AIP (Agreement in Principle)
A lender’s early indication of how much they may be willing to loan a buyer, based on initial checks.
APR / APRC
Annual Percentage Rate / Annual Percentage Rate of Charge — the total cost of a mortgage including interest and fees.
Asking Price
The advertised price of a property; not always the final sale price.
Beneficiary
Someone who receives assets (including property) through a will or trust.
Bidding War
When multiple buyers increase their offers to compete for a property.
Bridging Loan
A short-term loan used to cover the gap between buying a new home and selling an existing one.
Buyer Chain
A linked sequence of buyers and sellers where each purchase depends on another sale completing.
Capital Gains Tax (CGT)
Tax on profit made from selling a second home, rental property, or investment property.
Chain-Free / No Chain
A sale where the buyer or seller does not depend on another property sale, usually reducing delays.
Completion
The final legal stage of a sale when ownership transfers and keys are handed over.
Completion Statement
A financial summary from the solicitor showing fees, deposits, and transfer amounts before completion.
Conveyancing
The legal process of transferring property ownership from seller to buyer.
Counter-Offer
A revised offer made after rejecting the initial one, often with different terms or price.
Covenant
A legal obligation or restriction attached to a property’s title (e.g., limits on building work).
Deposit (Buyer’s Deposit)
The amount — usually 10% — paid by the buyer on exchange of contracts.
Disbursements
Third-party fees paid by the solicitor (e.g., searches, Land Registry fees).
Downsizing
Selling a larger property to move into a smaller, more manageable one.
Draft Contract
The first version of the legal contract prepared by the seller’s solicitor.
EPC (Energy Performance Certificate)
A document rating a property’s energy efficiency from A to G.
Escalation Clause
A clause allowing a buyer to automatically increase their offer up to a set limit in a bidding situation.
Exchange (Exchange of Contracts)
The point when the sale becomes legally binding in England and Wales.
Fixtures & Fittings
Fixtures are attached items; fittings are removable. These must be declared on the TA10 form.
Gazumping
When a seller accepts a higher offer from a new buyer after agreeing a deal with someone else (England/Wales).
Gazundering
When a buyer lowers their offer just before exchange, often to pressure the seller.
Ground Rent
A fee paid by leaseholders to the freeholder for use of the land.
Indemnity Insurance
A policy protecting against legal or paperwork issues such as missing building-regulations approval.
Leasehold
Ownership of a property for a fixed period (e.g., 99 or 125 years) — not the land it stands on.
Local Searches
Legal checks on planning history, road adoption, restrictions, flooding, and environmental risks.
Missives
The Scottish legal contract system; once concluded, the sale becomes binding.
Offer (Subject to Survey)
An offer that may change depending on the survey results.
Porting a Mortgage
Transferring your existing mortgage to a new property.
Premium Listing
An enhanced online listing (e.g., Rightmove Featured Property) that increases visibility.
Probate Property
A property sold after the owner’s death, requiring legal authority such as a Grant of Probate.
Redemption Statement
A document showing the exact amount needed to pay off an existing mortgage.
Restrictive Covenant
A binding rule limiting how a property can be used or altered.
RICS Survey
A survey carried out by a Chartered Surveyor from the Royal Institution of Chartered Surveyors.
Search Pack / Searches
Legal checks covering planning, drainage, environmental issues, and land contamination.
Service Charge
Payments by leaseholders for maintenance, insurance, and communal services.
Sole Agency Agreement
A contract giving one estate agent exclusive right to sell the property for a fixed period.
Stamp Duty Land Tax (SDLT)
Tax paid when buying property in England and Northern Ireland.
TA6 Form
The Property Information Form — detailed disclosure from the seller about the home.
TA10 Form
The Fittings and Contents Form — lists what stays and what is removed in the sale.
Title Deeds
Official documents proving ownership of a property.
Under Offer
A property with an accepted offer awaiting exchange of contracts.
Valuation Survey
A brief assessment for the lender to confirm the property’s value — not a full survey.