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Acceptance

The document you sign when accepting the mortgage offer from your lender.

Administration fees

A fee that’s paid by the tenant to cover the cost of processing a rental application.

Agreement fee

Usually split between landlord and tenant, this fee covers the cost of drawing up a tenancy agreement.

ARLA

Stands for the Association of Residential Letting Agents.

Arrangement fees

A mortgage lender’s fees to arrange a loan.

Assured shorthold tenancy (AST)

A rental agreement over a fixed period. Only applicable where the net rent does not exceed £25,000 a year.

Contract

The legal document between the seller and buyer, detailing the agreement around the sale.

Conveyancing

The legal process required to transfer ownership of a property.

Deposit

When buying a property, the deposit is usually 10 per cent of the purchase price. When renting, the deposit is usually equivalent to six weeks rent and is held by the landlord or agent as security against damage or breaching the tenancy terms.

Dilapidations

Damages caused during a tenancy, which the tenant is usually responsible for.

EPC

EPC stands for Energy Performance Certificate and shows a property’s energy efficiency and carbon emissions.

Fixtures & Fittings

This is a list of items that are included with the property you are buying or renting. Fixtures are items that have become part of a building and fittings are items that are not attached. Always ask what fixtures and fittings are included.

Inventory

A list of the items included in the rental property and detailing the condition of them.

Land Registry Fee

A fee paid to the Land Registry office to change ownership of the property.

NAEA

The National Association of Estate Agents.

Open market value

The estimated sale price of a property. This is based on a number of factors, like a reasonable period of marketing and assuming no special factors.

Stamp Duty Land Tax

The fee paid to the government by the property purchaser. This tax is banded and works on the price of your property.

Tenancy

Where a tenant occupies a property under a lease.

Tenancy agreement

A legal agreement between the tenant and landlord, designed to govern how the property is occupied.

Title deeds

A document outlining the legal ownership of a property.

Vendor

The person selling the property.