Property Pod: How to buy a house - Part 2

Our house in the middle of our street.

Our house that was when we used to sleep.

Our house in the middle of our street.

Hello and welcome to Property Pod with.

Me, Emily Evans and me, David Blackmore. Now this is a very much a new kind of podcast aimed at a whole range of different people. These ones, these early ones are aimed very much at, you know, that first person who's buying a property. Now for me as somebody who's a complete novice, I was hopefully asking the questions that you wanted answering in terms of buying a property for the first time.

Whereas Emily has been an property developer, estate agent and letting agent for over a decade. So I know a bit about this subject.

Absolutely. Now on the first podcast we did, you know, we started off, we've gone right up through to making an offer now that went through from, you know, getting a credit card and then we're talking about a mortgage, getting an independent.

Mortgage advisor, someone that's whole of market and someone that's preferably personally recommended to you as well.

Then we're talking about the deposits, talking about 10% and what kind of mortgage you can get, how much you need. Of course the, the dreaded stamp duty which I think I knew about at the time and listening back to that, to the first pod, I think I did know about it. I think it's just the cost involved that really hit you.

It's a killer. It's a killer. So then we went, we talked about finding your property. So what to look out for on a viewing? I recommended to, if you can, before you make an offer, do a second viewing and take a builder with you and then making an offer. So how to make an offer on a property, looking at the property's sold history on Zoopla and Rightmove and not giving away your top figure to the estate agent when making an offer.

Oh yeah, that was certainly that top offer. So we've gone right up to this stage and now your phone rings and it's the estate agent to say, you know, hello Larry, just so that you know the offer has been accepted.

Do you have a kid called Larry or something?

No, I know, I know. I just love Larry. I don't know, he's always happy. You get that call. Now for somebody who's a first time buyer, that's it. That's a kind of a cue of kind of celebration, popping open a champagne. But it's a long way to go.

Absolutely. So unlike Scotland, you don't actually own that property until exchange of contracts. Please be excited, it's great. However Stay with the knowledge that you, that you may have someone else might come forward with an offer that's higher and you could be what's called gazumped.

Yeah, I heard about the gazumpting. Yeah, yeah.

So we'll cover gazumping and what that means in our jargon podcast. But basically be wary of what could happen because there are still you, you know, it's not safe and it's not yours until exchange of contracts. So the next step is to instruct a solicitor. Now if you can. If you do have a solicitor personally recommended to you, that's great. If someone else has used them and they've had a good service, then fantastic.

So word of mouth is quite key.

Word of mouth is key in the whole of, you know, the property sales and lettings process. Word of mouth is fantastic. So with solicitors, you know, really look at how much they charge. Now solicitors will only give their headline cost, so always ask for a cost not only for their charge, but fees and disbursements. Fees and disbursements are for things like searches, parts of that you need to have to be able to go through the soliciting process. But you know, the solicitors will generally only give you their headline fee. So ask for it all.

Okay, so do they. You can ask for it. I don't think I did. But you can ask for a breakdown of, of, of their cost.

Well, no, it's, it's not even, it will be as a breakdown. But some solicitors will say our cost is £450 when we all know a solicitor won't just charge £450, it's more like a thousand pounds. Yeah, £450 is their fee for carrying out the, you know, the work. But actually fees and disbursements are the charges that are then also charged to you from land registry for the searches etc. For telegraphic transfer fees. That's the fee of transferring your deposit from your bank account to the seller's bank account to the solicitor's account, to the seller's bank account. So the fees and disbursements, they're not always forthcoming with those extra fees. So just make sure you're asking for solicitors costs fully with fees and disbursements included.

Yeah, and I'm sure I did have to do something. Is it like an introduction pack or something along those lines?

Yep. So once you've said to your solicitor, yep, great, we're happy with that, they send an introduction pack through of which you have documentation you need to sign, fill in all your information and then they will also need you to send in your identification. They will need that identification to be signed off as you are that person. So either your mortgage advisor can, can do that or you'll need to go into your solicitors. I know a lot of people instruct solicitors that are, you know, far away, actually. Yeah. And actually I do prefer having a local solicitor because it means that they're just around the corner, you can go in and they can sign everything there. It means you don't have to send your passport in the post. So it always is always good having a local solicitor. How did you find your, your solicitor?

