Clarity is all important when you’re climbing the property ladder and the property market can be a confusing place – particularly for first time buyers. To help keep you on track, we’ve put together this glossary of industry terms that you’ll likely run into during your move.
Buying and Selling
- Chain: When the sale of one property relies on the sale of another property. A property chain involves two or more parties (with no maximum) and are highly common. If one buyer/seller withdraws from a purchase, the entire chain is broken, delaying all sales in that chain.
- Gazumping: When the vendor accepts a higher offer from a different homebuyer, despite having already accepted an offer from someone else. While frustrating, and frowned upon, this is not illegal – a sale isn’t finalised until contracts have been exchanged.
- Gazundering: This is when a buyer offers a lower price for a property after the vendor has already accepted a higher offer. The reason for a lower offer is usually due to findings from a property survey.
- Property survey: A surveyor will examine a house on behalf of the buyer, reporting back any existing or potential issues with the property – from major structural problems to minor damage. The survey means the buyer can make an informed decision before signing any contracts. Follow this link for a list of the different house surveys available.
- Sale agreed: This stage comes after an offer is accepted – subject to contract. Once you’ve reached this stage, the next step is to arrange any surveys and start the process of drawing up contracts.
- Searches: Another pre-contract investigation of the property, this time carried out by your conveyancer. There are a few searches they can perform, including: local authority, drainage and water, and environmental searches. Like surveys, these searches will bring to light any issues that might impact your purchase of the house.
- Stamp duty: A proportionate tax charged on property purchases over certain values. The buyer pays stamp duty on a home, not the seller. Payment of stamp duty is due 30 days after taking legal possession of a house.
- Subject to contract: When a home is ‘sold subject to contract’, it means the offer is not yet legally binding. The buyer is free to change their mind during this stage.
- Vendor: The term for someone selling a property.
Moving
- Bonded: A removals company which is bonded has been deemed trustworthy, and guarantees they will perform their service to full contractual obligations. It’s extra assurance you’re choosing a reliable, quality company instead of potential ‘cowboys’.
- Container storage: A storage solution where items are stored in individual containers and kept in a dedicated warehouse. Unlike self storage, access is managed by the storage company. When a customer requires access to their container, a member of staff at the warehouse will find and retrieve it for them, then return it securely back in the warehouse. Container storage is useful for longer term storage where quick or regular access to possessions isn’t required.
- Insured: Often wrongly confused with ‘bonded’. When a removals company states they are insured – or that their moves are fully insured – it means that you will receive compensation for any breakages or damage to your possessions that occur during your move. Choosing an insured removals company means you won’t have to spend extra funds replacing items should anything go wrong. Peace of mind is always important, and that’s what insurance provides.
- Licensed: Being licensed means that a company has been legally cleared to operate their business in certain areas. Licences are issued by governmental bodies.
- Packing materials: Refers to the boxes, wrapping, tape, and specific materials used to pack your belonging – such as wardrobe boxes, piano covers, padding, mattress protectors etc. If you don’t require a packing service from your removals company, it’s important to use professional packing materials for complete protection of your belongings.
- Part load: Used for smaller removals where a full removal service is not necessary. Part loads could be as small as one or two rooms, and are convenient solutions for moving between flats or moving a few items back home – for example.
- Self storage: Customised personal storage of possessions – in any quantity – where the customer can access the storage container whenever they please. Quick and convenient, perfect for anyone who requires quick and easy access to belongings.
- Volume: The total amount of space taken up by the possessions you’re moving. Removals companies use volume measurements when calculating quotes. As a general rule of thumb: the more stuff you move, the higher the cost.
TWO MEN AND A TRUCK® makes moving home easy. As the world’s fourth largest removals company, we understand what goes into delivering an efficient, hassle–free service every time. Our experienced movers provide personalised advice to ensure your move goes off without a hitch, taking complete care of your belongings from start to finish. To find out more, simply contact our friendly team today.