Glossary
Property terms, in plain English
No jargon, no asterisks. If you've heard a phrase from a solicitor or agent and want it explained, look here first.
- Best Offers by date
- A sealed-bid sale where buyers submit a single best offer by a published deadline. The seller picks (and isn't obliged to take the highest).
- Buy Now
- A fixed-price sale. The first qualified buyer with proof of funds secures the property — no negotiation.
- Chain
- A sequence of linked transactions where each buyer is also a seller. Chains can collapse if any link breaks.
- Completion
- The day the legal transfer happens, money moves and you get the keys.
- Conveyancing
- The legal work of transferring ownership — searches, enquiries, contracts, exchange and completion.
- EPC
- Energy Performance Certificate, rated A (best) to G (worst). Required to market a property for sale.
- Exchange
- The point at which contracts become legally binding. Deposits are paid and a completion date is fixed.
- Freehold
- Outright ownership of a property and the land it stands on, with no time limit.
- Gazumping
- When a seller accepts a higher offer after already accepting yours but before exchange.
- Guide price
- An indicative figure used in marketing — not necessarily the price the property will sell for.
- Leasehold
- Ownership of a property for a fixed number of years under a lease from the freeholder.
- Mortgage in Principle (MIP)
- An indicative statement from a lender of how much they'd be prepared to lend, based on a soft check.
- Private treaty
- The traditional UK sale process: agent markets, buyers offer, seller accepts, conveyancing follows.
- SDLT
- Stamp Duty Land Tax, payable on residential property purchases in England and Northern Ireland.
- Searches
- Local-authority and environmental enquiries the buyer's solicitor runs to check for issues affecting the property.
- Service charge
- An ongoing fee leaseholders pay towards the upkeep of shared areas and the building.
- Subject to contract
- An agreement that isn't legally binding until contracts are exchanged.
- Tenure
- The basis on which a property is held — typically freehold or leasehold.
- Under offer
- An offer has been accepted, but contracts have not yet been exchanged.