Word of mouth. Yeah, a friend. A friend of ours does it. So a friend of ours was an independent mortgage advisor, but strangely the bank still offered me a good deal, so it was worth going through with them. But they were far away and I do think sometimes they didn't have the local knowledge, like they hadn't done other properties on that road. So there was a few not issues, but there were a few things that you would have expected a local solicitor to have known as opposed to someone who was far away still. We still got there at the end of day, the day, but perhaps you might think that things took a bit longer. And I think the other thing, being a friend, is that they almost go the extra mile for you because they want to do you a good service because you're a friend. But if you don't know them, can they go a bit quiet on you?

Yes, they can. Like every service you'll ever pay for in life, you know, unfortunately you do have to keep them chased. Generally your estate agent will do what's called sales progression. And sales progression is every couple of weeks they will call up or even more regularly than that and, and find out how everything's going. And an estate agent will shiver it along a bit, but sometimes they don't, so it's always best to stay on top of it yourself. Check in with them, see if there's anything that should have been in the post, come out in the post, anything you need to sign, generally. And again, this is very generic. A sale should take between eight to 12 weeks to go through. Sometimes it can be a lot longer if there are any problems. And there's a long chain. But I would say, you know, I've had some properties go through within four weeks, some within 12 weeks. So we always say between eight and 12 weeks.

Okay, and then what the next steps, then you get, do the deeds come through and you get all of those other bits of paperwork.

Yes. So there is so much paperwork. And you know what, when I first bought my first couple of properties, I just ended up just signing stuff that I didn't know. And there will be part of that because we're not all trained conveyances.

Yeah.

But the one thing to really, really look at is your title plan. So your title plan will come out and it will basically be a document that shows that your property and the area that it's in with a red line to show what land is included and what land you're buying.

Does that throw up a couple of.

It can do. So if there's a garage that's further away from the property and not necessarily on, you know, at the back of the property or next to the property and there's not a red line, you know, where the garage is, you know, just flag up anything. If there's an extra bit of land that you thought it was included within that, then that's where to say when you say, look, that doesn't seem like the land that I'm buying because the solicitor ultimately hasn't been able to see the property. They don't know what they're looking at, title wise, they know what they're looking at, documentation wise, they'll flag anything up that comes through search, you know, with regards to the searches, but they don't know that. So really look at that title plan and make sure what you're buying is included within those red lines.

So then I guess the, the next thing is, and presumably correct me if I'm wrong, but before like the mortgage, you know, provider is going to give you the money they need to be, be able to see a survey. Now for me, the different types of surveys there were, they can't almost tell you which one they want, so they kind of advise which one they would suggest. But actually it's up to you, isn't it, to make that decision as to which mortgage survey you want to do. And they all vary, you know, in terms of the amount of work and detail that.

Absolutely, absolutely. So after instructing your solicitor, you need to go back to your mortgage advisor and be, woohoo, we found a property, this is the price you're paying for it. Can you please go with the mortgage? They will then come back to you with the mortgages again and you will then pick which one you want. And when picking which one you want, sometimes you'll get what's called a free valuation included. And this is where people go wrong. So people will get their mortgage documents through and it will say free valuation. Now, a free valuation is not a survey. A valuation is literally the bank or building society, the lender going round, not, not even going round into the property, driving past the property and being like, oh yeah, they're buying that property for 200,000, that property is worth 200,000, that's all they do. So do not take that as a survey. You then have other options for surveys. So with regards to the survey, you can choose your level depending on, you know, what you feel you want. So again, I always recommend on reviewing, to take a builder out, because a builder is someone that's great, that will be able to tell you anything that needs doing to that property. Yeah, but looking at, you know, you can identify what kind of survey you want from the age. So if you're buying a brand new property, I would recommend, you know, you don't need a survey. That's me just saying it. Some people go, oh, maybe still get a survey. I wouldn't say you need a survey if you're buying a brand new one. Yeah, brand new properties come with what's called an NHBC guarantee. So they're guaranteed for 10 years. So everything happens with them, you're covered. But if you're buying, let's say for example, Victorian property, it might need the roof replacing, etc. So the cheapest form of survey you can get is what's called a condition report and it's what's called the survey survey level one. It's around £300, could be a little bit more. This is a basic survey and is. It gives you a, they give you a document. It's kind of like a traffic light system. So it's a green for okay, amber, fair, maybe check this out and red for this really needs looking at. This is a problem. But even with that, they're still not, they're still not looking in your loft, they're still not looking on. You know, surveyors ultimately aren't ripping carpets up to look underneath at floorboards. They can't see everything. So I would be very, very careful with that survey. And I know people want to get, they've already spent so much money on this whole process, they just want to go for the cheapest survey. But a condition report is basically the basic, basic survey.

