Property Glossary
Plain English explanations of property and legal terms
A-C
- Agreement in Principle (AIP)
- Initial indication from lender of how much you could borrow
- Building Regulations
- Legal requirements for building work quality and safety
- Chain
- Series of linked property transactions dependent on each other
- Completion
- Final stage when ownership transfers and you get the keys
- Contract
- Legal agreement between buyer and seller
- Conveyancing
- Legal process of transferring property ownership
D-G
- Deeds
- Legal documents proving property ownership
- Disbursements
- Costs your solicitor pays on your behalf (searches, etc)
- Exchange of Contracts
- Point where sale becomes legally binding
- Fixtures and Fittings
- Items included or excluded from the sale
- Freehold
- Outright ownership of property and land
- Gazumping
- Seller accepts higher offer from another buyer
H-M
- Land Registry
- Government database of property ownership
- Leasehold
- Own property but not land, for set period
- Mortgage Valuation
- Lender’s check that property is worth loan amount
N-S
- Retention
- Money held back to cover specific issues
- Searches
- Checks revealing information about property and area
- Stamp Duty
- Tax paid on property purchases
- Subject to Contract
- Agreement not yet legally binding
T-Z
- Title
- Legal ownership of property
- Transfer Deed
- Document that transfers ownership
- Vendor
- Legal term for seller