Buying your first home? The jargon can be overwhelming. Here's your guide to the most confusing terms:
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Freehold: You own both the building and the land it sits on.
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Leasehold: You own the property but not the land. You may have to pay ground rent and follow lease terms.
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Restrictive Covenant: A rule restricting what you can do with the property.
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Title Register: The official record of property ownership.
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Easement: A right others may have to use parts of your land, such as footpaths or shared driveways.
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Searches: Legal checks done by your solicitor to uncover risks such as floods, mining, or planned developments.
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Chain: A series of linked property sales where one depends on another completing.
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Gazumping: When a seller accepts a higher offer after agreeing a sale with you.
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Survey: A professional inspection of the property's physical condition.
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Completion: The final stage of buying when ownership legally transfers to you.
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Exchange of Contracts: The point where both buyer and seller are legally committed to the sale.
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Mortgage Offer: A formal document confirming your lender will provide financing.
Getkeys makes navigating these terms easier, with plain-English reports to simplify your buying journey.