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Your home buying jargon buster

Whether you’re selling your existing home or are a first time buyer, there can be a myriad of property terms to get your head around. So to help you on your homebuying journey, our at-a-glance property glossary will give you the lowdown on what to expect.

Your A – Z of property jargon explained!

Appraisal - An estimate of a property’s current value in the eyes of an estate agent or surveyor. Should you choose to move with our Assisted Move scheme, we’ll take care of the valuation for you.  Find out more about Assisted Move here.

Building Survey – Sometimes known as a structural survey, a detailed report of a property carried out by a surveyor to identify any areas of concern.

Chain Break – A buyer pulls out from a sale, causing the chain of sales to collapse.

Chattels – The fixtures and fittings that a seller can take with them when moving, such as a sofa and curtains, or appliances like a dishwasher.

Commission – The fees that are payable to the agent that sells a property.

Completion – This is when you become the legal owner of your property and you move in. The day on which completion occurs is known as your completion date. A moment to be savoured and celebrated!


The legal and admin work completed by a solicitor or licenced conveyancer that's required to transfer the ownership from one person to another.

Credit Score

This is a rating that indicates how likely you are to be able to borrow money. According to the government’s website, the higher the number, the more likely you are to be offered a range of good mortgage deals. It’s a good idea to check what your score is before you start looking for a property, and know how to keep it in good shape. You can do that here.


These are the legal documents that homeowners must provide to prove that they have the legal right to sell a property or any accompanying land.

Energy Performance Certificate (EPC)

A measure of how efficient your property is. Homes are ranked from A – G, with A being the most efficient. EPCs are a good indication of a property's energy consumption and associated running costs, with 84% of new Bloor homes rated A-B for EPC’s. You can read more on the energy efficiency of our properties here.

Exchange of Contracts                                                      

Once the solicitors are satisfied that all their enquiries have been answered and all your obligations met, you’ll be invited to sign a Contract of Sale and to pay the remainder of your deposit. At this point the sale becomes legally binding.

Loan to Value (LTV)

A ratio, expressed as a percentage, that shows how much equity you have in your mortgage. For instance, if you have a 10% deposit, you’ll require a mortgage with a 90% loan to value. Lenders use an LTV to calculate the level of risk associated with giving you the green light. Typically, the lower LTV you’re after on a mortgage, the cheaper it’ll be.

Mortgage Broker

Someone who specialises in arranging mortgages - in essence a middleman between you and a lender, who uses their financial expertise to find you a mortgage deal. At Bloor Homes, we can put you in touch with an Independent Financial Advisor (IFA) who will help find the very best financial package to suit your circumstances. 

Mortgage in Principle 

Before you get into the fundamentals of house hunting, you need to see how much you can borrow. Your mortgage in principle with give you this guide figure.

Redemption Figure

This is the cost of fully repaying a mortgage, including interest and any early redemption fees.


A series of enquiries made by your solicitor with the Land Registry and local authority to ensure the property you're buying isn't under threat or going to be affected by any current or future projects in the area. 

Stamp Duty Land Tax (SDLT)

Tax paid by the buyer on a property purchase. Stamp Duty rates fluctuate and can cost anything from 1% to 12% of the sale price.

Subject to Contract

An agreement between the buyer and seller that is not legally binding. If a property is sold subject to contract, either party can pull out at any time.

At Bloor we’re always on hand to support you on your home-moving journey. So, if you find you need some help, guidance or support, do reach out to us, we’re always happy to help you in whichever way we can.