Property shouldn’t require its own dictionary

Nobody teaches you the language of moving home.

You simply encounter it along the way.

Someone tells you the property is SSTC. Your solicitor mentions a restrictive covenant. Your estate agent asks for proof of funds. Everyone else seems to understand exactly what’s being discussed, so you nod politely and Google it afterwards.

If that sounds familiar, you’re certainly not alone.

We’ve put together a plain-English guide to some of the property terms you’re most likely to encounter when buying, selling or renting a home.

Bookmark it. Send it to someone who’s moving. And most importantly, never feel embarrassed about asking what something means.

A to E

AML checks

Anti-Money Laundering checks. Estate agents and solicitors have legal responsibilities to verify the identity of people involved in property transactions and, where appropriate, understand where purchase funds have come from.

Bridging loan

Short-term borrowing designed to bridge a temporary financial gap, perhaps where someone needs to complete a purchase before money from another transaction becomes available.

Bridging finance can be expensive, so professional financial advice is important.

Chain

A series of property transactions that depend on each other.

For example, your buyer needs to sell their home to buy yours, while you need to sell yours to buy somewhere else.

The longer the chain, the more people need to be ready before everyone can move.

Completion

The big day.

Purchase funds are transferred, ownership legally changes and the keys to the property can normally be released to the buyer.

Covenant

A condition or restriction attached to a property’s title.

Covenants can cover anything from extensions and business use to parking caravans or changing boundaries. Your solicitor will explain any affecting a property you’re buying.

Down valuation

When a mortgage lender’s surveyor values a property below the price a buyer has agreed to pay.

Because the lender normally bases its mortgage on its own valuation, this can create a funding gap that needs to be resolved.

EICR

Electrical Installation Condition Report.

An assessment of the condition and safety of a property’s fixed electrical installation. It’s particularly important within the private rented sector.

EPC

Energy Performance Certificate.

A document showing a property’s energy efficiency on a scale from A to G, together with recommendations for potential improvements.

Exchange of contracts

The point at which a property sale becomes legally binding.

Before exchange, buyers and sellers can generally withdraw. Once contracts have been exchanged, pulling out can have serious financial and legal consequences.

F to L

Fall-through

A property transaction that collapses after an offer has been accepted but before completion.

Fixtures and fittings

The items included or excluded from a property sale.

Your legal paperwork should establish what’s staying, what’s being removed and whether any items are being sold separately.

Freehold

Ownership of both the property and the land it stands on indefinitely, subject to any rights or restrictions affecting the title.

Gazumping

When a seller accepts an offer but subsequently accepts a higher offer from another buyer before contracts have been exchanged.

Gazundering

When a buyer reduces their offer before exchange, often relatively late in the transaction.

Gas Safety Record

For relevant rented properties, landlords must arrange regular gas safety checks by a Gas Safe registered engineer and provide tenants with the appropriate record.

Inventory

A detailed record of the condition and contents of a rental property when a tenant moves in.

The strongest inventories include clear descriptions and photographic evidence, providing a useful comparison when the tenancy ends.

Joint and several liability

A term commonly encountered where several people rent a property together.

Rather than each tenant necessarily being responsible only for their individual share, they can collectively and individually be responsible for obligations such as the full rent.

Japanese knotweed

An invasive plant that can cause concerns during property transactions.

Its presence may require specialist advice and can affect how some mortgage lenders assess a property.

Land Registry

HM Land Registry maintains the official register of property ownership in England and Wales, including information about titles, ownership and certain rights and restrictions.

Leasehold

Rather than owning the property indefinitely, a leaseholder owns the right to occupy it for the remaining term of a lease.

Leasehold properties can involve service charges and other obligations, so understanding the lease is an important part of buying one.

M to R

Material information

Information about a property that could influence someone’s decision about whether to enquire, view, rent or buy it.

Estate agents have legal responsibilities concerning material information, helping consumers make informed decisions earlier in their property search.

Memorandum of Sale

The document an estate agent issues after a sale has been agreed.

It normally confirms the property, agreed price, buyer, seller and their respective solicitors, allowing the conveyancing process to get underway.

MEES

Minimum Energy Efficiency Standards.

Rules governing energy-efficiency requirements for relevant privately rented properties.

Notice

Formal notification relating to a tenancy.

Different situations require different procedures, wording and notice periods, so landlords and tenants should always check the current requirements rather than relying on an old template.

Off-market property

A property being offered to selected potential buyers without being openly advertised across the major property portals.

Periodic tenancy

A tenancy that continues on a rolling basis rather than having a fixed end date.

Since 1 May 2026, new private-sector assured tenancies in England are assured periodic tenancies, while most existing assured shorthold tenancies automatically became periodic under the Renters’ Rights Act 2025.

Proceedable buyer

Someone who’s genuinely in a position to move forward with a purchase.

That might mean having mortgage arrangements underway and, if they need to sell another property first, having an agreed buyer in place.

Quiet enjoyment

A tenant’s right to occupy their home without unreasonable or unnecessary interference from their landlord.

It doesn’t mean landlords can never access their property, but appropriate notice and legal requirements need to be followed.

Redress scheme

Estate and letting agents undertaking relevant work must belong to an approved redress scheme, giving consumers access to an independent complaints process.

