Moving jargon, explained like a friend would

The property world speaks its own language, and nobody hands you the dictionary. Here is every term you will meet during a move, in plain English, with the honest detail the textbooks leave out.

Conveyancing

The legal work of transferring a property from seller to buyer. Done by a conveyancer or solicitor, it covers checking the title, ordering searches, raising enquiries and handling the money. It typically takes 12 to 22 weeks and is the part of moving where most delays happen.

Conveyancer vs solicitor

Both can legally handle your purchase or sale. A licensed conveyancer specialises only in property; a solicitor is a broader lawyer who may also do property work. For a normal move the difference rarely matters. Responsiveness matters far more than the title.

Decision in principle (DIP or AIP)

A lender's early indication of how much it would lend you, based on a soft check. It is not a mortgage offer, but estate agents take you far more seriously with one. Free to get, usually valid 60 to 90 days.

Mortgage offer

The lender's formal, binding commitment to lend on a specific property after underwriting and valuation. Usually valid for 3 to 6 months. Slow transactions can outlive an offer, so diarise the expiry date the day it arrives.

Searches

Standard checks your conveyancer orders from official bodies: local authority (planning and roads), drainage and water, and environmental. Councils take anywhere from days to six weeks to return them, and that variation is a common source of delay. Check planning constraints for a postcode →

Enquiries

Written questions the buyer's conveyancer sends the seller's side about the property, the title and the paperwork. Statistically the longest stage of conveyancing. Weeks of silence during enquiries usually means routine back-and-forth, not a problem.

Exchange (of contracts)

The moment the sale becomes legally binding. Both sides sign identical contracts, the buyer pays the deposit, and a completion date is fixed. Before exchange, either side can walk away without penalty. After it, pulling out has serious financial consequences.

Completion

Moving day in legal form: the remaining money is transferred, ownership passes, and keys are released, usually around lunchtime. It commonly happens one or two weeks after exchange, though the gap is negotiable.

Chain

The line of linked transactions where each buyer is also selling. A chain of four means four purchases must all be ready before any can exchange. The slowest party sets the pace for everyone, which is why chain-free buyers are prized.

Gazumping

When a seller accepts your offer, then accepts a higher one from someone else before exchange. Legal in England and Wales, because nothing is binding until contracts exchange. Moving quickly to exchange is the only real protection.

Gazundering

The reverse of gazumping: a buyer lowers their offer just before exchange, when the seller is most invested. Also legal. Sellers can reduce the risk by keeping the gap between agreement and exchange short.

Freehold

You own the building and the land it stands on outright, with no time limit. Most houses in England and Wales are freehold. Freehold purchases complete faster on average, roughly 97 days of conveyancing.

Leasehold

You own the property for a fixed term under a lease, but not the land, and you usually pay ground rent and service charges. Common for flats. Leasehold conveyancing averages around 155 days because of extra paperwork from freeholders and managing agents.

Lease length (the 80-year rule)

Below roughly 80 years remaining, a lease becomes expensive to extend and many lenders hesitate. If you are buying leasehold, ask the remaining term early. A short lease can add two to four months to a transaction.

LPE1 (management pack)

The information pack a freeholder or managing agent must provide when a leasehold property is sold, covering service charges, ground rent and planned works. Slow LPE1s are the single most common cause of leasehold delay. Sellers should order it the day they instruct a conveyancer.

TA6

The property information form a seller completes, covering boundaries, disputes, alterations, flooding and more. Vague answers generate enquiries, and enquiries add weeks. Completing it fully and honestly is one of the best things a seller can do for their own timeline.

Survey (Level 2 and Level 3)

An inspection of the property's condition, done for you, not the lender. Level 2 (Homebuyer) suits conventional homes in reasonable condition; Level 3 (Building Survey) suits older, altered or unusual properties. Surveys read alarmingly by design: every rating needs age context. Decode your survey calmly →

Valuation (lender's)

A brief check the lender does to confirm the property is worth what it is lending against. It is not a survey and tells you nothing about condition. It can come back below your agreed price, which is called a down-valuation.

Down-valuation

When the lender's valuer says the property is worth less than the price you agreed. It shrinks what the lender will lend, forcing renegotiation, a bigger deposit or an appeal. Appeals with sold-price evidence succeed more often than people expect. Build a down-valuation response →

Stamp duty (SDLT)

The tax on buying property in England and Northern Ireland, paid within 14 days of completion. Wales charges Land Transaction Tax instead. First-time buyers get relief; additional properties pay a surcharge. Your conveyancer files and pays it from your funds. Calculate your stamp duty →

Deposit (exchange deposit)

The money handed over at exchange, traditionally 10% of the price, though 5% is often negotiated. It is different from your mortgage deposit. If a buyer pulls out after exchange, they forfeit it.

Indemnity policy

A one-off insurance policy, usually £50 to £300, that covers a specific legal defect such as a missing building regulations certificate. Often the fastest fix for paperwork problems found in conveyancing: it insures the risk instead of chasing decades-old documents.

Probate sale

A sale where the owner has died and the estate needs a grant of probate before it can legally sell. Adds six to sixteen weeks if probate has not been granted yet. Always ask whether probate is already through before offering.

EPC (Energy Performance Certificate)

A rating from A to G of a property's energy efficiency, valid for ten years. Legally required to sell or let. Rental properties currently need at least an E. The certificate also estimates running costs and lists improvements.

EICR

An Electrical Installation Condition Report: a qualified electrician's inspection of a property's fixed wiring. Landlords in England must have one at least every five years. Buyers of older homes often commission one alongside a survey.

Gas Safety Certificate (CP12)

The annual check of gas appliances and pipework that landlords must have done by a Gas Safe engineer, with a copy given to tenants. Homeowners are not required to have one, but an annual boiler service protects the warranty.

Snagging

Finding and reporting the defects in a new-build home: paint runs, sticking doors, dripping taps and worse. Builders must fix defects reported in writing within the two-year warranty period, so a systematic snagging list in the first weeks is worth real money. Start a snagging list →

Section 21

The notice a landlord in England can use to end an assured shorthold tenancy without giving a reason. It is invalid if the landlord has not met obligations like protecting the deposit or providing a gas safety certificate, which is why compliance paperwork matters.

Buildings insurance (at exchange)

As the buyer, you carry the risk for the property from exchange, not completion. Your buildings insurance must start on exchange day. Lenders require it, and arranging it in exchange week is one of the classic last-minute scrambles.

Ground rent and service charge

The recurring costs of leasehold: ground rent goes to the freeholder (newer leases are often a peppercorn, meaning nil), while the service charge funds shared maintenance. Ask for three years of service charge accounts before you offer on a flat.

England & Wales terminology. Scotland's system (missives, conclusion of missives, home reports) differs significantly. General information, not legal advice. Last updated July 2026.