Home is not just a collection of bricks and mortar, it’s a place that evokes and witnesses a lot of emotion, and this makes it unique amongst all our worldly possessions. The ability to contain our lives and those things that belong to us, such as paintings, memories, and feelings ushered in by the colour schemes of its interior, are some of home’s many special powers. The impact of the location of your home and its surroundings, for an eternity of reasons, from the beautiful countryside to friends, family, or love for a location, is profound.

Excitement
There are few things in life more exciting than moving to a new home. The list of reasons why you are so excited is uniquely yours, and your perfect property will reflect this. From the way you decorate it, to the stuff you own, that tells the story of your life. Your home should make you feel welcome from the moment you see it. Maybe you adore your new kitchen for a thousand reasons, including how it makes you feel. It’s character, the view of the garden, or its modern design.

Desire
This innate human emotion moves us all to act, and finding a home you really want will fill you with the desire to own it. If you view a property and you really like everything about it, and feel that you can improve it, by adding your own creativity, then the chances are you will want to make an offer. Buying the property that adds so much to the quality of your life opens the gateway to so many more positive emotions.

Love
Making the perfect home for your loved ones is one of the most powerful and greatest feelings in the world. Are you in the lucky position of buying a home for a relative to keep them safe or moving to the house for your family to grow? Sharing our lives with a partner in the right home is blissful and intoxicating, and the right property adds to this more than most people realize. You should also love your home; from the little characterful details to the fundamentals, good homes have a built-in power to inspire love.

Happiness
Homes have the uncanny ability to make us feel happy, and they can do this in so many ways. If you feel you have enough space and love the way your home looks and feels, then you are well on your way to creating happy lives within it. Happy memories are priceless, and when you get down to the basics of life, there is not much else that matters quite as much. There is a lot to think about when finding your happy place, from your home’s location to its energy efficiency.

Safety and security
You want to feel safe, secure and satisfied that your home is a sanctuary from the hustle and bustle of the world outside. Relaxation is vital to keep you stress-free so you can think and plan your life clearly. This will allow you to enjoy those special moments that become enhanced by the features of a great home. From a mesmerising outdoor living space to relax in, a cosy fireplace, or a nicely decorated home that makes you feel good.

Discontentment
This can be as powerful as many positive emotions. If you are currently living in a home where you feel trapped because you are tripping over things, that is enough to make you want to move! Maybe it’s time to buy your first home because it’s you who is getting in the way, and you want to enjoy a greater feeling of independence! Are you moving to a better area or a home with a better garden? Maybe you need more bedrooms or have too many and want to buy something smaller.

Do you want a property that makes you feel amazing? Get in touch today.

 

Buying a property can be a logistical minefield, and you may stumble across several industry terms that you aren’t familiar with. Whether you’re a first-time buyer, a second stepper or a seasoned homeowner seeking new horizons, use this guide to equip you with all the essential homebuying jargon.

Agreement in principle (AIP)
An agreement in principle is an easy way to find out how much you can afford to borrow to buy a home. You should seek out an AIP before applying for a mortgage, as this will place you in a strong position as a buyer without having to undergo a full credit check.

Building survey
A building survey is an expert inspection of a property’s condition. These can identify any problems with the home to a prospective buyer using a detailed report. This ensures that the buyer won’t uncover any unwanted surprises after moving in.

Chain
A chain is formed when a group of buyers and sellers are linked together because their purchases are reliant on each other’s. If one sale falls through, this can cause a break in the chain, resulting in other sales collapsing subsequentially.

Energy Performance Certificate (EPC)
An EPC measures a property’s energy efficiency by rating it from A (most efficient) to G (least efficient). This certificate is valid for 10 years and an in-date copy is required when selling a home.

Equity
Equity is the amount of your property you own, calculated by the amount you’ve paid off your mortgage plus your deposit.

Fixtures and fittings
Although they sound similar, there is a key distinction between fixtures and fittings. Fixtures are items in a property that are attached or ‘fixed’ to the building. Fittings, however, are items that are not attached to the property, only by screw or nail. There should be an itemised list of what is included in the sale written into your contract, but there’s no harm in offering to pay extra for certain items that aren’t included.

