Less jargon.
More understanding.

An early indication of what a lender might lend, based on initial checks. Also called a decision in principle. It is not a guaranteed mortgage offer.

The advertised price for a home. The final price depends on the offer the seller accepts.

Someone buying without a mortgage. They still need to demonstrate that the purchase funds are available and complete the legal checks.

A series of linked purchases and sales, where one move depends on another. Everyone’s timing needs to fit together.

A sale with no linked onward purchase by the seller, or a buyer who does not need to sell first. Check exactly what the description means for the property.

The stage when the purchase money is transferred and the sale completes. Keys are released once the conveyancers confirm completion—not simply because it is moving day.

Your conveyancer’s breakdown of money received, payments and costs, showing the balance you need to pay or will receive.

The qualified legal professional handling the transfer of the property. This may be a solicitor or licensed conveyancer.

The legal work involved in buying or selling a property, including title checks, enquiries, contracts and transferring ownership.

A legal promise or restriction connected with the property. Your conveyancer explains what it means for how you can use the home or land.

Your mortgage deposit is the part of the price you fund yourself. The exchange deposit is money paid under the contract at exchange. Ask your conveyancer how much is required and when.

Third-party costs paid through your conveyancer, such as search and registration fees. These are separate from their charge for legal work.

A charge that may apply if you repay or change your mortgage during a specified period. Check your mortgage terms and ask your lender or adviser.

A legal right over someone else’s land, such as access along a shared path. Your conveyancer checks the rights and responsibilities.

A document rating a property’s energy efficiency from A to G, with suggestions for improvement. It is not a condition survey or a guarantee of your bills.

Questions the buyer’s conveyancer asks about the title, paperwork or property. Answers and supporting documents help resolve issues before exchange.

The difference between a property’s value and the mortgage or other secured borrowing outstanding. Selling costs can reduce what you take away.

In a typical England and Wales private-treaty sale, this is when the buyer and seller become legally committed. The completion date is agreed as part of the contract.

Items included in or excluded from the sale, such as appliances or curtains. The written contents form helps both sides agree what stays.

Ownership of a property and its land without a lease end date. There may still be restrictions, rights or estate charges to check.

When a seller accepts a different, usually higher, offer after agreeing one with another buyer but before exchange. An accepted offer is not normally binding at that stage.

When a buyer reduces an agreed offer before exchange. The seller can decide whether to accept the revised offer.

Rent payable to the freeholder under some leases. Whether it applies, and how it can change, depends on the lease and relevant law. Ask your conveyancer to check.

Marketing terms indicating the seller’s price expectations. They are not a promise that a particular offer will be accepted. Auction guide prices have separate rules.

The organisation that records ownership of registered land and property in England and Wales. Your conveyancer handles the relevant registration work.

Ownership for the remaining term of a lease, subject to its conditions. Check the years remaining, charges and restrictions before committing. Houses can be leasehold too.

The mortgage amount expressed as a percentage of the property’s value. For example, an £180,000 mortgage on a £200,000 home is 90% LTV.

A summary of the agreed sale, including the price and the parties’ conveyancers. It starts the paperwork; it is not the same as exchanging contracts.

The lender’s formal offer of a mortgage after its checks. It has conditions and an expiry date, so keep your adviser and conveyancer informed of changes.

A lender’s assessment of whether a property provides suitable security for the loan. It is not a substitute for your own condition survey.

The usual estate-agency sale process: a property is marketed, an offer is negotiated and the legal work progresses towards exchange and completion. Auction terms differ.

Evidence that you can afford the purchase and where the money came from. The agent, lender or conveyancer may request documents as part of their checks.

A statement from your lender showing what is needed to repay your mortgage on a particular date, including any applicable interest or charges.

Checks arranged by the buyer’s conveyancer, commonly covering local authority, environmental, and water and drainage information. The searches needed depend on the property and lender.

A contribution towards shared services or maintenance, often for a leasehold building. Ask about the budget, accounts, planned works and any outstanding payments.

An offer has been accepted, but contracts have not yet been exchanged. The sale is not completed and is not normally legally binding at this point.

A tax that may be payable when buying property in England or Northern Ireland. The amount depends on the price and your circumstances. Use the current GOV.UK guidance rather than old rate tables.

The agreement is provisional until formal contracts are exchanged. In a typical private-treaty sale, either party can withdraw before exchange, although costs may already have been incurred.

An inspection of the property’s condition carried out for the buyer. Different levels offer different detail; a surveyor can advise which suits the home.

The legal record of ownership and the rights or restrictions affecting a property. Many records are held electronically by HM Land Registry.

An offer is being considered or has been accepted, depending on how the agent uses the label. Ask for the exact position; it does not mean the sale has completed.

A contractual requirement to hand over the property free of occupants and unwanted belongings. Your conveyancer can explain what the contract requires.