Quick Real Estate Glossary

Agency fees
The fees charged by an estate agent if they sell, let or buy a home in behalf of a client.

Rent
The amount charged by the landlord on any property.

Retention
This refers to funds kept back by banks or mortgage lenders until the borrower’s contract conditions have been fulfilled.

Right of way
This refers to an area, which can allow public access.

Search
This refers to a local inspection of information regarding the property. This information is found from Local Authority records and are valid for about 3 months.

Semi detached
A house connected to another, but only on one side.

Stamp duty
Refers to the duty charged by the government when buying property. The charges vary according to level, from 1% for properties valued at GBP60,000 to GBP 250,000; to 4% for properties valued at GBP500,001 and above.

Surveys
A detailed report listing the particulars and state of the property. This is done by a qualified surveyor.

Valuation
This, based on current market value, is the estimated worth of a piece of property.

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