So is that, you know, that is just. So they're not pulling up the carpets but they're walking from room to room trying to spot anything. And I'm guessing it's majorly obvious that potentially can be wrong.

Yeah, majorly obvious. And unfortunately, again, some surveyors are even sending out staff that aren't surveyors to.

Just take pictures and then they're doing them back in the office and doing.

Them back in the office. So, you know, if you're at all worried, you need to be paying more money for a survey. Absolutely. Which takes me on to the home buyers report.

Yeah, I think this is the one that I opted for because when I looked at it, it seemed to be the most popular. It was one that most people went for. I guess most people tend to go for the middle ground anyway, don't they?

Yeah, absolutely. And it's the most popular option according to Rick. So the Royal Institute of Chartered Surveyors and there are two options in this category. So if there are problems, the surveyor will have a. At those problems. And again, it's not intrusive. So they're not. Again, they're not going to be looking. And sometimes in these cases as well, they don't even go up and look in the loft. So. But again, this is definitely a much more thorough report, I would say. And the home buyers report survey only. And then a home buyer's report survey and valuation can range from £350 up to like £550.

And I guess with the additional one, it is looking for things like major issues, especially when it comes to sort of rot or subsidence as well. That's.

Oh, so that's the. So then the home condition survey. So this is the one up that's more like 4 to 9, 400 to 900 pounds. They're more that they are conducted by specialists. So this is the one. If you've got a Victorian property, there are cracks, you're walking, you know, on the floor and there's a bit, you know, the floorboards are sinking a little bit. This is the one I would get the home condition survey because they're going to be looking a lot more at the damp, they're going to be looking at the cracks, more boundary issues, if there are any. So this is the one I would be getting for that kind of property.

Okay.

But then the next one again is building. There's a whole range. This is the problem. There's so much choice. So much choice.

I mean, does it. Does it. I know, I know there's another survey as well, but did it depend on the. The age of the building as well?

It does. I suppose if you are at all concerned in any way, just pay for the. The built. The full building survey, which is the last one, which can be £500 or more. It can be anywhere between £500 to £2,000. You know, it is expensive, but this is more extensive. This is when the surveyor will go up into the attic. Okay. So this is the one that they will look a lot more at problems. For example, if they can go into an attic and they can see if any of the. The joists are in it or the beams or the tiles have slipped, that's where you. You'll find out about any route. More roofing issues. Yeah, it's. It's some. It's a real minefield. Surveys. I would recommend that you really look in depth each one and if you are at all worried, just pay for. Pay for the full building survey.

Okay, so then you've had the survey. Then at that stage, can you. Is there more wiggle room then? Because presumably if the survey brings up issues that you hadn't seen before when you made the offer, can you go back then and say, well, you know, it's just pulled up this damp proofing work that needs to be done.

Absolutely. So that's where sometimes a survey is, you know, is worth the money. Because you've then got the written proof that there are these problems. And you can go back to the estate agent, which will go back to the vendor and say, look, it need the roof needs retiling and it, you know, needs stripping off and needs felt and battening again, you know, and that's an expensive job. That can be like 15, 20 grand. So you can then use that as a negotiation. Absolutely.

So then, you know, what we did certainly with ours, the survey flagged up a couple of issues. We went back and said, well, actually we've had some bond come out and they said the work's gonna cost X amount. We're gonna take that off the price. And then, yeah, we got to some middle ground and we got to that price. And then the next stage, of course, then is the exchange of contracts. And that's a very significant point in this whole deal, isn't it?

Absolutely, absolutely. So exchanging contracts, you are basically then tied into buying that property or not. Not even really tied into buying it. It basically means you, you send a certain amount of money across to the other side, your solicitor does, and if you decide to pull out after that point, you don't get that money back. So you are basically giving over your 10% deposit.

Yeah.

And if you decide to pull out, pull out after that point, you know that money is gone before exchange of contracts. I would recommend that you, throughout the conveyancing process, you are looking at building insurance. Now, when I first bought my first property, I was about to exchange contracts. My solicitor said, oh, can we have your, my mortgage advisor said, oh, can we have your building insurance certificate? And I was like, what? I didn't know I needed building insurance. But ultimately a lender isn't really going to release that money until they know you've got that property insured. So get your building insurance in place so that when you are due to exchange contracts, you've got the. Yeah, you've got that in place. So you get your building insurance and then we can go across to exchanging contracts, which is where you've signed all your documentation and you are legally, legally bound into buying that property.

