Welcome to the dynamic world of property hunting, where the language can sometimes be as complex as the process itself. At OC Homes, with our convenient offices in Gidea Park and Leyton, we’re committed to making your property search as straightforward as possible. To help you on your journey, we’ve put together a guide to common estate agent terminology. Let’s dive in and demystify the language of property!

1. Assured Shorthold Tenancy (AST)

A standard type of tenancy agreement in England and Wales. When you’re renting a property, an AST outlines the terms between you and the landlord, including the rent amount and duration of the tenancy. Most residential lettings are under ASTs, so it’s essential to understand its terms.

2. Completion Date

The day when the property legally changes hands from the seller to the buyer. On this date, the seller must vacate the property, and the buyer can move in. It’s the final step in the conveyancing process and a day of celebration—your new home is officially yours!

3. Deposit Protection Scheme (DPS)

If you’re renting, your landlord is required to place your security deposit in a DPS. This ensures that your deposit is protected and returned to you at the end of your tenancy, provided you meet the terms of your lease, such as paying rent on time and not damaging the property.

4. Exchange of Contracts

This is a critical stage in the property purchase process where both buyer and seller sign and exchange contracts. At this point, the sale becomes legally binding, and neither party can back out without incurring significant penalties. The completion date is usually set during the exchange.

5. Gazumping

A term every buyer dreads. Gazumping occurs when a seller accepts a higher offer from another buyer after already agreeing to sell to someone else. It’s legal but frustrating for the original buyer. To protect against this, some buyers ask for a “lock-in” agreement after their offer is accepted.

6. Homebuyer Report

A more detailed survey than a basic valuation, the Homebuyer Report provides information on the condition of the property, identifying any structural issues or defects. It’s particularly useful if you’re buying an older property, as it can highlight problems that may not be immediately obvious.

7. Instruction

This term is used when a seller formally appoints an estate agent to market their property. Once the instruction is given, the agent can begin advertising the property, arranging viewings, and negotiating offers on behalf of the seller. At OC Homes, we ensure the instruction process is clear and straightforward.

8. Land Registry

The official government body responsible for recording the ownership of land and property in England and Wales. When you buy a property, it must be registered with the Land Registry, which provides legal proof of ownership. It’s an essential step in the buying process.

9. Stamp Duty

A tax that buyers pay when purchasing a property above a certain value in the UK. The amount varies depending on the price of the property and whether you’re a first-time buyer. It’s important to factor Stamp Duty into your budget when buying a home.

10. Under Offer

A property is described as “under offer” when a seller has accepted an offer from a buyer, but the sale has not yet completed. It indicates that the property is in the early stages of the selling process, and there’s still a possibility that the sale might fall through.

At OC, we pride ourselves on transparency and simplicity. Whether you’re visiting our Gidea Park office, conveniently located near excellent transport links including the Elizabeth Line, or stopping by our Leyton branch on the Central Line, we’re here to support you through every step of the property journey. Now that you’re equipped with the right terminology, you can approach your search with confidence.Looking for more advice or ready to start your property search? Visit us at our Gidea Park or Leyton offices for expert guidance — or simply give us a click here and get in touch!