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
FMB Supports Construction Leadership Council’s Health and Wellbeing Strategy
The Construction Leadership Council (CLC) Health, Safety and Wellbeing Strategy is a welcome and much needed new initiative to help drive industry change, says the Federation of Master Builders (FMB). The FMB’s CEO Brian Berry has joined more than 140 industry leaders at the Construction Leadership Council’s launch of its comprehensive Health, Safety and Wellbeing…
Read More 
20% Property Premium to Live Beside Britain’s Best Beaches
The latest research from eXp UK has found that homebuyers hoping to live by one of Britain’s best beaches can expect to pay almost 20% more on average compared to the wider local market, amounting to a seaside property premium of over £46,000. The research* by eXp UK analysed property prices in postcode districts surrounding…
Read More 
Houseboats hand London homebuyers 57% saving
Houseboats hand London homebuyers 57% saving versus bricks and mortar The latest research from Benham and Reeves has found that London homebuyers could save as much as 57% on their property purchase by choosing a houseboat over a traditional bricks and mortar home, with the average cost of a houseboat across the capital coming in…
Read More 
Silverstone fails to take pole when it comes to race track property premiums
The latest research from Yopa has found that while Silverstone may be the spiritual home of British motorsport and host of this weekend’s Formula 1 Grand Prix, it is far from the most prestigious racing venue when it comes to local property prices. In fact, homes near other race circuits across Britain command far higher…
Read More 
Section 8 Reforms: What Landlords Need to Know About Longer Notice Periods and Stricter Rules
By Allison Thompson, National Lettings Managing Director, LRG As the Renters’ Rights Bill continues its progress through the House of Lords, landlords should be preparing for a much tighter framework around possession. One of the most significant changes proposed is the reform of Section 8, the legal route for regaining possession where a specific reason…
Read More 
British new-build demand sees quarterly decline
The latest new-build market insight from Property Inspect has revealed that buyer demand for new-build homes remained largely static between the first and second quarter of this year, although buyer appetites for new homes remained robust in a number of major cities. The New-Build Demand Index (Q2 2025) from Property Inspect provides a view of…
Read More