Jargon Buster

In everyday terms

Chain
A situation where a buyer is waiting to sell their property in order to complete the purchase of a new property.

Conveyancing
The legal process of transferring ownership of a property.

Deeds
The documents which prove legal ownership of a property.

Exchange
The exchange of signed contracts which legally commit the buyer and seller to the transaction.

Fee's
A fixed sum of money charged for a service.

Freehold
Denoting that a property belongs to the owner in its entirety (subject to outstanding loans or leases).

HIP (Home Information Pack)
Documents relating to the legal tile of the property along with an Energy Performance Certificate. Certain properties require a HIP before they can be put on the market.

HMO (House in Multiple Occupancy)
A building in which two or more households share basic amenities. For example toilets, kitchens, and bathrooms.

Leasehold
Denoting that a property or part thereof is subject to a lease agreement as opposed to belonging to its owner in its entirety.

Multiple Agents
When a seller appoints more than one agent. The fee's would be higher for this service.

Offer
An amount that a buyer offers to pay for a property.

Sole agent
When a seller appoints only one estate agent to sell their property.

Subject to contract
A term used to denote that a sale has not been legally formalised and is not yet legally binding.

T/A (Tenancy Agreement )
The legal document setting out all parties to the agreement, the terms of the tenancy, and the landlord and tenants obligations.

TDS (Tenant Deposit Scheme)
Protects the deposit tenants pay when they rent a property.

Under offer
Describes the status of a property when the seller has accepted an offer to purchase but contracts have not yet been exchanged.