Specialist Property Lawyers
Jargon Buster

We have compiled a short list of property terms to help assist you with the buying process:


This is the sequence of buyers and sellers – most people who sell their property are also buying at the same time, therefore there can be a chain of a number of sellers, who depend on each other for the sale and purchase of their new properties.

Chain Free:

This is when the owner of the property does not need to sell their property in order to buy another; therefore it is offered as chain free.

Completion Date:

The date when the transaction (either the sale or purchase of a property) is completed, i.e. the date you become the owner.

Conditions of Sale:

The terms by which the buyer and seller agree to sell/buy the property.


The legally binding agreement specifying details of the house sale or house purchase. The contract legally commits both the buyer and the seller to the transaction. The house seller's conveyancing property lawyer draws up two copies of the same contract and each party signs their own copy. When both parties are ready to legally commit, the two contracts are exchanged.


The property lawyer who manages all of the matters arising from the sale of a house or the purchase of a house.

Conveyance or Transfer:

The legally binding document that transfers the rights, burdens and the benefit of the land.

Council for Licensed Conveyancers:

A regulatory body for conveyancing with whom all conveyancers should be registered.


Legal title document which provides historical information about the property.


The amount paid to exchange contracts. Contracts usually provide for 10% deposit of the purchase price but can often be negotiated to a lower level.


Out-of-pocket expenses paid by the property lawyer on the buyer's behalf, such as stamp duty, land registry charges and search fees.


A right given to the house owner over an adjoining property (e.g. right of way).


Energy Performance Certificate.


This is what you actually own – the difference between the market value of your property and the amount of the loan you still owe to your lender.

Exchange of Contract:

The point that both parties are committed to the transaction.

Financial Statement:

A statement from the property lawyer detailing all financial transactions, including all costs.

Fixtures and Fittings:

A list of the items at the property, which are either included or excluded from the agreed price.


One of the two current tenures of land recognised by English law. This recognises the whole of the land not just a building.


The Financial Services Authority (FSA) is an independent body concerned with consumer protection in the financial market.

Land Registry Fees:

Fees paid by your conveyancing property lawyer on the buyer's behalf to register the ownership of property with the Land Registry.

Land Registry:

A government office that stores records of land ownership and any charges, like a mortgage.


The second current tenure of land recognised by English law. This is over a term of years and not unlimited. There will be a Landlord who will own the freehold. This usually relates to a flat or apartment.

Licensed Conveyancer:

A licensed conveyancer is a specialist property lawyer, someone who is trained and qualified in all aspects of the law dealing with property. Licensed conveyancers are fully trained to secure adequate protection for consumers and that the conveyancing services provided by such persons are provided both economically and efficiently.


Money borrowed from a lender (usually a bank or building society) to buy the property. The borrower agrees to use his or her property as security against the loan until it is paid back.

Mortgage Deed:

The legal agreement that gives the lender a legal right to property.

Mortgage Fees:

Normally charged by your financial advisor, for acting on behalf of your bank or building society.


A method of checking matters that may affect the value of the property. The only obligatory one before exchange is a Personal Search or Local Authority Search which covers items such as road maintenance and planning applications. The search covers the property not the surrounding area.

Stamp Duty Land Tax (SDLT):

A Government tax payable when purchasing a property.

You pay SDLT on increasing portions of the property price above £125,000 and at an increased rate on second home. First Time Buyers, however, are eligible for SDLT relief – please use the SDLT calculator to work out how much you will pay https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro


A report produced by a building surveyor for the purpose of determining the value of the property and if it is structurally sound.

Subject to Contract:

A provisional agreement between the house buyer and the house seller that is not legally binding.

Transfer Document:

The final document that transfers the property from the house seller to the house buyer.

Valuation Survey:

A survey to allow a property value to be determined for mortgage purposes. This is not to be confused with a structural survey.