Jargon Buster
New instruction
A new instruction is a property that is new on the market through an estate or letting agent or has been advertised previously by another agent.
A property is generally only classed as a new instruction for the first month it’s on the market, or its first month with a new agent.
New to market
‘New to market’ refers to a property on that has not previously been marketed by any agent.
New instructions are usually classed as such for their first month on the market.
Non-Housing Act
Non-Housing Act refers to tenancies that don’t fall under the criteria of the Housing Act 1988 and Housing Act 1996.
Notice Period
Notice periods refer to the amount of notice a landlord or tenant must give each other to end a tenancy agreement.
Notices
Notices are formal documents issued at certain points during a tenancy.
NRL 1
NRL 1 is the Non-Residence Landlord Scheme for overseas landlords paying tax on their UK rental properties.
Occupancy rights
A tenancy agreement will stipulate the tenant’s right to occupancy of the rental property.
Offer
When a buyer has viewed a property and decided to buy it, they will submit an offer outlining how much they are willing to spend.
Offers are usually made to the seller’s estate agent, who must record the offer and pass it on to the seller right away. All offers made in this way should be passed on as ‘subject to contract’.
Offer accepted – Memorandum of sale
A memorandum of sale is a written summary of all the major agreements within a property sale, including the agreed purchase price, and terms and conditions agreed by the seller and buyer.
Memorandums of sale are only produced when a buyer has completed anti-money laundering assessment.
Offer accepted – Sold Subject To Contract (SSTC)
Sold Subject to Contract, or SSTC, means the seller has accepted an offer from a buyer, but this is not binding until contracts are exchanged.
Offer accepted – Under Offer
A property that’s ‘Under Offer’ means the seller has accepted an offer from a buyer and the sale is progressing subject to contract.
Offer accepted – Continuation of marketing
This refers to the scenario where an offer is accepted by a seller, but the property remains on the open market until exchange of contracts.
In this case, the agent must tell the buyer making the offer in writing and update their marketing materials to make clear the property is ‘under offer subject to contract’.