Gazumping and gazundering
Gazumping is a problem for buyers, as this happens when the seller accepts the offer, but later accepts a higher offer from another buyer.

Gazundering occurs when a buyer withdraws their offer and makes a lower one right before completion. This leaves the seller in a difficult position as refusing the lower offer could mean that they need to restart the whole process again with a different buyer.

Land Registry
The Land Registry is a government database containing the registrations of the owners of all property and land in England and Wales. If any important documents regarding a property are missing, this database is usually where they can be recovered from.

Mortgage
A mortgage is a specialist loan used to purchase a property. This loan is paid back over time with interest to the lender. All mortgage repayments made will increase the equity you have in your home. There are varying types of mortgages, each suitable for a specific set of circumstances.

Title deeds
Title deeds are a series of documents which are used as evidence of legal ownership of the property and the history of its ownership. These are required during the conveyancing process so that the ownership of the home can be passed over to the buyer.

Valuation
A property valuation determines the home’s value based on its location, condition, and multiple other factors. Sellers have their property valued before deciding on an asking price, as this prevents overpricing or underselling.

 

Looking for your dream home? Contact us today

 

 

Are you wanting another bathroom or a larger garden? Have you got empty space you’re wanting to escape from? When choosing your next dream home, you can be faced with all sorts of questions, and we want to ensure you are taking a step in the right direction. Both upsizing and downsizing have their own unique set of advantages, and these options cater to different needs and lifestyles.

Everyone will experience upsizing and downsizing throughout their lifetime in the property market, so, let’s discover what’s right for your next property move.

 

Benefits of upsizing

Is Upsizing the Right Move?

Upsizing is one of the most attractive parts of moving houses, as you really feel like you’re finally moving up the property ladder. There are clear advantages when it comes to upsizing, but is it right for you?

 

Additional space

One of the main reasons to upsize your property is for the additional space it includes. There could be a variety of reasons why you need or want this space. This could be led by becoming recently married, wishing to create a family, or desiring a new space for working or certain hobbies. This would create a comfortable living environment for you and your family.

Social life

Having a larger amount of space allows you to host and entertain events, creating an exciting and fulfilling environment around you. This could enhance your social life and mental wellbeing all while creating long-lasting memories within the walls of your new home.

Future investment

Upsizing is an investment, but it is a more financially challenging one. Larger houses get higher in value as time goes on, allowing you to make money over a long period of time. It is very important to ensure you are financially stable before upsizing, as it takes a lot of upkeep and attention to maintain the value of the larger property.

Benefits of downsizing

Simpler lifestyle

The key to downsizing your house is to simplify your way of life. Having a smaller home allows you to focus more on your life outside of your home. Maybe you now have empty space within your home, as all your family have flown the nest and you’re not a homebird anymore, which encouraged you to downsize.

 

Finacial security

69% of homeowners who have downsized in the past said their primary reason was to save money.* Downsizing gives you more financial freedom, as your monthly payments will be reduced. This will also lead to a reduction in the maintenance of a property and its general upkeep, freeing up your time.

Location change

Downsizing could also give you the advantage of moving to a different location for a property, as prices differentiate in different areas, meaning you might have to reduce the size of your property to move to a new location. People assume downsizing is a backwards step when moving along the property ladder, but occasionally it can suit your lifestyle better and should be accepted.

Which one is right for you?

Whether you’re leaning towards upsizing because of the comfort and luxury of moving up the property ladder or you want the simplified life of downsizing, it's key to align the reasons with your lifestyle and determine which one would suit you. Your choice of where to move next should be a personal choice and preference for whatever suits your lifestyle and future.

Whichever home you choose, whether you upsize or downsize, ensure you choose correctly by comparing the advantages of each.

 

 

 

Looking for a home that fits? Contact us today

HomeOwnersAlliance*

It can be challenging to get started as a first-time buyer, but fortunately, there are a number of schemes available that can assist you with the process and help you get on the property ladder. Let’s take a look at five different schemes available to first-time buyers, the main advantages of each of them, and which of them you could be eligible for.

 

The mortgage guarantee scheme

The mortgage guarantee scheme enables first-time buyers to purchase a property with as little as a 5% deposit by encouraging lenders to offer 95% loan-to-value mortgages. This means that 95% of the property’s purchase price can be borrowed. 

