Estate Agency Jargon Guide
February 11, 2022
Many of us have little knowledge of the property sector despite plenty of us owning or renting property. It is in fact quite a information filled industry with many sectors and regulations set. There are many key words, phrases and abbreviation that we will meet with so let’s take a look at a bunch full of them with easy to understand jargon busting descriptions:
- PropTech: Property Technology and all things innovative within the sector.
- Lease: A legal, binding contract outlining the terms under which one party agrees to rent property owned by another party.
- Leasehold: The right to live on the land for a specified amount of time.
- Rental Agreement: The contract between the owner of a property and the renter during renting period.
- HMRC: Her Majesty’s Revenue and Customs.
- NAEA: National Association of Estate Agents.
- Chain: A group of 3 of more home owners relying on the other to sell in order to complete.
- Bridging Loan: The borrowing money for a short period usually between selling and buying a property when delays occur.
- Freehold: You own the land outright which the property sits on.
- Guarantor: A third party person who agrees to pay your rent if you don’t pay it (can include be responsible for damages / further legal costs).
- Negative Equity: When the value of real estate property falls below the outstanding balance on the mortgage used to purchase that property
- Repossession: The reclaiming ownership of property (usually by the lender) that has not been paid off, but still has value.
- Stamp Duty: A % tax you might have to pay when you buy a new home.
- Virtual Tour: A video tour made up of video footage / images of a property.
- Flying Freehold: A freehold which overhangs or underlies another freehold.
- Gazumping: Where an offer has been accepted on a property and another offer of higher value comes in to take it’s place.
- Gazundering: Where an offer has been accepted on a property and another offer of lower value comes in last minute (by the same party) to take it’s place.
- Property Misdescriptions Act (PMA): Organisation protecting against false or misleading statements in the course of estate agency business when advertising property for sale.
- EPC: Energy Performance Certificate.
- SSTC: Sold Subject o Contract.
- Probate: The name of the document which is produced upon someone’s death and their will is executed.
- Ground Rent: An annual fee paid by a Leaseholder, to a Freeholder.
You May Also Enjoy
Dispelling the top five biggest letting agent myths
By Sophie Danes, Group Director of Property Management, Lomond This year has seen the introduction of the seismic Renters’ Rights Act (RRA) as well as other changes affecting the private rented sector (PRS) coming into force, such as the rollout of Making Tax Digital (MTD). As a result, more than ever before, there is…
Read More 
Bank of England Holds Interest Rates at 3.75%
Colleen Babcock, property expert at Rightmove says: “There’s stability for now as the Bank of England holds its Base Rate as widely expected. We’ve seen average mortgage rates increase over the last few weeks as geopolitical tensions have escalated, and the average two-year fixed rate is currently coming it at 5.11%. For broader context, this…
Read More 
Average new-build value to surpass £400,000
The latest research from UK Property Development has found that the average price of a new-build home in England is on course to exceed £400,000 by 2027, having risen steadily over the last decade alongside sustained growth across the wider British market. The research analysed average new-build house price data across Great Britain and its…
Read More 
Money and Credit – June 2026
These monthly statistics on the amount of, and interest rates on, borrowing and deposits by households and businesses are used by the Bank’s policy committees to understand economic trends and developments in the UK banking system. Key points: Net borrowing of mortgage debt by individuals increased to £7.7 billion in June, from £3.3 billion in…
Read More 
Price of a sea-view home up 27% since 2019
The average asking price for a home with a sea-view in Great Britain is £298,810, up from £235,635 in 2019 (+27%) Average sea-view asking prices have risen by more than 50% since 2019 in both the East Midlands and Yorkshire & The Humber The South East remains the most expensive region for a sea-view home…
Read More 
14.6% fewer farms in England
The latest analysis by LandSale has found that the number of agricultural holdings in England has fallen by 14.6% since 2005, highlighting the continued restructuring of the farming sector as some landowners exit the industry and others consolidate their operations. LandSale analysed the latest UK Government agricultural holdings data, comparing the number of total holdings and…
Read More