And with the contract as well, you're obviously paying a solicitor to go, to go through it. But would your advice be to make sure that you're having a jolly good read of it as well?

Absolutely, have a good read. But at the same time, we're not conveyances. You are paying your solicitors for the service that they have, you know, read through everything and there is insurance in place there. So if anything has been done untoward or if they've missed something that you find out later on, there are, you know, bodies in place that mean you can go back and get your money back if there are any issues. So do trust in your solicitor but also do have a read through all the documentation yourself.

And then the one thing, I mean, I just feel like you just don't get told about this just from general conversations with people from the exchange of contracts to completion. Does it vary in terms of how long that, that can, that whole process can take?

Absolutely. So if the property is empty, if you, if you're buying a property that maybe a landlord had let out before, sometimes you can exchange and complete that same day. Fantastic. However, if there is someone living in that property, it will take as long as, you know, it will take to pack up boxes, etc. So it can be. Normally it's about two to three weeks, something like that. So you'll have two to three weeks between exchange and completion. Completion. The house is yours and it's the finalizing of the sale. So all the monies are passed over to the, to the sellers, solicitors and you take ownership of the property. So you go into your estate agent and you pick up your keys and yes, then you can celebrate.

I was going to say that is the point that you can pop over in the champagne at that, at that stage.

Absolutely, absolutely. And when you go you go and collect the keys. One thing that I would always recommend to do when you go into the property is take your meter readings, the amount of people that don't do this. And when you're buying a property for the first time, you probably don't even know what meter readings are if you've never rented before. So go into the property, go to your gas, electric meters, water meters, take the readings so that you've got the exact readings of then what you're paying for from in that property from that point onwards, and go and say hello to the neighbors as well. It's very good to have a good relationship with your neighbors. Yeah.

And one thing that I was going to mention in the first pod that I forgot, you mentioned about going back to the. Back to the house another time with the builder would. Is it. Is it too excessive to go back at different times of the day or, you know, go at daytime, go at night time, go at rush hour, go, I don't know, at school rush hour, just. And just kind of get a flavor as to what it's like?

Absolutely.

Especially with neighbors, I guess as well.

Don't take your builder every time. No, your builder's gonna get annoyed. But absolutely, definitely. Yeah, keep going back and visiting the property at different times because sometimes you might go back on, you know, school, chucking out time, and it's near a school and you didn't realize that it was that busy. So, yeah, it's always good just to go back as many times as you can. And also there are things that happen at night that you might not know about that happened when you were doing, you know, when you went on your viewing. So, yeah, go back as many times as you want, basically, so that you're happy with the property you're buying.

So, okay, we have taken you in these two podcasts from the very, very start when you're just about thinking about buying a house for the first time, right to the point you go into the estate agent, you're collecting the keys, you're giving them a kiss and you're saying thank you very much. And you probably never not going to see him for a few years now, throughout the two being a complete novice as I am, apart from the fact I've bought the house, but. And a lot of it has come back to me. But there's a few bits of jargon that you probably heard and you thought, actually, I don't know what that means and I perhaps didn't necessarily challenge it. I know I did with a few. And there Must be a few others as well out there, Emily.

Absolutely. So when you're looking online at buying a property, there are things like oieo that means offers in excess of.

Yeah, okay.

Offers O I R O.

Well it starts with offers. Offers in the region of.

Uh huh. Well done. We've then got aip. So a lot of people just say you need an aip.

Oh God, I wouldn't know what AIP is actually agreement in principle and that's with your mortgage lender. And that would be you've gone down, you've done kind of that summary of your incomes and outgoings about physically proving it.

But.

And I said okay, this is what you can get.

Yeah. And that's basically them a certificate saying we're happy that we can lend you this amount of money and this is what you can get. So that's what an AIP is. Okay. Buy to let. Obviously that's when a property is purchased specifically to let or rent out. Yeah, chain. So chain will be spoken about a lot.

Yeah. Which do you know what, when I first bought a house it did come up a lot. And what is this chain? What is this thing? And it does sound silly, but actually it makes perfect sense when you've bought it. Especially when you're in the bottom of a chain.