The scheme includes a government guarantee, which means that if the buyer defaults on payments, the government will compensate the mortgage lender. It is available to any first-time buyer, as long as the property they are purchasing is worth less than £600,000.

One of the main advantages of the mortgage guarantee scheme is the fact that first-time buyers can enter the market sooner, avoiding years of saving for a deposit. Also, with the government essentially acting as a guarantor, lenders are more willing to offer loans to first-time buyers with smaller deposits, increasing their chances of owning a home.

 

The shared ownership scheme

The shared ownership scheme helps low-income individuals and first-time buyers own a home by enabling them to buy a portion of a property while renting the remaining percentage. Buyers can purchase a share between 10% and 75% and increase their share whenever they are ready to do so.

If you're a first-time buyer with a household income of £80,000 or less (90,000 in London) and can't afford the entire deposit and mortgage payments on a home, you will be considered eligible for shared ownership.

This scheme offers an affordable way for individuals to step onto the property ladder by splitting the cost of purchasing a home, particularly in areas they may otherwise be priced out of. The fact that you can increase your share of ownership by gradually purchasing additional shares in the property allows you to eventually reach full ownership.

 

The lifetime Individual Savings Account (ISA)

A Lifetime ISA helps first-time buyers save for a deposit by topping up their savings account once a year. Buyers can save up to £4,000 per year, and the government adds an additional 25% on top of the amount they save, reducing the amount of time it takes to save up for a first home.

To open a lifetime ISA, you must be aged between 18 and 40, however you can keep topping it up until you’re 50. Help to buy ISA is a very similar scheme to this, but it has been closed to new applicants since 2019. Despite this, anyone who opened a help to buy ISA before this date can continue to use it.

A key benefit of a lifetime ISA is that it’s a tax-free method of growing your savings. It is also a versatile option because the funds can be used to purchase your first home or saved for retirement.

 

The first homes scheme

This scheme offers first-time buyers discounts of 30% to 50% on new-build homes, so long as it is your primary residence. This discount is available on new homes built by a developer and homes that are purchased through an estate agent, which were previously bought through the scheme.

To be eligible for the first homes scheme, you must be aged 18 or over, be a first-time buyer, and be able to secure a mortgage for at least 50% of the home’s value. Like the shared ownership scheme, your household income must be £80,000 or lower (£90,000 in London). Councils may set their own local eligibility criteria, prioritising individuals such as key workers, people who already live in the area, and those on lower incomes.

The main advantage of the first homes scheme is that it gives you the opportunity to purchase a home at a significantly reduced price, which helps with affordability. Also, by prioritising local applicants, some councils ensure individuals can purchase a home in the area they are already familiar with.

 

The help to build equity loan scheme

The help to build equity loan scheme is useful for first-time buyers who are looking to build their own home. This scheme offers a five-year, interest-free loan to supplement a buyer's 5% deposit. The equity loan amount ranges from 5% to 20% of the overall estimated cost.

This scheme is eligible to anyone who is building a home or hiring someone to do so for them. The loan can be used to buy land, convert a commercial property into a residential property, and demolish an existing property to build a new one. It cannot, however, be used to build more than one home, to buy upgrades on your current home, or build a second home.

The help to build equity loan scheme enables buyers to fund their self-build projects while remaining within budget. By building your own home, you have the opportunity to create equity from day one, potentially increasing the value of your property over time.

 

Looking to buy your first home?

 

 

 

When purchasing the perfect property for you to call home in the UK, there is such a wide variety available in the housing market to choose from. In the UK, the government is attempting to reach a goal of 300,000 new homes built per year to keep up with the high demand and increase in population. * Some people prefer the character of an old building, while others crave a new blank canvas.

When buying your perfect property, new builds and old builds will both be available, so we are here to compare the two and decide which home suits you.

What’s the difference between a new build and an old build?
YWhen purchasing a home, you must compare the different types of properties. Whether you would prefer a one-bed apartment in a city or a four-bed house in the country, you need to decide which home best suits your lifestyle. This is the same when it comes to choosing a new-build or an old-build property. A newly built property has never been lived in before and is sometimes designed particularly to what you desire. An old building is a property with lots of character, history, nd several previous owners. So, there are extreme differences between an old-build and a new-build home. Do you want a move-in-ready home or a potential property adventure?

