Английский для недвижимости: основная лексика

"asking price"

The price a seller initially lists a property for, which may be negotiated down before a final sale price is agreed.

"The asking price was $450,000, but after two weeks on the market the sellers accepted $435,000."

"offer accepted"

A seller's formal agreement to proceed with a buyer's purchase proposal at a specified price and terms.

"We received a call from the agent saying our offer was accepted — now we move to due diligence."

"exchange of contracts"

The stage in a property sale when both parties sign and swap legally binding contracts, committing them to the transaction.

"Once we reach exchange of contracts, neither party can withdraw without paying a financial penalty."

"completion date"

The agreed date when the remaining purchase funds are transferred and legal ownership of the property passes to the buyer.

"Our completion date is set for the 15th, so we need to arrange removals by the 14th."

"gazumping"

When a seller accepts a higher offer from a new buyer after already verbally agreeing a sale with another buyer.

"We were devastated when the vendor gazumped us just a week before exchange."

"sealed bid"

A method of sale where buyers submit their best confidential offer by a deadline, and the seller selects the most attractive.

"Due to high demand, the estate agent asked all interested buyers to submit a sealed bid by Friday noon."

"chain"

A sequence of property sales where each transaction depends on the completion of another, creating interdependent deals.

"The sale collapsed because a buyer at the bottom of the chain withdrew their offer."

"fixtures and fittings"

Items in or on a property that are included in the sale price, as opposed to moveable contents the seller takes away.

"The contract listed the integrated appliances and built-in wardrobes as fixtures and fittings included in the price."

"loan-to-value ratio (LTV)"

The percentage of a property's value that a lender is prepared to finance, with the remainder paid as a deposit by the borrower.

"With a 20% deposit, the borrower secured a mortgage at an 80% loan-to-value ratio and a competitive interest rate."

"fixed-rate mortgage"

A home loan where the interest rate remains constant for a set period, giving the borrower predictable monthly repayments.

"They locked in a two-year fixed-rate mortgage at 4.5% before interest rates rose further."

"variable-rate mortgage"

A home loan where the interest rate can change, usually in line with a benchmark rate set by the central bank.

"Their variable-rate mortgage fell sharply when the central bank cut the base rate by half a point."

"mortgage in principle"

A lender's provisional agreement to offer a mortgage up to a certain amount, subject to full application and valuation.

"Having a mortgage in principle made their offer more credible to the vendor and estate agent."

"stamp duty"

A government tax paid by the buyer when purchasing property above a certain value threshold, calculated as a percentage of the price.

"First-time buyers benefit from stamp duty relief on properties below the government's threshold."

"equity release"

A financial product that allows homeowners, typically older ones, to access cash tied up in their property without selling it.

"My parents used equity release to fund their retirement while remaining in the family home."

"negative equity"

A situation where the outstanding mortgage on a property is greater than the property's current market value.

"After the market correction, many buyers who borrowed heavily were left in negative equity."

"redemption penalty"

A fee charged by a mortgage lender if the borrower repays the loan early or switches to a different product before the agreed term.

"She wanted to remortgage to a better rate but calculated that the redemption penalty would wipe out any savings."

"tenancy agreement"

A legally binding contract between a landlord and tenant setting out the terms under which a property is rented.

"Before handing over the keys, the landlord asked both tenants to sign the tenancy agreement."

"security deposit"

A sum of money held by the landlord or a deposit scheme during the tenancy to cover potential damage or unpaid rent.

"The security deposit equivalent to six weeks' rent must be protected in a government-approved scheme."

"notice to quit"

A formal written document from either a landlord or tenant giving notice of their intention to end the tenancy.

"The landlord served a notice to quit after the tenant fell three months behind on rent."

"right to rent"

A legal requirement in some jurisdictions for landlords to verify that prospective tenants have the right to reside in the country.

"UK landlords must carry out right to rent checks before any new tenancy begins."

"rent arrears"

Unpaid rent that is overdue; money owed by a tenant to a landlord for periods in which rent was due but not paid.

"The landlord began possession proceedings after the tenant accumulated two months of rent arrears."

"periodic tenancy"

A rental arrangement with no fixed end date that rolls over automatically each week or month until either party gives notice.

"After the initial 12-month term ended, the tenancy automatically became a periodic tenancy."

"inventory check"

A detailed record of a property's contents and condition, completed at the start and end of a tenancy to assess any damage.

"The inventory check noted a small scratch on the kitchen door that was present before the tenancy began."

"yield"

The annual rental income of a property expressed as a percentage of its purchase price or current market value.

"The terraced house generated a gross yield of 6.2%, which was above the local average."

