Selling your home is a big moment. It’s exciting, you’re looking forward to what’s next, but it can also feel a bit overwhelming at times. Like any specialist area, the property market has its own language, and for homeowners in Saltaire starting the selling process, all the jargon can sometimes feel like trying to understand a whole new code.
At Martin & Co Saltaire, we believe in helping you feel confident and in control. Selling your home is a big deal, and we want you to have all the information you need to make the best decisions. That’s why we’ve put together this straightforward guide to the property terms you might come across – it’s designed with the Saltaire market in mind. Think of it as your handbook to understanding what estate agents, solicitors, and buyers are talking about, so you can have a smoother, less stressful time selling your home.
A) Appraisal
When you’re thinking about selling, you’ll often hear the terms ‘appraisal’ and ‘valuation’ used. This is when an estate agent, like us, gives you our professional opinion on what your property is worth on the current market. This isn’t just a quick guess; it’s a careful estimate that we put together by looking at a number of things, including the location, the property type and size, the condition and presentation of your home, and the local Saltaire and wider market conditions.
B) Best and Final Offers
Sometimes, when there’s a lot of interest in a property, we might suggest setting a ‘best and final offers’ deadline. This simply means that everyone who wants to make an offer has to submit their single best offer by a specific time and date. Then, as the seller, you get to choose the offer that works best for you. Of course, the price is a big factor, but it’s also worth considering the buyer’s situation – for example, are they first-time buyers, or do they need to sell their own property first?
C) Chain
You’ll often hear the term ‘property chain’. It simply means that a few property transactions are linked together. For example, the person buying your house might be selling their own, and the person buying their house might also be selling, and so on. These chains can be short or long, and sometimes they can cause delays if there’s a problem somewhere along the line.
D) Draft Contract
Once an offer is accepted on your property, your solicitor will prepare a draft contract. This is the legal document that sets out all the details of the sale. It will include things like the agreed price, the date the sale is scheduled to complete, and any specific conditions that have been agreed upon.
E) Energy Performance Certificate (EPC)
An Energy Performance Certificate, or EPC, is something you’ll need to have when selling your property. It’s a legal requirement, and it gives potential buyers information about how energy efficient your home is. The EPC rates your property from A (which is the most efficient) down to G (the least efficient). It also includes recommendations on things you could do to improve your home’s energy performance, which can be a real selling point.
F) Fixtures and Fittings
When you’re selling your home, it’s important to be clear about what’s included (or not included) in the sale. We talk about ‘fixtures’ and ‘fittings,’ and it’s helpful to understand the difference. Generally, fixtures are things that are fixed to the property, like built-in wardrobes or kitchen units. Fittings are usually items that you can remove, such as curtains or freestanding appliances. Making sure everyone knows what’s staying and what’s going can really help avoid any misunderstandings later on.
G) Gazumping
It’s worth being aware of a practice called ‘gazumping.’ This is when a seller accepts an offer from one buyer but then goes on to accept a higher offer from someone else before the contracts are actually exchanged. While it’s technically legal in England and Wales, it’s widely considered to be unethical and can be incredibly frustrating and upsetting for the original buyer.
H) Help to Sell
Selling your home is about so much more than just putting it up online. At Martin & Co Saltaire, we’re here to provide you with comprehensive support and to guide you through every step of the process. We’re here to help you sell your property.
- Accurate Valuation: We’ll provide you with an accurate valuation of your property. This won’t be just a ballpark figure; it will be a realistic and achievable price based on our in-depth knowledge of the local Saltaire market.
- Professional Marketing: We’ll make sure your property looks its absolute best with our professional marketing. This includes high-quality photography to really capture its appeal, detailed and engaging descriptions, and effective marketing both online and offline to reach the widest possible audience.
- Accompanied Viewings: We handle all viewings of your property. We conduct them with the utmost professionalism and expertise, highlighting all those key features that make your home so special and answering any questions potential buyers might have.
- Negotiation and Offer Management: We’ll skilfully negotiate on your behalf. Our aim is to achieve the best possible price and the most favourable terms for you, making sure your interests are always our priority.
- Sales Progression: Right through to completion, we’ll proactively manage the whole sales process for you. This means keeping in close contact with solicitors and everyone else involved to ensure everything stays on track and the sale goes through as smoothly and quickly as possible.
- Local Expertise: You’ll benefit from our local expertise. As property experts right here in Saltaire and Shipley, we have invaluable insights into the market. This local knowledge allows us to make sure your property is positioned perfectly for a successful sale.
I) Indemnity Insurance
It’s worth knowing about a type of insurance policy that can offer protection against any legal issues that might come up with the property. This could be things like missing planning permission or problems with building regulations approval. Sometimes, taking out this kind of insurance can be a quicker and more cost-effective solution than trying to sort out the underlying issue itself.
J) Just Listed
You’ll sometimes hear us say a property is ‘just listed.’ This simply means it’s just come onto the market. It’s a really important time in the selling process because it’s often when we see a big surge of interest from potential buyers looking for their dream home in Saltaire.
K) Key Facts for Buyers
When you’re selling, you’ll hear about the ‘Property Information Form.’ This is a really useful document that gives potential buyers important information about your property. It covers things like the council tax band, whether the property is freehold or leasehold, and any known issues that might affect their decision. The whole idea is to be upfront and provide transparency, helping buyers feel confident and make informed choices.