What are the positives of purchasing a new build property?
When buying a new home, it is most likely that you will buy the property before it has even been built. This allows you to add certain personalisation’s to the home, like the room layout, light and power placements. It is most likely to be a more energy-efficient home, as newly built homes must meet certain requirements. This means the home's EPC rating will be excellent when you want to sell or rent out your property. Another benefit of a new build is that it never has a chain of properties attached to it, decreasing the chances of your move falling through. It is known that when buying a new home, you have more access to better mortgages and shared ownership options. This increases your chances of owning a property earlier than the average first-time buyer.

What are the negatives of buying a new build property?
A new build isn’t always the best choice for every home buyer, and they can be made more accessible for first-time buyers. New builds aren’t always built on the timeline you planned, creating delays in your moving timeline. New builds aren’t for everyone, but they create the perfect, comfortable step on your property ladder. When buying a new build, you are the first owner, however you may less have less scope to carry out home improvements. There is normally no community built yet, and there is no previous seller to tell you how amazing it is to live at that location.

What are the positives of buying an old build property?
When purchasing an older period home, there are many benefits that come with the purchase. The homes normally have larger square footage, with bigger rooms creating more space. They are well structured, built with thicker walls, and surrounded by more land. Older properties hold valuable character and history, which cannot compete with a new build. You can easily add value to these properties by renovating and redecorating, creating a modern twist. Old build properties will only increase in value over the years unless they are poorly looked after.

What are the negatives of buying an old build property?
When buying an old building, you normally get tangled within a long chain of properties. This is because for people to afford to buy their next home, they must ensure their past property is sold, creating this chain of properties. Old builds normally need constant maintenance and renovation when purchased, but these are spotted quite easily in an old build and normally bought as an exciting project. These homes will have lower EPC ratings as they weren’t built with high energy efficiency, but they can always be improved in the future.

What’s the difference in price between an old build and a new build?
When purchasing between an old build and a new build, there is not much of a price difference. The price is slightly higher for a new build, only because it has never been lived in before. An old build costs less, but you will most likely need to redecorate and renovate parts of the property.

 

When purchasing the perfect property for you to call home in the UK, there is such a wide variety available in the housing market to choose from. In the UK, the government is attempting to reach a goal of 300,000 new homes built per year to keep up with the high demand and increase in population. * Some people prefer the character of an old building, while others crave a new blank canvas.

When buying your perfect property, new builds and old builds will both be available, so we are here to compare the two and decide which home suits you.

What’s the difference between a new build and an old build?
YWhen purchasing a home, you must compare the different types of properties. Whether you would prefer a one-bed apartment in a city or a four-bed house in the country, you need to decide which home best suits your lifestyle. This is the same when it comes to choosing a new-build or an old-build property. A newly built property has never been lived in before and is sometimes designed particularly to what you desire. An old building is a property with lots of character, history, nd several previous owners. So, there are extreme differences between an old-build and a new-build home. Do you want a move-in-ready home or a potential property adventure?

What are the positives of purchasing a new build property?
When buying a new home, it is most likely that you will buy the property before it has even been built. This allows you to add certain personalisation’s to the home, like the room layout, light and power placements. It is most likely to be a more energy-efficient home, as newly built homes must meet certain requirements. This means the home's EPC rating will be excellent when you want to sell or rent out your property. Another benefit of a new build is that it never has a chain of properties attached to it, decreasing the chances of your move falling through. It is known that when buying a new home, you have more access to better mortgages and shared ownership options. This increases your chances of owning a property earlier than the average first-time buyer.

What are the negatives of buying a new build property?
A new build isn’t always the best choice for every home buyer, and they can be made more accessible for first-time buyers. New builds aren’t always built on the timeline you planned, creating delays in your moving timeline. New builds aren’t for everyone, but they create the perfect, comfortable step on your property ladder. When buying a new build, you are the first owner, however you may less have less scope to carry out home improvements. There is normally no community built yet, and there is no previous seller to tell you how amazing it is to live at that location.

