Public Servant Lifestyle

Moving house doesn't have to be a daunting task, with Lifestyle's jargon buster.

B

Bridging Loan

This is a type of short-term loan, designed to cover you if you need to pay for your next home whilst waiting for the money to come through on the sale of your current home. Problems can arise with a bridging loan if the sale falls through.

Boundaries

Boundaries are the areas around a property which identify the start and/or end of the land and ownership.

C

Conveyancing

Conveyancing is the legal work required to buy and sell a property. If you are using a solicitor for your conveyancing work, you should ensure they are thoroughly familiar with this specialist area. The legal aspects of buying and selling are convoluted and can cause problems in the sale/purchase of property if the solicitor does not do conveyancing work on a regular basis.

Confirmation of Offer

Confirming your offer is best done in writing and means that you are offering to purchase a property for a certain price. You might want to list in writing any fixtures and fittings - such as carpeting - that you want include in the price too. You should be aware that an estate agent needs to pass on every offer they receive, to allow the seller to accept or reject it.

Commission

Estate agent's commission, which is usually calculated on a percentage basis, varies from 1% to 4% in the UK. So, if you are selling property worth £100,000, an agent would charge a commission fee of between 1% of £100,000 (£1,000) and 4% (£4,000) to sell your home for you.

G

Gazumping

If you put in an offer to buy a property that is accepted, but the seller continues to allow others to view and then accepts a higher offer, you have been ‘gazumped’. This happens in a rising market where too many buyers are chasing too few properties. Current legislation does not protect buyers against this practice. It is therefore ‘legal’ but many find it morally reprehensible.

Gazundering

Gazundering occurs in a falling market when, before exchanging contracts, a buyer offers a lower price than his or her original offer in the hope the seller will accept rather than lose the sale. Although unethical, the practice is not illegal.

H

Home Contents

This is insurance specifically tailored to cover the items within your property, in the event of theft, fire and/or other accidents. You should take care to check the small print of any insurance that you are looking to take out, so you know exactly what it covers.

There are a number of home contents insurance policies to choose from. You should try and work out the replacement value of your furniture, carpets, curtains, electrical goods, CDs, clothes etc before you sign up to a policy. This way you can make sure you are not under-insured should you need to make a claim. It is a good idea to check under what circumstances your insurance will not cover accidents or damage. This can be an easier way of comparing different quotes, rather than just comparing on price.

M

Mews

A mews, sometimes known as a 'stable mews', is a building so named because it was previously used for keeping horses - or in more modern properties has been designed to ape the style of such a conversion. Ordinarily built around an open yard, or along a short narrow lane. Essentially terraced cottages in a cul-de-sac, it is now quite common for these buildings to have been converted into homes or to appear as new-build properties in their own right.

Mortgages

There are seven main types of mortgage: 'Variable', 'Fixed', 'Discounted', 'Capped Base Rate', 'Tracker', 'Cashback' and 'Flexible'.

S

Surveys

A survey by a chartered surveyor gives the buyer a professional opinion about the property. It should be done before entering into a contractual commitment. Where defects are found, the purchase price can often be renegotiated to reflect necessary repair work. A building survey gives a full picture of construction and condition. It is likely to be needed if the property is, for example, of unusual construction, run down or extensively altered - or where a major conversion or renovation is planned.

More information available in Your Home, Moving Home