Have you ever been to an estate agent, they give you all these papers with sales jargon in it and all they seem to be doing is talking gibberish? Well, we’re going to debunk all of that for you. These terms are the most commonly used among home sales representatives, and you should know them too, so you know the specifics of what you’re signing for!
Energy performance certificates! This one isn’t too niche, but when they’re referred to as ‘EPCs’ on contracts and in speech, it can be confusing. For those who perhaps haven’t moved out of their family home yet and may not know this term, it is one that refers to a document showing the energy efficiency in your home, and will include regular safety checks, estimated energy costs and performance features. It is a legal requirement for all properties to have these, and it is a minimum requirement for your certificate to have an ‘E’ before deciding to invest!
Pied a Terre
A French term thrown about often in real estate – derived from the French term, ‘foot on the ground’. A word that is usually used to describe flats/apartments central to a city centre, used as second homes marketed towards short-term letters such as students.
This just means, ‘below market value’ - this a red flag of buzzwords, if a sales agent says its ‘BMV’ - it essentially means it’s a fixer-upper property, and a lot of time and money of yours will need to go into it.
If you hear an estate agent using this term, it will usually mean that it is peak time to put an offer down on a property. Also, a term used to describe a home that has lots of interior design potential, or a home that generally just needs a bit of TLC. It’s a relatively self-explanatory term, albeit slightly vague!
If you hear people who work in estate agencies talk about ‘conveyancers’, they’re likely referring to a solicitor who specialises in homeownership transfers. When it comes to buying a property, conveyancers will oversee all the legal aspects of it. Again, one of the most essential parts of your homeownership journey.
This is a term landlords and students will likely hear a lot, as it refers to ‘house of multiple occupancy’ - which can be any kind of shared housing or dual tenancies. It can also be used to describe shared ownership when buying a portion of a property.
No onward chain
Believe me when I say that the first time I heard this word, I was beyond confused. But it’s actually pretty simple – it just means if you are a homeowner who sells a property and does not buy another, you are considered ‘not having an onward chain’ - as your investments in property take an abrupt halt. It sounds negative, but isn’t necessarily a bad thing, it just has the potential to be problematic when a big group of people are involved as there’s a higher chance of a sale falling through. It is a major perk for buyers, however.
If you found these buzzwords interesting, or if you’re interested in making sure your home isn’t ‘BMV’ - (testing your knowledge here!) Then find our Free Valuation portal here.