What are the positives of buying an old build property?
When purchasing an older period home, there are many benefits that come with the purchase. The homes normally have larger square footage, with bigger rooms creating more space. They are well structured, built with thicker walls, and surrounded by more land. Older properties hold valuable character and history, which cannot compete with a new build. You can easily add value to these properties by renovating and redecorating, creating a modern twist. Old build properties will only increase in value over the years unless they are poorly looked after.

What are the negatives of buying an old build property?
When buying an old building, you normally get tangled within a long chain of properties. This is because for people to afford to buy their next home, they must ensure their past property is sold, creating this chain of properties. Old builds normally need constant maintenance and renovation when purchased, but these are spotted quite easily in an old build and normally bought as an exciting project. These homes will have lower EPC ratings as they weren’t built with high energy efficiency, but they can always be improved in the future.

What’s the difference in price between an old build and a new build?
When purchasing between an old build and a new build, there is not much of a price difference. The price is slightly higher for a new build, only because it has never been lived in before. An old build costs less, but you will most likely need to redecorate and renovate parts of the property.

The Renters’ Reform Bill is set to be the most significant shake-up of the private rented sector in decades. While the final legislation is still being debated, its direction is clear: fairer tenancies, fewer evictions, and a more transparent relationship between landlords and tenants.

That doesn’t mean landlords should worry, but it does mean landlords should be ready. This bill applies only in England and primarily affects Assured Shorthold Tenancies. Forward-thinking landlords are reviewing their processes to future-proof their lettings.

1. Prepare for the end of Section 21
The headline change is the proposed abolition of ‘no-fault’ evictions under Section 21. All evictions will need to be justified under Section 8, using specific grounds (e.g., rent arrears, breach of tenancy, wanting to sell).

Preparation steps:

• Audit your tenancy documentation to ensure it’s fair and up to date.
• Document everything: inspections, communications, complaints, and responses to create a paper trail.
• Ensure deposit protection certificates, gas safety records, and How to Rent guides are correctly issued and logged.

2. Move towards periodic tenancies confidently
The Bill proposes that all tenancies will become periodic by default—rolling monthly agreements with no fixed end date. For landlords used to fixed terms, this may feel like a loss of structure, but periodic tenancies actually offer flexibility for both parties.

Landlord insight: With a reliable tenant, periodic tenancies reduce admin while still allowing reasonable notice for rent increases, property sales, or repossession—all within a clearer, balanced process.

3. Strengthen your compliance
The Bill raises the bar on landlord responsibilities. A new Property Portal may act as a central register to prove compliance.

Your compliance admin check:

• Electrical Installation Condition Report (EICR) within five years.
• Annual gas safety certificate.
• EPC rating of E or above (plan for C as the future benchmark).
• Smoke and CO alarms properly installed and tested.
• Deposit properly registered and prescribed information served.

Proactive compliance builds trust and avoids disputes before they start.

4. Penalties: what’s at stake?
Fines for non-compliance will rise, and rogue landlord lists will become more visible. Avoid penalties by staying organised, acting fairly, and treating your property like a professional business.

Change is coming, but it doesn’t have to be disruptive. By adopting a structured, documented, and people-focused approach now, landlords can adapt confidently and stand out as trusted professionals.

Ready to future-proof your tenancies? Let’s talk.

The Decision That Shapes Your Property’s Future

One of the most significant decisions a property owner will face is whether to sell or let. Whether you're relocating, downsizing, or just assessing your long-term options, both paths have their advantages and drawbacks. With the right insight and a clear understanding of your goals, making the best choice can be simpler than you think.

Here’s a look at the pros and cons of selling versus letting to help guide your decision.

Selling: Free Up Equity, Move On

The pros:

• Immediate cash return: Selling your property gives you immediate access to the full sale price, which can be used for reinvestment, paying off debts, or funding your next purchase. If you're looking to downsize or move on quickly, selling provides the capital to do so.
• No ongoing responsibilities: Once you sell, you’re free from maintenance, tenant management, and property upkeep. No more worrying about repairs, tenant disputes, or upkeep.
• Market timing: If property values are high and demand is strong, it could be the right time to sell. This could be especially beneficial if interest rates or market conditions are favourable for a fast sale.

