast terms.

G

Gazumping-----Happens when a Seller accepts an offer from another purcahser despite having accepted a bid from a differing purchaser previously. Occurs between the time a price has been agreed and a legally binding contract is signed.

Gazundering-----Unlike gazumping, not that common. A buyer may make a lower offer to a seller depsite agreeing a purchase price previously or a seller may decide to sell at a lower price to a differing purchaser.

Ground rent-----A rent charged by a freeholder to the leaseholder on a property. Especially common on older properties.

Guarantor-----Sometimes a bank may request a guarantor for a loan - a person who promises to repay a loan should the original borrower be unable to do so.

H

Honesty-----Make sure the people you do business with utilise it!

I

Interest-----The amount of money a lender charges you for borrowing money.

Interest Only Mortgage-----A mortgage where you only repay the interest on the loan during the loan term. The actual loan can be paid off with a lump sum / lump sums.

J

Joint Agents-----Where two or more auctioneers are jointly handling the sale of a property. 

K

L

Land registry-----A register of property and ownership.

Lease-----A contract which specifies that a property is rented for a certain period of time. 

Leasehold-----Specifies that a property is owned under the terms of a lease. 

Listed Building-----A property which cannot be demolished or altered for a number of reasons such as historical interest or architectural features. Can also be referred to as a protected structure. 

M

Maisonette-----A description of a particular type of property consisting of a part of a house on more than one level which can be accessed by a private entrance.

Mortgage-----A sum of money lent by a bank or financial institution in order to buy a property. 

N

Negative Equity-----A situation when the value of a property is less than the amount of mortgage owed on it. 

O

Open Market Value-----The value a property should achieve were it to be placed on the open market.

P

Padraig Hyde & Sons-----The best Estate Agents in the business!

Private treaty sale-----Unlike an Auction where a date and time is arranged for people to place bids, a private treaty sale is conducted without such conditions. A property is placed on the market, viewings conducted and any bids relayed to the Vendor for consideration.

Q

Questions-----Never be afraid to ask!.

R

Real Estate-----American term used to describe property

Realtor-----American term used to describe Auctioneers / Estate Agents.

S

Semi-detached-----A property which ia attached to another property. 

Stamp Duty-----A tax levied by the government on the purchase of a property. The tax varies according to the price of the property. 

Studio-----A type of property on one level with an open plan livingroom / kitchen area and a seperate bedroom and bathroom. 

T

Tenant-----Description of a person who rents a property. 

Terrace-----A row of three or more houses which are all joined together.

Title Deeds-----Legal document showing ownership of a property. See also Deeds 

Turn Key-----Expression used to indicate that a property is in walk-in condition. No repairs necessary.

U

V

Vendor-----Term used to describe the seller of a property. 

W

X

Y

Yield-----A description of the income from a property calculated as a percentage of the property's value. 

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