John Eric Home and Lifestyle sat down with John Eric, Co-Managing Partner of The Luxury Collective US at Compass and Founder of The Luxury Collective UK, to talk about one of the most common moments American and international buyers experience when entering the London property market. The unfamiliar language. The different rhythm. And the quiet realization that this is not how things work back home.
What followed was part buyer guide, part storytelling, and part reassurance that if London property terminology made you pause, you are in very good company.
JEHL
You often say there is a specific moment when Americans realize London property is different. What is that moment?
John Eric
It happens quickly, usually within the first ten minutes. An American buyer will confidently explain they have bought and sold several homes, maybe renovated one, perhaps even built one. They know the process inside and out.
Then someone casually mentions a survey, a memorandum of sale, an exchange of contracts, and gazumping in the same sentence. The buyer nods politely, smiles, and you can almost see the recalibration happening.
That is the moment when our London team steps in and starts translating.
JEHL
Before we even get into property terms, is there a cultural hurdle Americans hit first?
John Eric
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In the United States, scheme almost always sounds negative. It suggests something suspicious or underhanded. So when American buyers hear phrases like government scheme, planning scheme, or developer scheme, their instinct is to pause.
In the UK, scheme simply means a program, an initiative or a framework. It is entirely neutral. Affordable housing scheme. Building safety scheme. Planning scheme. Nothing nefarious at all.
Our London team sees this reaction constantly, and it is often the first moment where we gently say, “You need to reset your instincts a bit.”
JEHL
Why does catching something like that early matter?
John Eric
Because language carries baggage. American buyers are smart and experienced, but familiar-sounding words can trigger the wrong assumptions. Our London team’s job is to catch those moments immediately and reframe them before they turn into unnecessary concern.
Once buyers understand that scheme is simply British shorthand for a program or initiative, you can almost see the shoulders drop. It is a small thing, but it sets the tone for everything that follows.
That is really what minding the gap looks like in practice.
JEHL
So nothing is actually going wrong in those early moments of confusion?
John Eric
Not at all. The London market is highly regulated, professional, and logical. A different legal system and a different rhythm govern it. Americans are used to standardized buyer representation. In England and Wales, buyer representation is not automatic, offers are not binding until late in the process, surveys are commissioned separately from mortgages, and contracts are exchanged before funds move.
Our London team understands exactly where American expectations differ and explains the process in a way that feels familiar again immediately.
JEHL
That is where The Luxury Collective UK comes in?
John Eric
Exactly. The Luxury Collective UK is the UK arm of The Luxury Collective US at Compass, and our London team is the bridge between the two systems. They live and work inside the UK market every day, but they also understand precisely how Americans think about real estate.
They do not just explain what is happening. They translate it perfectly back into American terms, step by step, so clients never feel behind or out of sync.
JEHL
You describe your approach as fiduciary. How does that show up for clients?
John Eric
We practice buyer representation the American way. We act as real estate fiduciary advisors, meaning our sole obligation is to the client. Loyalty, discretion, transparency and advocacy are the foundation of how we operate.
Our London team applies those same fiduciary principles on the ground, ensuring clients experience the UK process with the same confidence and protection they expect in the US.
JEHL
Let’s talk vocabulary. What tends to confuse buyers most?
John Eric
Almost everything at first, because the words sound familiar but behave differently. That is where confusion creeps in.
Our London team spends a great deal of time translating terminology early, before it ever becomes an issue.
UK Property Terms, Translated
| UK Term | What It Means to an American Buyer |
| Estate Agent | Listing agent working for the seller |
| Buying Agent or Search Agent | Buyer’s agent representing you |
| Freehold | Fee simple ownership |
| Leasehold | Condominium-style ownership |
| Share of Freehold | Condo owners collectively own the building |
| Service Charge | HOA or condo fees |
| Ground Rent | Annual land lease fee |
| Peppercorn Ground Rent | Nominal or zero ground rent |
| Survey | Home inspection |
| RICS Survey Level One | Basic condition report |
| RICS Survey Level Two | Standard US home inspection |
| RICS Survey Level Three | Full structural inspection |
| Exchange of Contracts | Contingencies removed and binding |
| Completion | Closing day |
| Gazumping | Another buyer outbids before contracts |
| Gazundering | Late attempt to reduce price |
| Chain | Contingent transactions |
| No Chain | Non contingent transaction |
| Stamp Duty Land Tax | Property transfer tax |
| Conveyancer or Solicitor | Real estate attorney |
| Listed Building | Protected historic property |
JEHL
You must hear some memorable client questions.
John Eric
Constantly. Clients ask our London team whether a peppercorn ground rent means they would actually receive peppercorns. Others assume the survey is something the bank quietly handles behind the scenes. And at least once a month, someone asks when escrow opens.
These are smart people asking smart questions. They are simply applying American logic to a British system. Our job, and particularly that of our London team, is to translate that logic perfectly so that everything makes sense again.
JEHL
You emphasize surveys quite a bit. Why?
John Eric
Because our London team sees firsthand how much clarity they bring, and how often buyers assume there is a single correct answer. There isn’t. The right survey always depends on the property.
For a newer or well-maintained home, a RICS Survey Level One or Level Two may be entirely appropriate. For period properties, particularly Georgian, Victorian or Edwardian homes, a RICS Survey Level Three is often the smartest choice. These homes are extraordinary, but many were built long before modern building standards, wiring or plumbing were even part of the equation.
What our London team does best is guide that decision. They help clients understand what is normal for that specific property type, what requires attention now, and what is simply part of owning a historic home. The goal is not to alarm buyers. It is to give them clarity.
It is also important to note that with new construction, the requirements under English law are, in many cases, more robust than what American buyers expect. Building regulations, certifications and warranties are often stronger than their US equivalents, but they still need to be interpreted properly. That is why surveys and inspections are always a conversation, not a checkbox.
When buyers understand what they are looking at and why, they feel confident. And confident buyers make better decisions.
JEHL
Why do your clients seem so calm compared to others navigating the London market?
John Eric
Because they are not navigating blind. Without a buying agent, international buyers often rely on listing agents who legally represent the seller. They misunderstand timing, leverage and risk.
Our London team works hand in hand with our US team to guide clients through each step, explaining what is happening and why, always in familiar terms.
We are not trying to make London feel American.
We are making London feel understandable.
JEHL
What do you want readers to take away from this?
John Eric
London is one of the most compelling property markets in the world when you understand how it works. With the right representation and the right translation, it becomes elegant rather than intimidating.
Minding the gap is about respecting the differences and navigating them expertly. And ideally, enjoying the process along the way.
Welcome to London.
Our London team will translate from here.