The cons:

• Missed long-term gains: Selling means you lose the opportunity to earn rental income or benefit from future property value increases. If the market continues to rise, you could miss out on long-term wealth-building opportunities.
• Selling costs: Estate agent fees, conveyancing costs, and potential capital gains tax (depending on your circumstances) can eat into your profits.
• The uncertainty of the next step: Once your property is sold, there’s no guarantee you’ll find the right home or investment immediately. Renting or buying in the future may be more expensive depending on market conditions.

Letting: Earning Income While Retaining Ownership

The pros:

• Steady rental income: Renting out your property provides a steady stream of income, which can supplement your salary or fund future investments. This can be a great option if you’re seeking long-term financial security.
• Property value appreciation: If your property increases in value over time, you can sell it later at a profit while continuing to receive rental income in the meantime.
• Flexibility: Renting gives you the option to return to the property later if necessary. You also have the option to let long-term and sell at a future date when the market aligns with your goals.

The cons:

• Management responsibility: As a landlord, you’ll be responsible for finding tenants, managing contracts, and handling maintenance. This can be time-consuming, especially if you have multiple properties or live far from the rental.
• Risk of tenant issues: Even with the best tenants, there’s always a chance of missed rent payments, disputes, or property damage.
• Maintenance costs: As a landlord, you must maintain the property, ensuring it’s habitable. Additionally, if the property is vacant for any period, you still bear the costs of upkeep without rental income.

Which is Right for You?

There’s no one-size-fits-all answer. Consider these factors before making your decision:

• Financial goals: Do you need immediate cash from a sale, or are you looking for long-term income? Selling is better if you need cash immediately, while letting offers ongoing income.
• Property location and market trends: High rental demand may make letting more lucrative, but if property prices are strong, selling may provide the best return.
• Time and commitment: If you’re not ready to manage tenants and maintain a property, selling may be simpler. Letting involves more work but could lead to a higher return over time.
• Long-term vision: Letting offers flexibility to hold the property for future growth, while selling releases capital for your next move.

Not sure whether to sell or let your property?

Get expert advice tailored to your specific goals and circumstances.

It’s easy to get carried away when viewing a potential home. The excitement of imagining your life in a new place can cloud your judgment, but it’s important to stay calm and focus on the details. Buyers often make snap decisions they later regret simply because they didn’t pause to assess everything thoroughly.

Here are the top five mistakes to avoid when viewing a property, to help you stay sharp and make a well-informed decision.

1. Not looking beyond the cosmetic appeal

Freshly painted walls, stylish furniture, and well-maintained spaces can quickly make you feel like you’ve found "the one." But these features can be distracting and hide underlying issues.

What to do: Look beyond the décor and focus on the structure, plumbing, roof, and windows. Ask about repairs or maintenance and check for damp, cracks, or unusual smells that might not be visible at first glance.

2. Forgetting to consider the neighbourhood

You’re not just buying a house; you’re buying into a community. Consider safety, nearby schools, shops, parks, and traffic at different times of day.

What to do: Walk around the neighbourhood, even after the viewing. Visit during peak times and speak to neighbours about local amenities, noise levels, or potential issues.

3. Not factoring in future costs

Maintenance costs, utility bills, council tax, and potential renovations can add up over time and affect your budget.

What to do: Check the energy performance (EPC rating), ask about appliance age and plumbing/electrical systems, and factor in the cost of any updates before committing.

4. Letting emotions override logic

Excitement or attachment can cloud your judgment, tempting you to make an offer before considering all pros and cons.

What to do: Stay objective during viewings. Take your time, bring a friend or family member for a second opinion, and list your “must-haves” versus “nice-to-haves.”

5. Overlooking potential long-term issues

Consider the property’s suitability for 5, 10, or 20 years. Will it meet your long-term needs as your family or circumstances change?

What to do: Ask yourself if the property will meet your long-term needs. Consider space, garden expansion possibilities, and check for planning permissions or restrictions that could affect future developments.

Stay sharp, make a smart choice

Viewings are exciting, but staying objective and paying attention to details is key to finding the right property. Avoiding these common mistakes ensures you make a well-informed decision and end up with a home perfect for now and the future.

Ready to start viewing homes? Let’s find the perfect one for you,

and ensure you’re prepared for the journey.