Absolutely. So a property chain is created when there are multiple transact transactions that all need to occur at the same time for each sale and purchase to conclude. So you might be at the top of the chain, the bottom of the chain, but ultimately each part of the chain needs to go through for you to be able to purchase that property.

Okay, yeah, I get it, I get it.

Okay. So we've got also common parts areas.

So is that, I mean is that communal spaces? So like hallways and.

Yeah, so these are parts of a freehold building that are shared by the leaseholders. So the. Yeah, the hallways and staircases put that bang on completion we've spoken about just a second ago. So that's the finalizing of the sale completion statement. That's the documentation drawn up by your solicitor showing all the costs and monies due to complete the purchase of your property. Okay. Conveyancing. Well that's your solicitors. So solicitors conveyancing the process undertaken by the buyers and sellers. Solicitors to transferring the legal ownership.

Yes. That doesn't scream convincing to me. Well it must be, it must be latter in for something. But yeah, if you'd asked me what conveyancing actually was, I don't think I would have. I would have come up that definition. So that. Yeah, something new I've learned.

Deeds.

Is that just like the kind of the. Is it the ownership dating back or is it just the. This, this is the property?

Yeah, it's the original document. So sometimes one, the first property I bought was a lovely 1920s Victorian. It was beautiful. And actually I had this lovely poster that I had framed that came in the deeds. That was the first particulars of sale of that property. And they were beautiful on a really lovely bit of parchment. Really nice. So the deeds are very interesting. I'd always recommend everyone to have a look through all the old deeds. They're lovely. Obviously we've got the disbursements.

Yeah, I didn't, I didn't, I didn't flag up disbursements actually when you mentioned it earlier on. I, I, yeah, I didn't, I didn't mention that. But yeah. So I don't know. Is it just addition. It's additional fees of some sort.

Yeah. Fees paid by the buyer's solicitors that the buyer will reimburse.

Yeah.

We've then got equity, negative equity.

Okay. I know it now but I think at the time when people started talking about equity, I didn't, I didn't really, I didn't get it at all. But obviously. So now obviously your house is, you know, you bought it for hundred thousand and it's now worth overvalued at 150,000. That's a positive negative equity. But if it's 80,000, that's negative.

Yeah, absolutely, absolutely. Exchanging of contracts which we spoke about. So that's when copies of signed contracts are exchanged between the buyers and sellers solicitors and the point at which both parties are legally committed to the sale or purchase.

Okay.

We've then got fixtures and fittings. So you'll see that in your legal pack from your solicitors.

Yeah, that's right, yeah.

What do you reckon that means?

Well isn't it just all the kind of. Perhaps what is what you physically are buying within the building?

Absolutely, absolutely. So it's a list of non structural items.

Okay.

And actually you can also, if it's something I missed off, actually you can get them included in the, in the sale if you want. So let's say for example there's a lovely log burner. You know, you make an offer subject to the log burner being left. So you know that's included in fixation.

When we, when we had ours done, I think there was like a sofa in the front room and we didn't want it and it's well, I'm gonna have to take this out then. Okay. We don't want it.

I have known people to take the carpets, really take. Lift up the carpets and take the carpets with them because ultimately, you know, they are a fixture and fitting at the end of the day.

Yeah, yeah, sure.

So we spoke a bit about this in the previous podcast, Leasehold and Freehold. So the freeholder is the person who owns a property outright, including the land it's built on. Okay. And gazumping. We spoke about gazumping.

So I don't know what. At what point, but so if you've made an offer and the offer's been accepted and then you've had. You had the offer accepted and then. Is that the point that somebody can then come in and say, is it. Because it always comes up sole subject.

To contract, SSTC or stc.

So at what point can you. That was the last point. You Gazan. What if you exchange contracts, can you still.

Oh, no, you can't still, because that.

You can't because that's before the exchange.

It's before exchange. So. And generally, just out of decency, an estate agent would only kind of allow that to happen a couple of, you know, either a week, either side of them making the offer. A good estate agent won't show anyone else around after an offer has been accepted. A good estate agent. But at the end of the day, this viewer could have viewed it three weeks prior to, and then have just come in a week later and been, like, reviewed it. We've actually decided we want it and we're going to pay, you know, five grand more. So that's what gazumping is. Gazumping is where the seller, having already had an accepted offer, decides to accept a higher offer from another buyer. So we've got ground rent. So ground rent is the annual fee which a leaseholder pays to a freeholder. Okay. So that's if you're getting involved in a leasehold property. Yeah, Land registry.