Retention

Money temporarily held back during a transaction until an agreed issue has been resolved.

Your solicitor will explain the circumstances if a retention is proposed.

S to Z

Searches

Checks carried out during conveyancing to uncover information that may affect a property.

These commonly include local authority, drainage and environmental searches, with additional searches sometimes recommended depending on the location.

Service charge

Money leaseholders may pay towards maintaining, repairing or managing a building, estate or shared facilities.

Anyone purchasing a leasehold property should understand both the current charge and its recent history.

SDLT

Stamp Duty Land Tax.

A tax that may be payable when purchasing property or land in England and Northern Ireland, depending on the purchase price and the buyer’s circumstances.

Sold Subject to Contract (SSTC)

An offer has been accepted, but contracts haven’t yet been exchanged.

The transaction therefore isn’t legally binding at this stage.

Tenure

The legal basis on which a property is owned, with freehold and leasehold being two of the terms buyers encounter most frequently.

Title

The legal record of ownership and the rights, restrictions and obligations affecting a property.

Valuation

An assessment or opinion of what a property is worth.

An estate agent’s market appraisal, a mortgage lender’s valuation and the price a buyer ultimately offers aren’t necessarily the same thing.

Vendor

The seller.

It’s one of those words you’ll suddenly encounter repeatedly while moving home and then barely hear again.

Warranty

A guarantee covering certain products, building works or construction.

New-build homes, for example, will often have structural warranty arrangements.

X

We’ll admit defeat here.

There isn’t a genuinely useful everyday property term beginning with X that we’d suggest committing to memory simply for the sake of completing the alphabet.

Instead, let X mark the signature.

Never sign a property document you don’t understand. Ask questions first.

Yield

A basic measurement used when assessing rental investments.

Gross rental yield compares the annual rent with the property’s value as a percentage.

It’s useful for initial comparisons but doesn’t account for costs such as maintenance, void periods, finance or taxation.

Zero deposit scheme

An alternative to paying a traditional cash tenancy deposit.

The exact arrangements and potential liabilities vary between providers, so tenants and landlords should understand precisely what the particular scheme covers before agreeing to use one.

Which property terms really matter?

Hopefully you won’t need to memorise all of them.

But there are a few concepts worth understanding particularly well.

Exchange matters because that’s when your property purchase or sale becomes legally binding.

Tenure matters because buying a freehold and buying a leasehold can involve very different responsibilities.

Material information matters because buyers and renters should have important information early enough to make informed decisions.

Inventory matters enormously when renting because it provides evidence of the property’s original condition.

And valuation matters because an opinion of value, an asking price and the amount a buyer is prepared to pay can all be different numbers.

Never be afraid to ask

Property professionals use this terminology every day.

You don’t.

We think that’s worth remembering.

If your solicitor sends you something you don’t understand, ask them to explain it.

If your estate agent uses an unfamiliar term, stop them and ask what it means.

And if someone makes you feel uncomfortable for asking a perfectly reasonable question, that probably tells you something useful about the person you’re dealing with.

At Location Location East, we’d much rather explain something twice than have a buyer or seller nod politely while secretly wondering what’s going on.

Moving home can feel complicated enough without needing a dictionary beside you.

Frequently Asked Questions

What does SSTC mean when I’m looking at houses for sale in Thetford?

SSTC means Sold Subject to Contract. The seller has accepted an offer, but contracts haven’t yet been exchanged, so the transaction isn’t legally binding. Occasionally these properties do return to the market if the original sale falls through.

What’s the difference between exchange and completion when buying a house?

Exchange of contracts is when the transaction becomes legally binding. Completion normally happens later and is when the purchase money is transferred, ownership changes and the buyer receives the keys.

What is the difference between freehold and leasehold?

With a freehold, you generally own the property and the land indefinitely. With a leasehold, you own the right to occupy the property for the remaining length of the lease and may have additional obligations such as service charges.

Why does an estate agent need proof of funds from a buyer?

Estate agents have anti-money laundering responsibilities and need to understand how a purchase will be funded. The documents required depend on whether you’re using a mortgage, savings, proceeds from another sale, inheritance or gifted money.

Are fixed-term private tenancies still used in England?

For assured tenancies, the rules changed on 1 May 2026. New assured tenancies are periodic rather than fixed term, and most existing assured shorthold tenancies automatically converted to assured periodic tenancies under the Renters’ Rights Act 2025.

What does ‘proceedable buyer’ mean?

A proceedable buyer is someone who’s realistically able to progress with a purchase. For example, they may be a first-time buyer with finance arranged, a cash buyer with funds available, or an existing homeowner who already has a buyer for their property.

What property jargon should a first-time buyer learn first?

Start with Agreement in Principle, chain, conveyancing, exchange, completion, searches, survey, tenure and Stamp Duty Land Tax. Understanding those terms will make much of the buying process considerably easier to follow.

Sources

• GOV.UK, Renters’ Rights Act overview for tenants and guidance on assured periodic tenancies: private rented sector tenancy changes effective from 1 May 2026.
• Renters’ Rights Act 2025.
• GOV.UK, Material information in property listings: government consultation and response on improving material information for home buyers.
• HM Land Registry: property ownership and title information.

Article by Andrew Overman | Partner | Location Location East