Decoding property terms: your guide to getting it right
When it comes to buying or selling a property, the language used can sometimes feel like a whole new world. From legal terms to financial jargon, understanding property terminology is key to making informed decisions. If you’ve ever found yourself scratching your head at industry terms or feeling overwhelmed by the terminology, this property jargon buster will help you navigate the process with confidence.

1. EPC (Energy Performance Certificate)
An EPC gives you an overview of a property’s energy efficiency. It’s rated from A (very efficient) to G (inefficient), with higher ratings meaning lower energy costs and a better environmental impact. Buyers should consider EPC ratings when deciding on properties, as higher-rated homes tend to be cheaper to run.

2. Chain
A chain refers to a sequence of transactions in property sales. For example, if you’re buying a home, the sale might be part of a chain of buyers and sellers all linked together. A chain-free property means there are no other buyers or sellers involved, which can speed up the process.

3. Mortgage in Principle (MIP)
A mortgage in principle is a statement from a lender that says you are likely to be approved for a mortgage up to a certain amount, based on your income and credit history. It’s useful when house hunting, as it shows sellers you are serious and financially capable of making a purchase.

4. Conveyancing
Conveyancing is the legal process of transferring property ownership from the seller to the buyer. This involves a series of legal checks, including searches on the property’s history and ensuring all paperwork is in order. Conveyancers or solicitors manage this process.

5. Exchange of Contracts
When you exchange contracts, the sale becomes legally binding. At this point, the buyer and seller sign an agreement to complete the transaction, and the buyer typically pays a deposit (usually 10% of the purchase price). Once exchanged, neither party can back out without financial penalties.

6. Completion
Completion is when the property officially changes hands. It’s the final step in the sale process, where the balance of the purchase price is paid, and the buyer receives the keys to their new home. It usually happens a few weeks after the exchange of contracts.

7. Freehold vs Leasehold
Freehold means you own the property and the land it sits on outright.
Leasehold means you own the property for a set period (often 99 or 125 years), but the land it sits on is owned by a separate party (usually a freeholder). Leasehold properties often have additional costs, like ground rent and maintenance fees.

8. Survey
A survey is a professional inspection of a property to assess its condition. There are different types of surveys:

• Homebuyer’s Report: A basic survey that highlights any obvious problems.
• Building Survey: A more thorough inspection for older or larger properties.
• Valuation Survey: Usually carried out by a mortgage lender to determine if the property is worth the loan amount.

9. Stamp Duty
Stamp Duty Land Tax (SDLT) is a tax paid when buying property in England. The amount you pay depends on the property price and whether you are a first-time buyer. First-time buyers get a tax break on properties up to £425,000, while buyers of second homes or higher-priced properties will pay more.

10. Asking Price vs Offer Price
The asking price is the amount the seller is asking for the property. The offer price is the amount you propose to pay for it. You can negotiate your offer based on factors like the property’s condition or how long it’s been on the market.

11. Closing Costs
Closing costs refer to the additional fees involved in completing the purchase of a home. These can include stamp duty, legal fees, survey costs, and other administrative charges that buyers need to account for on top of the property’s purchase price.

12. Deposit
The deposit is the money you put down upfront when buying a home, typically between 5% and 20% of the property price. The larger the deposit, the more likely you are to receive a better mortgage rate.

13. Buy-to-Let
A buy-to-let is a property purchased with the intention of renting it out to tenants. The income generated from renting the property should ideally cover the mortgage repayments, and any profit is considered an investment.

14. Bridging Loan
A bridging loan is a short-term loan used to “bridge the gap” between buying and selling. It’s often used if you need to secure a property before selling your current home or if you’re waiting for long-term financing.

15. Capital Gains Tax
Capital Gains Tax (CGT) is a tax on the profit you make when selling an asset, such as property. If you sell a second home or investment property, the profit made on the sale may be subject to CGT. It’s important to factor this into your calculations if you’re selling.

Mastering the lingo
While property terminology can seem confusing, understanding the key terms is the first step in making smart, informed decisions. Whether you’re buying, selling, or investing, knowledge of the jargon will help you navigate the property market with confidence.

Ready to explore the property market? Get in touch today to learn more and feel confident with every step you take.