Reference

Property buying glossary

Plain-English definitions for 74 UK property terms — from Article 4 Directions to UPRN. Every definition cites a named public register. No jargon pretending to be clarity.

A

Article 4 Direction: A council direction that removes some or all permitted development rights for a specific area or property type. Common in conservation areas, HMO-heavy streets, and parts of London. Work that would normally need no planning permission — a loft conversion, for example — requires a full planning application instead. Check the local authority planning portal.Conservation area check →Planning history risk →
Auction (Traditional): Exchange happens in the room on the fall of the hammer. The buyer pays a 10% deposit immediately and must complete within 28 days. Unconditional — pulling out means losing the deposit and potentially being liable for the seller's losses. Surveys and searches must be done before the auction.
Auction (Modern Method): The winning bidder pays a non-refundable reservation fee (typically 3–5% plus VAT) but retains a 56-day conditional window to exchange and complete. If they withdraw after the reservation period, the fee is lost. More common than traditional auction for residential property sold via agents.
Adverse possession: A legal doctrine under which a person who occupies land without the owner's permission for a continuous period may acquire ownership of it. For registered land in England and Wales, the Land Registration Act 2002 allows an application to the Land Registry after 10 years of adverse possession. The registered owner is notified and can object. For unregistered land the period is 12 years under the Limitation Act 1980. Adverse possession is a common source of title defects on boundary strips and enclosed former alleyways — title insurance is the usual mitigation.Source: HM Land Registry

B

Boundary dispute: A disagreement between neighbouring landowners about where a boundary lies. Title registers show the general boundary only — they are not precise to the centimetre. The Land Registry's determined boundary application can fix a position permanently, but it is slow and rarely used. Boundary disputes are a common conveyancing red flag and can make properties harder to sell or mortgage.
Building regulations: Minimum standards for the design and construction of buildings in England and Wales, covering structure, fire safety, damp, ventilation, drainage, and energy efficiency. Separate from planning permission — a project can have planning consent but still require Building Regs approval. Completion certificates confirm the council inspector signed off the work. Missing certificates are a common conveyancing issue on extended or altered properties.
Bridging loan: Short-term finance, typically secured against property, used to bridge a funding gap — most commonly to purchase a new property before an existing one has sold. Charged at monthly rates, typically 0.5–1.5% per month (6–18% annually), substantially higher than mortgage rates. Open bridging loans have no fixed exit date; closed bridging loans have a defined repayment date tied to a known event such as a property sale. Bridging finance is arranged quickly but the cost compounds rapidly — every month of delay materially affects the total interest bill.

C

Chain: The sequence of linked property transactions that must all complete on the same day. If any party in the chain withdraws, the whole chain collapses. Longer chains take longer and are more likely to fall through — UK average is 8–10 weeks for a chain-free sale, 20+ weeks in a long chain (HM Land Registry, 2024).
Chancel repair liability: An ancient obligation on certain landowners to contribute to the cost of repairing the chancel (the eastern part) of a nearby Church of England church. The liability runs with the land, not the owner. Post-2013 it must be registered at HMLR to bind a purchaser — unregistered liability is extinguished on first sale after 2013. A local authority search and chancel indemnity insurance are the normal mitigations.
Coal Authority report: A search of the Coal Authority's records covering past, present, and future mining activity beneath a property. Required by lenders and solicitors in affected areas. It identifies whether the land is in a coal mining development high-risk area, and whether subsidence claims have been made. Relevant to large parts of South Yorkshire, County Durham, South Wales, Nottinghamshire, and the East Midlands.
Commonhold: A form of freehold ownership for flats, introduced in 2002, in which each flat owner holds a freehold interest in their unit and is a member of the Commonhold Association that owns the common parts. Very rarely used in England and Wales — fewer than 20 commonhold developments exist. The government has committed to promoting it as an alternative to leasehold, but most new flats are still sold leasehold.
Completion statement: The financial summary prepared by the buyer's solicitor showing all incoming and outgoing funds at completion. It sets out the balance of the purchase price due, the mortgage advance received, Stamp Duty Land Tax, Land Registry registration fee, solicitor's fees and disbursements, and any adjustments for rent or service charge apportioned to the completion date. The buyer is required to transfer the completion balance by a specified time — usually 12pm on completion day. Discrepancies in the completion statement are a common source of last-minute delays.
Completion: The final step in a property purchase. The balance of the purchase price is transferred to the seller's solicitor, the transfer deed is dated, and legal ownership passes to the buyer. Keys are released, usually by 2pm on the agreed day. Completion can occur on the same day as exchange (same-day completion) but usually follows exchange by a few weeks.
Conservation area: A designated area of special architectural or historic interest, protected by the local authority under the Planning (Listed Buildings and Conservation Areas) Act 1990. Permitted development rights are restricted — many external changes require consent even where they would be permitted elsewhere. Trees within a conservation area have automatic protection requiring 6 weeks notice before work.Source: Historic EnglandConservation area check →Conservation area risk →
Conveyancing: The legal process of transferring property ownership from seller to buyer. Carried out by a solicitor or licensed conveyancer. Involves title checks, searches, contract review, exchange, and completion. Average time from instruction to completion is 8–12 weeks for a chain-free purchase; longer in chains or leasehold transactions.
Council Tax band: A band from A (lowest) to H (highest) in England, set by the Valuation Office Agency based on the property's estimated value at 1 April 1991. Once set, a band is rarely changed — even after significant renovation or extension. Bands in Wales run from A to I. Scotland uses a separate system. Annual council tax bills are set by the local authority and vary significantly between councils.Source: Valuation Office AgencyCouncil tax band check →