L) Leasehold or Freehold
It’s important to understand the difference between ‘freehold’ and ‘leasehold’ when you’re buying or selling a property. If a property is leasehold, it means you own the building itself for a set period of time (that’s the lease), but you don’t actually own the land it’s built on. Leasehold properties are more common with flats. On the other hand, if a property is freehold, it means you own both the building and the land it stands on outright. If you’re buying or selling a leasehold property, it’s really crucial to understand all the details of the lease, including things like ground rent and service charges.
M) Memorandum of Sale
Once an offer is accepted on your property, we’ll prepare a ‘memorandum of sale.’ This is an important document that confirms the agreed price and all the details of both the buyer and you as the seller. It’s not a legally binding contract at this stage, but it marks the official start of the conveyancing (legal) process.
N) Negotiation
Negotiation is a really important part of selling, and understanding how it works can help you get the best possible outcome. When we receive offers, it’s not just about the highest price; we also consider the buyer’s situation (e.g., are they first-time buyers?) and how financially ready they are. Any conditions attached to an offer, like needing a survey, are also important. It’s worth being prepared for some back-and-forth, as counteroffers are common. Clear communication between you, the buyer, and your estate agent is essential for a smooth sale. Ultimately, a successful negotiation is about finding a balance that works well for both you and the buyer.
O) Offer
An ‘offer’ is simply a formal proposal from a potential buyer to purchase your property. It’s important to be aware that offers can sometimes come with conditions attached – for example, the buyer might want to have a survey done first. Other offers will be ‘unconditional,’ meaning they’re not dependent on any further actions.
P) Probate
It’s important to be aware of a legal process called ‘probate.’ This is what happens when someone passes away, and it’s the process of dealing with their estate. If you’re selling a property as an executor of the will, you’ll need to obtain probate before you can proceed with the sale.
Q) Qualified Buyer
You might hear us talk about a ‘qualified buyer.’ This is simply someone who has shown us that they’re in a good position to buy your property. Usually, this means they’ve provided evidence that they either have the funds readily available or that they’ve already got a mortgage agreed in principle. This gives you, as the seller, more confidence that they’ll be able to go through with the purchase.
R) Reservation Fee
Sometimes, a buyer might choose to pay a ‘reservation fee.’ This is a payment they make to secure the property, and have it taken off the market while all the legal work (the conveyancing process) is being sorted out. It’s important to be aware that this fee is usually non-refundable.
S) Subject to Contract (STC)
You’ll often see the phrase ‘Subject to Contract,’ or STC, used. This is simply a way of saying that any agreement to buy or sell a property isn’t legally binding until the contracts are actually exchanged. So, even if an offer has been accepted, it’s not set in stone until that final contract stage.
T) Tenure
When we talk about ‘tenure,’ we’re referring to the legal basis on which you own the property. There are two main types you’ll come across: ‘freehold’ and ‘leasehold’ (which we explained above).
U) Under Offer
You’ll often hear us say that a property is ‘under offer.’ This simply means that the seller has accepted an offer from a buyer, but the contracts haven’t been exchanged yet.
V) Viewings
Viewings are a crucial part of selling your home. They’re the potential buyer’s first chance to see your property in person, so making a good impression is key! There are a few things that are really important for sellers to keep in mind. Firstly, making sure your home looks its best is vital. Secondly, it’s helpful to understand the difference between accompanied viewings, where we show buyers around, and open houses. Thirdly, it’s always useful to get feedback after viewings to see what potential buyers thought. And of course, being mindful of security throughout the viewing process is essential.
W) Wayleave Agreement
It’s helpful to be aware of something called a ‘Wayleave Agreement.’ This is a legal agreement that gives a utility company or another organisation the right to access your land. For example, they might need it to install or maintain cables or other equipment.
X) Exchange of Contracts (yes, we cheated on this one!)
The ‘exchange of contracts’ is a really crucial milestone in the selling process. It’s the point where the contracts are actually signed and exchanged between you as the seller and the buyer. Once this happens, the sale becomes legally binding on both sides.
Y) Your Estate Agent
Having a good relationship with your estate agent is absolutely key to achieving a successful sale. There are a few important things to consider:
Communication: Are they keeping you fully informed every step of the way?
Trust: Do you have complete confidence in their expertise and advice?
Local Market Knowledge: Do they truly understand the unique Saltaire property market?
Proactive Approach: Are they actively and effectively marketing your property to the right buyers?
Z) Zoning
It’s helpful to have a basic understanding of ‘zoning.’ This refers to the local planning rules and regulations that determine how land can be used in the area. For example, whether it’s designated for residential housing, commercial businesses, or industrial use. Zoning can be an important factor, as it can affect both the current value of a property and any potential for future development.
Navigating the Saltaire Property Market with Confidence
Selling your home in Saltaire is definitely a big undertaking, but it can also be a really rewarding experience when you have the right knowledge and support. By taking the time to understand the property jargon and working with a trusted local expert like Martin & Co Saltaire, you can approach the whole process with confidence. We’re here to help you navigate every step.
We’re Saltaire & Shipley’s top-rated estate agency with more than 300 5* Google reviews. We’re not your typical estate agent. We’re straight-talking local property experts, trusted by thousands to deliver the best results for sellers just like you.
Ready to take the next step?
Contact Martin & Co Saltaire today for a free, no-obligation valuation. Let our expert team guide you through the process, providing honest advice and unwavering support every step of the way.