"title deed"

The legal document that proves who owns a property and records any charges, covenants, or restrictions attached to it.

"The solicitor checked the title deed to confirm there were no unexpected charges registered against the property."

"conveyancing"

The legal process of transferring ownership of property from one person to another, carried out by a solicitor or licensed conveyancer.

"Conveyancing typically takes eight to twelve weeks from offer acceptance to completion."

"restrictive covenant"

A binding obligation attached to a property that limits how the owner can use or develop it, passing from owner to owner.

"A restrictive covenant on the land prohibited any commercial use of the residential property."

"easement"

A legal right for a third party to use part of someone else's land for a specific purpose, such as access or running utilities.

"The neighbouring farmer held an easement allowing him to cross the garden to reach his field."

"freehold"

A form of property ownership in which the buyer owns the building and the land it stands on outright and permanently.

"They paid a premium to buy the freehold so they would never have to worry about ground rent or lease extensions."

"leasehold"

A form of property ownership in which the buyer owns the property for a fixed number of years but not the underlying land.

"The flat was sold on a 99-year leasehold, with an annual ground rent payable to the freeholder."

"local authority search"

An enquiry submitted during conveyancing to the local council to reveal planning decisions, road proposals, or enforcement notices affecting a property.

"The local authority search revealed a planning application for a block of flats on the adjacent land."

"disbursements"

Third-party costs paid by a conveyancer on behalf of the client during the property transaction, such as search fees and land registry charges.

"In addition to the conveyancer's fee, the disbursements totalled £600 and covered all required searches."

"capital appreciation"

An increase in the market value of a property over time, representing a gain for the owner above the original purchase price.

"Over ten years the property delivered both rental income and substantial capital appreciation."

"buy-to-let"

The practice of purchasing a residential property specifically to rent it out to tenants and generate rental income.

"The buy-to-let sector grew rapidly when interest rates were low and rental demand was high."

"real estate investment trust (REIT)"

A company that owns income-producing real estate and allows investors to buy shares, gaining exposure to property without direct ownership.

"By investing in a diversified REIT, she gained exposure to commercial real estate with a modest capital outlay."

"cash-on-cash return"

The ratio of annual pre-tax cash flow to the total amount of cash invested in a property, expressed as a percentage.

"After mortgage payments and expenses, the cash-on-cash return on the rental property was 7%."

"cap rate"

Short for capitalisation rate: the ratio of a property's net operating income to its current market value, used to value investment properties.

"Investors in that city typically price commercial buildings at a 5% cap rate."

"flip"

The strategy of buying a property at a low price, improving it, and selling it quickly at a higher price to make a profit.

"The investor bought a run-down terraced house to flip after a six-month renovation."

"due diligence"

The comprehensive investigation of a property's physical condition, legal status, and financial performance before completing a purchase.

"During due diligence, the surveyor identified significant subsidence that led to a renegotiation of the price."

"gross development value (GDV)"

The total estimated market value of a development project once it is completed and fully let or sold.

"The lender required the projected gross development value to be at least twice the loan amount."

"market value"

The estimated price a willing buyer would pay a willing seller for a property in an open market on the date of valuation.

"The independent surveyor put the market value at £320,000, which was below the asking price."

"comparable sales"

Recently sold properties similar in size, condition, and location used as benchmarks to support a property valuation.

"The valuer identified three comparable sales within half a mile that justified the agreed price."

"structural survey"

A thorough professional inspection of a property's structure and condition, identifying defects, risks, and recommended repairs.

"The structural survey uncovered cracked lintels above the ground-floor windows that required immediate attention."

"homebuyer's report"

A standard survey report that falls between a basic mortgage valuation and a full structural survey, covering visible defects and concerns.

"The homebuyer's report flagged damp in the basement and recommended further specialist investigation."

"EPC rating"

An Energy Performance Certificate rating (A–G) that indicates how energy-efficient a property is and its estimated running costs.

"After installing solar panels and new insulation, the house's EPC rating improved from D to B."

"kerbside appeal"

The visual attractiveness of a property as seen from the street, which significantly influences a buyer's first impression and perceived value.

"A fresh coat of paint and tidy garden dramatically improved the property's kerbside appeal."

"red flag"

In a survey context, a warning sign identified by a surveyor that indicates a significant problem requiring further investigation or action.

"The surveyor noted cracks above the bay window as a red flag that warranted a structural engineer's assessment."

"rebuild cost"

The estimated cost of demolishing and fully rebuilding a property, which forms the basis for calculating buildings insurance cover.

"The rebuild cost was assessed at £280,000, which is different from and lower than the market value."