Buying a new home is exciting, but it can also be daunting if you aren’t familiar with the language used by property professionals.
To find out more, experts at David Wilson Homes conducted a survey of 500 UK homeowners to find out the property jargon that’s most likely to leave Brit’s confused.
From conveyancing to equity and EPC to stamp duty, how many of these terms do you know the meaning of?
The top 10 homeownership words and phrases Brits are most unfamiliar with
|Term||% of respondents unfamiliar with the meaning|
|EPC (Energy Performance Certificate)||52%|
Among homeowners, “indemnity insurance” emerges as the least familiar term, with a striking 81% of survey respondents admitting they do not understand its meaning.
Interestingly, the term “EPC” is also considered unfamiliar to 52% of homeowners, meaning many may not be aware of how energy-efficient their home is which can prove costly during the colder months. An EPC, or Energy Performance Certificate, is a document that assesses the energy efficiency of a property, providing valuable information to potential buyers regarding the property’s energy consumption.
David Wilson Homes experts explain the most perplexing house-hunting terminology
|Indemnity insurance||An insurance policy that guarantees compensation for losses sustained by a policyholder.|
|Conveyancing||The legal transfer of a property from one owner to another.|
|EPC (Energy Performance Certificate)||The sellers of properties in England and Wales are required to provide a valid Energy Performance Certificate (EPC). It gives details about the energy efficiency of the property.|
|Leasehold||Land held under a lease for a number of years, on which ground rent is paid.|
|Freehold||The full ownership of both the property and the land on which it stands.|
|Stamp duty||Government tax on the purchase price of a property. Your solicitor will automatically handle payment on your behalf.|
|Deeds||All the legal documents relating to the property.|
|Equity||This details how much of the property you own. This can be calculated by subtracting your remaining mortgage payments from the property value.|
|Part exchange||A transaction where a buyer offers their current property as part of the payment for a new property.|
|Deposit||A part payment of the agreed purchase price paid by the buyer on exchange of contracts (or conclusion of missives in Scotland).|
Steve Mariner, sales director at David Wilson Homes said:
“Property jargon can often feel confusing, especially if you’re new to the house buying process. The complexity of words and phrases that people may hear throughout the process is exactly why we have created a comprehensive glossary on our website.
“We want to empower buyers and sellers with the knowledge they need to navigate the market confidently. If you ever find yourself lost with the terminology, our dedicated sales team are always on hand to provide clarity and guidance.
“For those looking for the freedom to move homes at their own pace, our part exchange scheme offers you a guaranteed buyer, meaning sellers will avoid the hassle of being in a property chain and paying estate agent fees.”