Sold STC / Under offer – This mean sold subject to contract, an offer has been agreed by the vendor from a buyer and they have instructed solicitors to do the legals to purchase the property. This can take anywhere between 6-12 weeks depending on whether it is a leasehold or freehold property.
Leasehold – commonly flats, this means you do not own the land your property is on, however you own the bricks and mortar that are on the land for a designated amount of time. i.e a lease being 125 years.
Freehold – If you own a house then the chances are you own the freehold, meaning that you own the property and land it is on lock, stock and barrel.
Share of freehold – generally share of freehold are on period conversions however, not always. This means that all of the owners will own an equal share of the freehold
A.I.P (Agreement in principle) – This is an agreement from a bank to say how much they will be willing to lend.
Gazumping – Occurs when a seller accepts a higher offer from a third party on a property that exceeds the initial asking price. This can only occur when a sale has been agreed prior to legal exchange of contracts
Gazundering – this is when a buyer decides to make the seller a lower offer just before contracts are due to be exchanged
IFA – Independent financial advisor
Probate – this is granted for the sale of a property following the death of an owner
Written by Remzi Mehmet