Hive Jargon Buster
We like to keep things simple at Hive. We’re not about bombarding you with technical lingo that leaves you unsure and confused. That’s why we’ve created this property jargon buster to explain some of the key terms associated with buying or selling a property.
If you need to know more about any of the terms listed in our property glossary, get in touch with the Hive team. They’ll be more than happy to explain anything you’re unsure on.
The document you sign when accepting the mortgage offer from your lender.
A fee that’s paid by the tenant to cover the cost of processing a rental application.
Usually split between landlord and tenant, this fee covers the cost of drawing up a tenancy agreement.
Stands for the Association of Residential Letting Agents.
A mortgage lender’s fees to arrange a loan.
Assured shorthold tenancy (AST)
A rental agreement over a fixed period. Only applicable where the net rent does not exceed £25,000 a year.
The legal document between the seller and buyer, detailing the agreement around the sale.
The legal process required to transfer ownership of a property.
When buying a property, the deposit is usually 10 per cent of the purchase price. When renting, the deposit is usually equivalent to six weeks rent and is held by the landlord or agent as security against damage or breaching the tenancy terms.
Damages caused during a tenancy, which the tenant is usually responsible for.
EPC stands for Energy Performance Certificate and shows a property’s energy efficiency and carbon emissions.
Fixtures & Fittings
This is a list of items that are included with the property you are buying or renting. Fixtures are items that have become part of a building and fittings are items that are not attached. Always ask what fixtures and fittings are included.
A list of the items included in the rental property and detailing the condition of them.
Land Registry Fee
A fee paid to the Land Registry office to change ownership of the property.
The National Association of Estate Agents.
Open market value
The estimated sale price of a property. This is based on a number of factors, like a reasonable period of marketing and assuming no special factors.
Stamp Duty Land Tax
The fee paid to the government by the property purchaser. This tax is banded and works on the price of your property.
Where a tenant occupies a property under a lease.
A legal agreement between the tenant and landlord, designed to govern how the property is occupied.
A document outlining the legal ownership of a property.
The person selling the property.