Gazumping is the popular term for when a seller accepts your offer but then rejects it before the exchange of contracts in order to accept an offer (typically a higher offer) from another buyer. It is not illegal in an open market.

Gazundering is considered an unscrupulous act, although again, it is not illegal. Typically, this is a strategy that is used by buyers to force the seller to accept their new, lower offer while under the threat that if they don’t the buyer will pull out of the deal entirely.

The exchange of contracts is the point at which the sale becomes legally binding and the completion date is set. All methods of sale end up at this point, the method and time taken to get to this point varies.

A grant of probate confirms the authority of the executor to administer the estate of someone who has died, which includes tidying up their affairs and distributing their assets to their heirs.

A valuation, typically undertaken by estate agents, is a rough estimate of the buying demand as a whole generally resulting in the most a property could sell for and can require price reductions over several weeks until an offer is accepted.

A survey is a written description of the property, the street address, the location of buildings and adjacent properties, and any improvements a homeowner can make to the land. A property survey also includes things like right-of-ways and easements.

A mortgage survey is instructed by your proposed lender to ascertain the likely resale value of the property as well as identify any potential structural concerns. It will determine the loan to value (LTV) and advise the underwriter for the mortgage lender on whether or not to proceed.

A Local Authority Search is a query into the local area and land where the property you are hoping to buy resides. These are a vital part of the conveyancing process and are undertaken as part of the process of buying a house

Offer, when a buyer proffers an amount they are willing to buy a property, generally through an agent, normally multiple offers make up the negotiation process and once agreed is not legally binding in England and Wales until contracts are exchanged.

Yield is annual rental income expressed as a percentage of the total property value. Rental yield, or property yield as it's also known, can be used as a benchmark figure when comparing buy-to-let properties.

Gross yield is the total rental income, without deductions, expressed as a percentage of the total property value. Rental yield, or property yield as it's also known, can be used as a benchmark figure when comparing buy-to-let properties.

Net yield is the total rental income, after deductions, expressed as a percentage of the total property value. Rental yield, or property yield as it's also known, can be used as a benchmark figure when comparing buy-to-let properties.

Assured Shorthold Tenancy (AST) agreement is the most common type of tenancy with the main feature being the ability to serve a Section 21 notice on the tenancy requiring possession within 2-months without giving a reason.

Buy-to-let is the investor practice of buying residential property to earn a property yield by renting it privately, buy-to-let mortgages became widely available in the 1980s and this has resulted in a boom in the number of private landlords in the UK.

The A1 end value of a property is the most a residential property can be worth if refurbished or modernised to the highest standard possible, this is subjective and is often used more as a theoretical evaluation of how an investor judges the end value for resale.

The cost of works, to get a property to A1, is assessed in multiple ways, the most reliable is to price at £50/SQFT for standard residential, £75/SQFT for high-end refurbishments and £75/SQFT for adding internal living space.

A profit margin with regard to a resale investment property is the amount expressed as a percentage that an investor aims to make after the cost of purchase and the cost of works, but before tax, it is ideally 20%.

Bridge lending is short-term finance secured either on the property to be purchased or on a second asset, it is generally more expensive and the interest payments are rolled into the loan redemption.

A Property Sale Appraisal is generally undertaken by an auctioneer or auction valuer where all three methods of sale are considered, rather than just the private treaty option. It is the best advice for probate and investment properties to be appraised in this way.

The Auction agreement is a sole selling rights contract between the auction company and the seller whereby the terms and conditions of the instructions are determined and generally aligned with the V4 common auction conditions, the reserve price and auction fees are agreed here.

The exchange of contracts is the point at which the sale becomes legally binding and the completion date is set. All methods of sale end up at this point, the method and time taken to get to this point varies.

The Legal pack is the total of the work done by conveyancers when a property is sold, essentially the same work as with a private treaty sale, simply done before the sale at auction and to include in most cases the V4 special conditions.

The common auction conditions (V4) are the standard terms of a property auction as set out by the RICS, it sets out what is essentially the contract of sale when combined with the V4 special conditions.

Managed block viewings are conducted in the build-up to auction, generally, there is no need to book and the lot can be viewed for a defined time, half an hour to 2-hours depending on the lot.

Pre- and Post-auction bids are made by bidders before or after (if unsuccessful) the auction and are made and accepted under the same terms of the auction, immediate exchange of contracts along with a 10% deposit, buyers fee and conveyancer details.

The sale letters are sent out after a successful auction, within 2-working days allowing the balance of the deposit to be paid and the conveyancer details to be submitted and contain the sale memorandum, auction sale letters and legal documents.

The Completion is set when the property exchanges contracts (detailed in the legal pack at auction) and is confirmed when the seller’s conveyancer confirms receipt of funds, this is when the keys can be released to the new owner.