Buying or selling a home can feel overwhelming, especially with all the legal and financial terminology involved. Our property jargon buster will help you understand the key terms used in the UK property market, making your journey smoother—whether you're buying in West Norwood, Penge, Beckenham, Dulwich, Crystal Palace, or Sydenham.
Key Property Terms Explained
Chain
A sequence of buyers and sellers linked together because most homeowners sell their property to buy another. If one party withdraws, the entire chain may collapse, delaying or cancelling multiple transactions.
Chain-Free
A property sale where the seller does not need to buy another home, making the process quicker and more straightforward.
Completion Date
The final stage of the property transaction, when ownership officially transfers to the buyer, and the keys are handed over.
Completion Statement
A detailed financial breakdown from your solicitor, outlining all costs, payments, and outstanding balances.
Conditions of Sale
The agreed terms and conditions under which the property is sold, including standard terms set by The Law Society and any additional conditions agreed by the parties.
Contract
A legally binding document specifying the details of the house sale or purchase. It is signed by both the buyer and seller and exchanged when both parties commit to the transaction.
Conveyancer
A qualified property lawyer (either a solicitor or licensed conveyancer) responsible for managing the legal aspects of buying or selling a property.
Conveyance or Transfer
The legal document that transfers ownership rights from the seller to the buyer.
Council for Licensed Conveyancers
The regulatory body for conveyancing professionals, ensuring legal compliance and industry standards.
Deeds
Legal documents that confirm ownership and provide historical details about the property.
Deposit
A down payment made upon exchange of contracts, typically 10% of the purchase price, though this can sometimes be negotiated.
Disbursements
Additional costs paid to third parties by your solicitor on your behalf, such as Stamp Duty, Land Registry fees, and local authority searches.
Easement
A legal right to access or use part of another property (e.g., a right of way for shared driveways).
EPC (Energy Performance Certificate)
A document assessing the energy efficiency of a property, graded from A (most efficient) to G (least efficient).
Equity
The portion of the property you own, calculated as the market value minus any outstanding mortgage.
Exchange of Contracts
The point at which both parties are legally bound to complete the transaction. Backing out after this stage may result in financial penalties.
Fixtures and Fittings
A list of items in the property that are either included or excluded from the sale price. This often covers kitchen appliances, wardrobes, and light fittings.
Flexible Mortgage
A mortgage product that allows overpayments, underpayments, or payment holidays, giving buyers greater financial flexibility.
Freehold
A property ownership type where you own the building and the land outright, with no lease agreement.
FCA (Financial Conduct Authority)
An independent regulator overseeing financial markets, ensuring protection for mortgage borrowers and investors.
Gazumping
When a seller accepts a higher offer from another buyer after already accepting an offer, leaving the original buyer at a disadvantage.
Indemnity Insurance
A policy covering legal risks, often used in cases of missing documentation, boundary disputes, or unapproved alterations to a property.
Land Registry
The government body responsible for keeping records of land ownership and mortgages.
Land Registry Fees
Charges paid to register ownership of a property with the Land Registry.
Leasehold
A property ownership type where the buyer owns the property for a fixed term but not the land it stands on. The freeholder (landlord) owns the land and may charge ground rent and service fees.
Mortgage Deed
A legal agreement between a borrower and a lender, giving the lender the right to repossess the property if payments are not met.
Mortgage Fees
Fees charged by financial advisers or mortgage brokers for arranging a mortgage.
Redemption Fee
A penalty fee for repaying a mortgage early or switching to a new mortgage before the term ends.
Searches
Investigations carried out by a solicitor to uncover potential issues affecting the property, such as planning restrictions, flood risks, and land ownership disputes.
Share of Freehold
When the owners of a leasehold property jointly own the freehold, typically via a management company set up for the building.
Stamp Duty Land Tax (SDLT) is a tax payable when purchasing property or land in England and Northern Ireland. The amount due depends on the property's price and the buyer's situation, for example, whether they’re a first-time buyer or already own other properties.
The SDLT thresholds were revised on 1 April 2025, including the reduction of the nil-rate band for residential properties.
Residential Property Rates (Standard Homebuyers)
For buyers purchasing their main residence:
| Portion of Purchase Price | SDLT Rate |
| Up to £125,000 | 0% |
| £125,001 to £250,000 | 2% |
| £250,001 to £925,000 | 5% |
| £925,001 to £1.5 million | 10% |
| Above £1.5 million | 12% |
Buyers purchasing an additional residential property (such as a second home or buy-to-let) must pay an extra 3% on top of the standard rates.
Non-UK residents are subject to an additional 2% surcharge on top of the applicable SDLT rates.
SDLT must be paid within 14 days of completion. Your solicitor or conveyancer typically handles this on your behalf as part of the conveyancing process.
Final Steps in the Buying Process
Survey
A property inspection conducted by a chartered surveyor to assess the structural integrity and market value of the home.
Subject to Contract
A provisional agreement that is not legally binding until contracts are exchanged.
Transfer Document
The final legal document that officially transfers ownership from the seller to the buyer.
Valuation Survey
A basic survey required by mortgage lenders to confirm the property’s value before approving a loan. This is not the same as a full structural survey.