Glossary Page

Moving home has its own language, so we thought we’d make it nice and easy by uncomplicating the complicated and here’s all you need to know.

  • Vendor – the owner of a home or seller to you & me!
  • Purchaser – a wannabe home buyer looking for a place to call their own.
  • Valuation – it’s where the journey starts for sellers and is about an estate agent giving the home owner helpful advice on a price and marketing strategy that will get the best possible price and outcome for each seller.
  • Freehold – you own the lot, including the land a home is built on.
  • Leasehold – you own the building but not the land it’s built on and pay lease charges to rent the land for a set period of time.
  • EPC – Energy Performance Certificate with a graph showing how eco-friendly a home is
  • Portals – a fancy word for the likes of Rightmove, Zoopla and Boomin, in normal language they’re websites showing off homes… Be careful, they’re addictive!
  • Viewing – the appointment for a home buyer to step inside and peek at homes they like the look of
  • Virtual Viewing – instead of leaving your comfy chair, you conduct a tour of homes you like the look of from your PC, phone or laptop.
  • Feedback – thoughts and feelings given by buyers to help sellers understand what they like/love/dislike about the home
  • Offer – you’ve fallen in love with a home and it’s the starting point for negotiations.
  • Sale Agreed – a deal’s been agreed between seller and buyer. The journey has really started now!
  • Chain – it’s the people and homes who collectively are linked together by wanting to buy or sell one another’s pads.
  • SSTC – the deals been agreed but needs to be approved by lawyers and is Sold Subject To Contract until this legal process has been finished and typically takes three – four months.
  • Memorandum of Sale – a document sent to the buyers, sellers and their lawyers setting out the price agreed and putting each in touch with one another
  • Conveyancing – it’s the legal name for the process that gets homes sold
  • Conveyancer – a legal expert who knows their stuff when it comes to buying and selling homes.
  • Solicitor – a legal expert qualified in more than just home sales.
  • AIP – Agreement in Principle is what banks and building societies give to buyers once they checked out their finances and have agreed to provide a mortgage.
  • Deposit – typically you’ll need savings of about 10% of the purchase price to add to the mortgage.
  • Mortgage – a loan to buy a home, normally over 25 years… Big commitment time!
  • AML – Anti Money Laundering regulations apply to both sellers and buyers and it’s a legal requirement for agents to check these out.
  • Survey – the mortgage provider sends one of these experts to take a look at each home they’re lending money against and is all about making sure the building is in good nick.
  • Surveyor – the qualified and trained expert who knows everything about homes and the way they are built and maintained.
  • Mortgage Offer – once the surveyor has given a home the thumbs up, the lender commits to lending the money!
  • Local Searches – important info about the property and the areas around it and how it might impact the buildings’ past, present and future.
  • Sales Progression – estate agents and lawyers share info and updates on the progress being made and share it with the buyer and seller.
  • Stamp Duty – basically a government tax on home buying
  • Exchanged – the deal’s now legally done and you’re moving!
  • Completion – the day you pick up/drop off the keys to your new/old home… Happy days!

Make every move easy

Moving Stories

Moving Stories

How our experts make every move easy. Homeowners share their stories.