Are you buying a property? Have you heard some terms you're not familiar with?
APRC: APRC, formally known as an Annual Percentage Rate of Change, is the entire, total cost of a loan; including interest charges, arrangement fees and others shown as a percentage rate and easily comparable with mortgage interest rates.
Bridging Loan: A temporary loan advanced to help buy a new property before the existing one has been sold.
Chain: Multiple linked property sales where exchange of contracts have to take place on a simultaneous basis.
Conveyancing: The legal work involved in buying and selling properties.
Disbursements: Fee's including Stamp Duty and others on top of conveyancing which you normally pay via a solicitor.
Gazumping: Where a seller accepts a higher price than that previously agreed with another buyer.
Private Treaty: Way in which most house sales are completed in England and Wales.
Ombudsman: Professional bodies who investigate complaints on behalf of customers against estate agents, solicitors and insurance companies.
LAUTRO: LAUTRO, formally known as the Life Assurance Unit Trust Regulatory Organisation.
Vendor: The legal name sometimes used to describe the seller of the property.
Under Offer: When the seller accepts an offer on the property but contracts haven't yet been exchanged.
Freehold: Ownership of the property and land upon which the property is situated.
Stamp Duty: A tax paid to the government by the buyer upon completion.
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