Glossary
Glossary of quick property sale terms for UK homeowners
Find the meaning of a term before agreeing an offer or signing a document. Legal procedures and the use of some terms differ between UK nations.
- Auction legal pack
- Documents a seller provides before an auction — title, searches, leasehold papers and special conditions — so bidders can check the property before bidding.
- Capital Gains Tax
- Tax on the profit when you sell a property that isn't your qualifying main home, such as a second home or buy-to-let.
- Cash house buyer
- A company or investor that buys property without a mortgage, usually quickly and below open-market value.
- Chain
- A linked series of property sales and purchases that depend on each other.
- Completion
- The day money transfers and keys are handed over; ownership changes.
- Conveyancing
- The legal work of transferring ownership of a property.
- Early repayment charge
- A fee some lenders charge if you pay off your mortgage before the end of a fixed or discounted deal.
- EICR
- Electrical Installation Condition Report — an electrician's assessment of the safety of a property's wiring.
- EPC
- Energy Performance Certificate — normally required before marketing a property for sale or rent, with exemptions.
- Equity
- The value of your home minus any mortgage or secured debt.
- Exchange of contracts
- The point at which a conventional England and Wales sale becomes legally binding; other arrangements differ.
- Executor
- The person named in a will to deal with the deceased person's estate, including selling property.
- Freehold
- You own the building and the land it stands on outright.
- Gazumping
- A seller accepts a higher offer after already agreeing a sale.
- Gazundering
- A buyer lowers their offer just before exchange.
- Grant of Probate
- The legal document allowing executors to deal with a deceased person's estate.
- Ground rent
- A regular payment a leaseholder may owe to the freeholder under the lease.
- Japanese knotweed
- An invasive plant that lenders and surveyors may ask about; sellers must answer questions about it honestly.
- Leasehold
- You own the property for a fixed period but not the land.
- Leasehold management pack
- Information from the freeholder or managing agent — service charges, ground rent, works and insurance — needed to sell a leasehold property.
- LTV
- Loan-to-value — your mortgage as a percentage of the property's value.
- Modern method of auction
- A conditional auction that may involve a buyer reservation fee and an agreed exchange/completion period; check the contract.
- Negative equity
- When you owe more on your mortgage than the property is worth.
- Private Residence Relief
- The Capital Gains Tax relief that usually means no tax is due when you sell your qualifying main home.
- Redemption statement
- A figure from your lender showing exactly what's needed to repay your mortgage.
- Repossession
- When a lender takes legal action to take back a property because mortgage payments haven't been made.
- SDLT
- Stamp Duty Land Tax — paid by buyers in England & NI.
- Searches
- Checks with local authorities and utilities carried out during conveyancing.
- Service charge
- A leaseholder's share of the cost of maintaining and insuring the building and shared areas.
- TA6
- The Property Information Form sellers complete for buyers.
- Title register
- HM Land Registry's record of who owns a property and any mortgages or restrictions on it.
- Vacant possession
- The property is handed over empty, with no occupants.
Sources & review
Last reviewed:
Legal-process explanations primarily cover England and Wales. No national average price discount, completion time or fall-through rate is claimed here; calculator figures are labelled scenarios.
- GOV.UK — How to sell a home
England and Wales: selling costs, paperwork, leasehold information, valuations, chains and legally binding exchange (sections 2–7, 16–17 and 21–22).
- CMA / OFT — Quick house sales investigation
Historical investigation (2013–14): quick-sale firms usually buy at a discount; undertakings address misleading offers, price reductions and completion promises. This is not a current market-price or speed survey.
- HMRC — Tax when you sell your home
Private Residence Relief can exempt a qualifying main home; second homes and let properties may create a taxable gain. Relief has conditions.
- GOV.UK — Energy Performance Certificates
An EPC must normally be ordered before marketing for sale or rent; exemptions apply.
Review dates record our source check, not the date a rule took effect. Rules can change; check the linked guidance before acting. Legal processes differ across the UK.