Brokers, Estate Agents, Sales and Lettings Agencies Industry Terminology

Please send your AIP so the vendor knows you’re proceedable.; Her AIP expires next week, so we should push to exchange.; We prefer offers from buyers with an AIP in place.

We can’t list the property until AML checks are complete.; Source-of-funds evidence is needed for AML compliance.; Our AML policy includes ongoing monitoring and record-keeping.

This tenancy will be an AST for 12 months with a 6-month break.; The deposit must be protected within 30 days under an AST.; Section 21 applies only to ASTs meeting specific conditions.

There’s a mutual 6-month break clause in the tenancy.; Be careful: the break requires all rent to be paid up to date.; The tenant served the break; the lease ends in three months.

We can complete in 14 days using a bridge.; Chain break? A bridging loan might keep the purchase alive.; Rates are higher on bridging than standard mortgages.

This flat would suit BTL investors at a 6.2% gross yield.; BTL lenders stress-test rental income against the mortgage.; We manage several BTL portfolios across the city.

It’s chain-free, so we can move quickly.; The chain is six long—higher fall-through risk.; We’re waiting on the bottom of the chain to get a mortgage offer.

Our CMA supports an asking price of £525,000.; The CMA shows 17 days-on-market for similar homes.; We’ll update the CMA after the EPC and photos arrive.

Conveyancing searches are back within five days.; We’re awaiting replies to enquiries from the seller’s solicitor.; Good sales progression speeds up conveyancing.

A one-week holding deposit will reserve the property.; We took a 10% deposit on exchange.; The tenancy deposit must be protected in an approved scheme.

Please complete DD on title, planning, and restrictive covenants.; Investor DD includes NOI, service charges, and void assumptions.; Our AML/KYC sits within the firm’s wider due diligence process.

We can’t move tenants in until the EICR is satisfactory.; The EICR flagged C2 items—remedials are booked.; Upload the EICR to the compliance pack.

The EPC is a C—great for rental demand.; We need the EPC before the listing can go live.; MEES exemptions must be documented if the EPC is F/G.

We exchanged today; completion is in two weeks.; Insurance should start at exchange.; Delay exchange until the mortgage offer is issued.

Our brokerage is FCA-authorised and regulated.; That advert needs FCA-compliant wording.; An AR (Appointed Representative) arrangement may suit a new broker.

It’s freehold—no ground rent or lease extension required.; The title shows freehold with a right of way.; Houses are often freehold; many flats are leasehold.

We got gazumped before exchange.; A lock-out agreement could reduce gazumping risk.; Gazumping is more common in hot markets.

The ground rent doubles every 10 years—be cautious.; Ground rent reforms impact mortgageability.; What’s the ground rent and review mechanism?

A UK-based guarantor is required for this tenancy.; Obtain a deed of guarantee alongside the AST.; The guarantor must pass affordability checks.

Let’s issue Heads of Terms to both solicitors.; The HoTs will set rent, term, and break dates.; Clear HoTs speed up legal drafting.

This is a licensable HMO under the Housing Act.; Article 4 restricts new HMOs in this area.; HMO management regs cover fire doors and alarms.

We’ve won the instruction on Elm Street.; The client switched the instruction to a multiple agency.; Your tie-in period is three months from instruction.

Use an independent clerk for the inventory.; The check-out noted carpet damage—seek quotes.; Upload inventory photos to the TDP evidence.

All four students sign one joint tenancy.; Joint and several liability means each tenant is liable for the full rent.; Consider tenants in common if the buyers want distinct shares.

We’ll run KYC before sending the memorandum of sale.; Enhanced KYC is needed for higher-risk profiles.; Store KYC records per our retention policy.

Order official copies from Land Registry.; The title plan shows the parking space boundary.; We’ll register the transfer after completion.

The lease has 78 years left—consider a lease extension.; Service charges are £2,100 per annum.; Check lease covenants on pets and subletting.

Add council tax and tenure to meet Material Information rules.; We can’t list until we’ve confirmed utilities and broadband.; Omitting lease length breaches CPRs via Material Information.

We’ll circulate the memorandum of sale today.; What’s the buyer’s solicitor for the memo?; Use the memo to open your sale progression file.

The office has 4,200 sq ft NIA.; Rent is quoted per sq ft NIA.; Check if the measurement is NIA or GIA.

We’re registered under NRL to manage deductions.; Obtain the NRL approval letter before paying gross.; Account for NRL in landlord onboarding.

We’ll approach our hot buyers off-market first.; Off-market deals can command a premium.; The seller prefers a quiet off-market campaign.

Listed at OIEO £500,000.; The vendor will consider OIEO with short chains.; OIEO generates competitive bidding in strong markets.

Please provide proof of funds with your offer.; Auction purchases require upfront proof of funds.; The developer will exchange on proof of funds only.

We’re Propertymark members with CMP cover.; ARLA-qualified staff handle compliance.; Display your Propertymark certificate in-branch.

Let’s qualify the buyer before booking a second viewing.; Pre-qualify tenants to reduce failed applications.; Ask about AIP, deposit size, and chain.

Our office is registered with TPO.; Include redress scheme details on your website.; Use the internal complaints procedure before escalating to redress.

The bank requires a Red Book valuation.; Probate valuations must be Red Book compliant.; This is not a Red Book valuation—just a market appraisal.

We’ll verify passports and share codes for Right to Rent.; Missed follow-ups risk civil penalties.; Use the online service for biometric permits.

Our sales progressor will update you weekly.; The valuation is booked—keep the chain informed.; Robust progression cuts days-to-completion.

First-time buyers get SDLT relief up to the threshold.; Model total costs including SDLT.; Non-resident surcharge increases SDLT by 2%.

You can’t serve Section 21 without a protected deposit and prescribed info.; Expired EPC or missing How to Rent can invalidate Section 21.; Courts are scrutinising Section 21 timelines.

The deposit is with TDS—here’s the certificate.; Late protection risks penalties and affects Section 21.; Submit check-out evidence to the TDP adjudicator.

Referencing fees to tenants are prohibited under the Act.; Holding deposits are capped at one week’s rent.; Charging for check-out inventories is not allowed.

We’ll mark it SSTC on the portals.; Under Offer reduces new viewing requests.; Backup offers can still be registered while SSTC.

The lender’s valuation came in lower than the price.; We’ll arrange a market appraisal this week.; AVM estimates need local adjustments.

We’ve updated the vendor with your offer.; Vendor wants a quick exchange.; Ask the vendor’s solicitor about the title query.

We’re whole-of-market, so we’ll source widely.; Whole-of-market brokers can compare specialist lenders.; It’s not an exclusive panel—more options for the client.

Gross yield is 6.0%; net yield after costs is 4.5%.; Target a minimum 125% ICR at stressed rates, then check yield.; Raising rent by £100 lifts yield by 0.4% at this price.

Upgrade to Zoopla Premium for better visibility.; Compare Zoopla leads with other portals.; Zoopla’s estimates are a starting point—verify with a CMA.