Glossary · updated October 2026

UK property terms, in plain English

The words estate agents, solicitors and lenders use, explained in two or three sentences each. Dated rules say when they changed.

B

Bank Rate: The Bank of England's base interest rate, which lenders use as a reference when pricing mortgages. It has been 3.75% since 18 December 2025 and was held there on 17 September 2026; the next decision is due on 5 November 2026.
Binding conditional contract: A proposal in the government's June 2026 homebuying reforms to make a sale legally binding much earlier, such as when an offer is accepted, with a financial penalty for walking away without a valid reason. It is not law yet and would follow the introduction of sales packs.

Chain: A line of linked sales and purchases where each depends on the next, for example you can only buy once your own buyer's sale completes. The longer the chain, the more places it can break.
Completion: The day the money moves, ownership transfers and you get the keys. It usually follows exchange of contracts by days or weeks, on a date fixed at exchange.
Conveyancing: The legal work of transferring ownership of a property, carried out by a solicitor or licensed conveyancer. It covers checking the title, raising enquiries, handling searches, and managing exchange and completion.

Digital property logbook: A proposed digital record of a home's key information, such as works done, certificates and warranties, that would pass from owner to owner. It is part of the government's June 2026 reform plans.

Energy Performance Certificate (EPC): A rating of a home's energy efficiency from A (best) to G, with suggested improvements. A valid EPC is required when a home is marketed for sale or rent, and each certificate lasts ten years.
Exchange of contracts: The moment a sale becomes legally binding in England and Wales. Buyer and seller sign identical contracts, the buyer pays a deposit, and the completion date is fixed.

Fall-through: An agreed sale that collapses before completion. The government says around one in three sales falls through; industry trackers such as TwentyCi put the rate nearer one in four (23.7% in Q1 2026).
First-time buyer relief: A Stamp Duty discount in England and Northern Ireland: 0% on the first £300,000 and 5% from £300,001 to £500,000. It cannot be claimed if the price is above £500,000. Scotland offers a smaller LBTT relief; Wales has none.
Freehold: Outright ownership of a building and the land it stands on, with no end date. Most houses in England and Wales are sold freehold.

Gazumping: When a seller accepts your offer, then accepts a higher one from someone else before contracts are exchanged. It is legal in England and Wales because an agreed sale is not binding until exchange.
Gazundering: The reverse of gazumping: a buyer lowers their offer shortly before exchange, often when they know the seller is committed to an onward purchase.
Ground rent: An annual charge a leaseholder pays to the freeholder. Since 30 June 2022, most new residential long leases in England and Wales have been limited to a 'peppercorn' (zero) ground rent.

Home Report: A pack Scottish sellers must provide before marketing a home, containing a single survey, an energy report and a property questionnaire. Scotland has required it since 2008.
House Price Index (HPI): The official measure of UK house prices, published monthly by HM Land Registry and the ONS from completed sales. It lags the market by about two months because it records completions, not offers.

Land and Buildings Transaction Tax (LBTT): Scotland's equivalent of Stamp Duty. For 2026-27 the residential bands start with 0% up to £145,000 (£175,000 for first-time buyers), and an 8% Additional Dwelling Supplement applies to most second homes and buy-to-lets.
Land Transaction Tax (LTT): Wales's equivalent of Stamp Duty. Main residential rates start at 0% up to £225,000, and higher rates (from 5%) apply to most additional properties. There is no separate first-time buyer relief.
Leasehold: Ownership of a property for a fixed number of years under a lease, while someone else (the freeholder) owns the building or land. Most flats in England and Wales are leasehold, so the lease length, service charges and ground rent all matter.

Material information: Information a buyer needs to make an informed decision, such as tenure, council tax band, price, utilities, flood risk and building safety issues. National Trading Standards guidance expects agents to include it in property listings.
Mortgage in principle: A lender's written indication of how much it might lend you, based on a soft credit check. It is not a mortgage offer, but it shows sellers you are a serious, prepared buyer.

Periodic tenancy: A rolling tenancy with no fixed end date. Since 1 May 2026, under the Renters' Rights Act, most private tenancies in England are periodic, and tenants can leave by giving two months' notice.

Reservation agreement: A contract in which buyer and seller each commit for an agreed period after an offer is accepted, often backed by a fee that is lost if one side withdraws without a valid reason. It is optional and is not the same as exchange.
RICS Home Survey: A survey by a Royal Institution of Chartered Surveyors member at Level 1 (condition report), Level 2 (the common choice for conventional homes) or Level 3 (a detailed building survey for older or altered properties).

Sales pack (upfront information): A pack of key facts, such as condition, leasehold costs and chain status, provided when a home is listed. The government plans to make sales packs mandatory in England and Wales by the end of this Parliament.
Searches: Checks a conveyancer orders on a property: the local authority search (planning, roads, notices), drainage and water, and environmental risks such as flooding or contaminated land.
Section 21: The 'no-fault' eviction notice under the Housing Act 1988. It was abolished in England from 1 May 2026, so landlords must now use a valid ground under Section 8.
Service charge: A payment leaseholders make towards the upkeep, insurance and management of a building. Buyers should see recent accounts and planned major works before committing.
Share of freehold: An arrangement where flat owners each own a lease and jointly own the freehold of the building, usually through a company, giving them more control over the lease and service charges.
Sold subject to contract (STC): A listing status meaning an offer has been accepted but contracts have not been exchanged. Until exchange, either side can still walk away.
Stamp Duty Land Tax (SDLT): The property purchase tax in England and Northern Ireland. Standard residential rates are 0% up to £125,000, then 2%, 5%, 10% and 12% bands, plus a 5% surcharge on most additional homes and 2% for non-UK residents.

TA6 Property Information Form: The Law Society's standard questionnaire in which a seller answers detailed questions about a property, such as boundaries, disputes, alterations, flooding and services. It is usually paired with the TA10 fittings and contents form.
Title register: HM Land Registry's official record of who owns a property in England and Wales, with any rights, restrictions and mortgages attached to it.

Our First-Timers Circle is a free monthly hour where no question is too basic.