UK property terms,
explained plainly.
Selling a home is full of jargon — forms with acronyms, legal stages with Latin names, and a lot of words that mean something specific but sound generic. This glossary explains them the way we'd want them explained to us.
Bridging loan
A bridging loan is a short-term property-secured loan, typically lasting 6–18 months, used to 'bridge' a financial gap — for example between buying a new property and completing the sale of an existing one.
Read definitionCash buyer
A cash buyer is a person or company purchasing a property with their own immediately available funds, without requiring a mortgage or other form of lending.
Read definitionEquity release
Equity release allows homeowners aged 55 and over to access the value tied up in their property without selling, typically through a lifetime mortgage or a home reversion plan. The amount borrowed plus interest is usually repaid when the homeowner dies or moves into long-term care.
Read definitionConveyancing
Conveyancing is the legal process of transferring property ownership from seller to buyer, including title checks, local authority searches, contract drafting, exchange, and final registration with HM Land Registry.
Read definitionEWS1 form (External Wall System)
An EWS1 form is a certificate confirming the fire safety of the external walls of a tall residential building. Introduced after the Grenfell Tower fire, it is typically required by mortgage lenders for flats in buildings over 18 metres, and for many shorter blocks with cladding concerns.
Read definitionGrant of probate
Grant of probate is the legal authority issued by the Probate Registry confirming an executor's right to administer a deceased person's estate, including selling their property. It is required before a property can be legally transferred to a buyer.
Read definitionLPE1 form (Leasehold Property Enquiries)
An LPE1 (Leasehold Property Enquiries Form) is a standard management pack prepared by a leasehold property's freeholder or managing agent, containing service charge, ground rent, insurance, and building management information for the buyer's conveyancer.
Read definitionMemorandum of sale
A memorandum of sale is the document an estate agent issues after an offer is accepted, formally setting out the agreed price, the parties, and each side's solicitors so that conveyancing can begin. It is not legally binding.
Read definitionRestrictive covenant
A restrictive covenant is a clause in a property's title deeds that limits how the land or building may be used — for example preventing commercial use, restricting alterations, or prohibiting certain types of building.
Read definitionTA6 form (Property Information Form)
The TA6 Property Information Form is a standard Law Society form completed by the seller during conveyancing, disclosing factual information about the property — boundaries, disputes, alterations, notices, environmental issues, and more.
Read definitionModern Method of Auction (MMoA)
Modern Method of Auction (also called conditional auction) is an online property auction format where the winning bidder pays a non-refundable reservation fee and has 56 days to exchange and complete — longer than the 28 days of traditional auction, allowing mortgage-funded purchases.
Read definitionQuick house sale company
A quick house sale company is a firm that offers to buy a property for cash, at a discount to open-market value, in exchange for speed and certainty. The sector is subject to consumer regulation by The Property Ombudsman and industry codes including the National Association of Property Buyers.
Read definitionCompletion day
Completion day is the day a UK property sale legally completes — the day funds are transferred, keys are handed over, and ownership officially transfers from seller to buyer.
Read definitionExchange of contracts
Exchange of contracts is the point at which a UK property sale becomes legally binding on both parties. After exchange, neither side can withdraw without significant financial penalty, and a completion date is fixed.
Read definitionGazumping
Gazumping is when a seller accepts a higher offer from a different buyer after already accepting yours, often very late in the transaction. It is legal in England and Wales until contracts exchange.
Read definitionGazundering
Gazundering is when a buyer reduces their offer at a late stage of the conveyancing process — often just before exchange of contracts — hoping the seller will accept rather than lose the sale.
Read definitionProperty chain
A property chain is a sequence of dependent UK property sales, where each buyer's purchase depends on their own sale completing, linking several transactions together. 'No onward chain' means the seller isn't buying another property, making the sale faster and more certain.
Read definitionSold STC (Subject to Contract)
'Sold subject to contract' (Sold STC, SSTC) means an offer on a property has been accepted by the seller, but the sale is not yet legally binding — contracts have not exchanged. Either party can still withdraw without penalty.
Read definitionUnder offer
'Under offer' means a seller has received an offer on their property that they are considering but have not yet formally accepted. It is an earlier stage than 'sold subject to contract' and the property remains on the market.
Read definitionJargon aside —
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