Yeah. So that is, I mean, it just, to me, it just strikes me as kind of like an old, old farty office where documents are stored that are very important.

A central government database, David.

Okay, same. Same thing with slippers and pipes.

Yeah, so that will come up a lot. That. Because your documentation will come from land registry list. So when you're buying a property, it might say a listed building, grade one or grade two.

Listed grade one is like more concerning than grade two.

Yep. And basically a listed building is a property registered and protected as being of special interest or historic importance and for which you need to get permission from the local authority to make changes to. Okay, so whether it's grade one or grade two, it might have sash windows and you want double glazing. You might not be allowed. Well, you probably won't be allowed to change that.

Yeah.

So when you're buying a property, look out for that. Because with grade one, it even comes down to alterations internally. You can't knock down walls, you can't move, you know, you can't do a lot to grade one or grade two listed properties.

Okay, okay, bring on the next one.

Ltv.

The thing is, it was annoying is as much as I'm a novice to this, I've actually done quite recently in order to fund more work in the house. So it's loan to value.

Loan to value. So loan to value is the amount a mortgage lender is prepared to lend you against the value of your property. So we spoke about deposits being 5%, 10%, 20% earlier. It's the other side of that. So if you've got a 10% deposit, you have got 90%. Loan to value. LTV. Mortgage term. So mortgage term means that the period that you're borrowing that money over, so if you're young, stretch it out as long as you can bang it out on a 35 year term, there's a.

Lot of people that just want to get it back paid as quickly as possible and they'll go for the minimum and then, you know, before you know it, they just can't keep up with the payments.

We'll talk about this in our Buy to Let Property podcast. But owning a property outright is really what our parents would, you know, our parents do and they've always. And they've done when actually, in my opinion, I think about this very differently. I would rather release equity from each property to own more properties and not actually have all my money tied up, tied up within one.

So how much would a lender today give you? Realistically, if you're 30, would they give you a 40 year?

No. 35 years is the maximum term you can. Yeah, you can borrow over. Poa.

I have no idea.

Power of attorney.

Okay. Oh yeah, yeah. Okay.

When estate agents are talking, you might hear about probate poa. That's generally a property that someone that has been appointed to act on behalf of, of the, for the, for the legal financial affairs when they're not able to. So the owner maybe has gone into a home or something. So the property is then being dealt with by a power of attorney for probate.

Yeah, yeah, I'm there.

Okay. Rick's, which you spoke about. Royal Institute of Chartered Surveyors.

Yeah, I have to say there was a lot of Rick's business when I was buying and I just. It sounded like some kind of illness.

I'm very. I'm sure they'd be happy to hear that. Sdlt, which is stamp duty, Land tax.

Yeah, I didn't. I didn't know. I didn't know the LT added on the end of it. I just thought it was a stamp duty, but yeah, I wouldn't have got that one.

Now, this is a really important one that I want to really stress and talk about. And our last one on our jargon, property jargon, joint tenants and tenants in common. So when buying a property and at the point that you're at, when you are sorting the mortgage and the solicit the solicitors out, the conveyancing out, if you are buying with a partner or buying with someone else, you will have to decide whether you want to be joint tenants or tenants in common. Now, joint tenants is basically if one of. If someone dies, their share of the property automatically passes over to the other owner. Okay.

Yeah.

So regardless of what the will says. So two people, boyfriend and girlfriend. The. If the boyfriend dies, the girlfriend will get the other part of the property. Okay. When tenants in common means that the ownership. When again, when the ownership is within two people and one of them dies, their share of the property forms part of their estate. So it will be passed. It can be passed on to someone else within their estate.

I've got you. I've got you.

And it's really important to make sure that especially if you're not married, you don't want to pass it on to your husband and wife or, you know, or children and there's someone else that you want to pass it on to that you go for tenants in common rather than joint tenants.

Okay, well, there you go. There was the jargon buster, and I didn't think I did too badly, but I should say there was a lot there that I didn't know and I think it's good to know a lot of those ones. Okay, so our first two podcasts have been all about how to buy a house, specifically aimed at those of you who are buying for the very first time. But what about when you've got a house or you want to then take it to the next level? Our next podcast is going to be talking about how to buy a buy to let. You're listening to the property pod.