D

Deed of covenant: A legally binding promise — often required in a leasehold purchase — in which the buyer agrees to the obligations in the existing lease (to pay service charges, maintain the property, not sublet without consent). The management company or freeholder typically requires this before completion.
Disbursements: Third-party costs paid by your solicitor on your behalf and passed on to you. Typical disbursements include Land Registry registration fees, Stamp Duty Land Tax, local authority search fees, drainage search, environmental search, and coal mining search (where relevant). Always ask for a full disbursements schedule before instructing a conveyancer.

E

Easement: A right that benefits one piece of land (the dominant tenement) and burdens another (the servient tenement). Common easements include: rights of way over a neighbouring path or driveway; rights to use shared drainage or services; rights to light; and rights of support for a party wall. Legal easements over registered land should appear on the title register. Equitable easements and some implied easements may bind a buyer as overriding interests without appearing on the register. Check the title register and ask the seller to confirm all rights benefiting and burdening the property.
Enfranchisement: The process by which a leaseholder acquires freehold ownership of their property under statutory right. Individual enfranchisement for leasehold houses is governed by the Leasehold Reform Act 1967; collective enfranchisement for leaseholders of flats is governed by the Leasehold Reform, Housing and Urban Development Act 1993. Both give qualifying leaseholders the right to compel the freeholder to sell at a tribunal-assessed price. The Leasehold and Freehold Reform Act 2024 extends and simplifies enfranchisement rights for many leaseholders, though commencement of key provisions was pending as of June 2026.Leasehold risk guide →
Energy Performance Certificate (EPC): A statutory certificate rating a home's energy efficiency from A (most efficient) to G (least efficient), valid for 10 years. Produced by an accredited Domestic Energy Assessor. Must be obtained before a property is marketed for sale or rent. The certificate also shows what the property could achieve with cost-effective improvements. The government previously required rental properties to reach Band C by 2028 — check current policy, which remains under review.Source: MHCLG EPC RegisterFree EPC check by postcode →EPC rating risk →
Environmental search: A database search covering historical land uses, contamination records, flood risk, and ground conditions near the property. Not a physical inspection — it flags whether a more detailed professional assessment is warranted. Typically provided by Landmark or Groundsure and included in a standard conveyancing search pack.
Exchange of contracts: The point at which both parties sign and exchange identical copies of the contract, making the transaction legally binding. A deposit (typically 5–10%) is paid by the buyer at exchange. Withdrawing after exchange means forfeiting the deposit and potentially paying the seller's losses. A completion date is agreed at exchange.

F

Flood risk zone: The Environment Agency classifies flood risk in three zones: Zone 1 (low probability), Zone 2 (medium probability — between 0.1% and 1% annual chance for rivers; between 0.1% and 0.5% for sea), and Zone 3 (high probability — greater than 1% from rivers, or 0.5% from sea). Properties in Zones 2 and 3 often face higher buildings insurance premiums or difficulty obtaining cover without Flood Re.Source: Environment AgencyFree flood risk check →Flood risk guide →
Freehold: Outright ownership of both the building and the land it stands on, with no time limit. Almost all houses are sold freehold. Most flats are sold leasehold — a leasehold flat sitting in a freehold building. Buying the freehold on a leasehold property (enfranchisement) is possible under the Leasehold Reform, Housing and Urban Development Act 1993.
Flying freehold: Part of a freehold property that extends above or below land owned by someone else. Common examples: a first-floor room extending over a shared passage or alleyway; a cellar running under a neighbouring property. Flying freeholds are problematic because the owner of the flying part has no direct access to the land beneath or above for maintenance and repair, and cannot compel the adjacent owner to cooperate. Many lenders impose additional conditions or refuse to lend on properties with significant flying freeholds. Title insurance is the common mitigation.

G

Gazumping: When a seller accepts a higher offer from a second buyer after already agreeing a sale with a first buyer. Legal in England and Wales until exchange. Common in competitive markets. Pre-exchange costs (surveys, solicitor fees, searches) are lost if you are gazumped. Exclusivity agreements can protect buyers but are not standard practice.
Gazundering: The reverse of gazumping — when a buyer reduces their offer shortly before exchange, knowing the seller has already incurred costs and may be committed. Legal, but considered bad practice. More common in slower markets where buyer leverage increases.
Ground rent: An annual charge payable by a leaseholder to the freeholder, set in the lease. The Leasehold Reform (Ground Rent) Act 2022 banned ground rents above a peppercorn on new residential leases in England and Wales from 30 June 2022. Existing leases are unaffected — some contain doubling clauses that compound rapidly. Lenders will not mortgage properties with doubling or RPI-linked ground rents exceeding a threshold (typically £250/year, or £1,000 in London).Leasehold risk guide →

H

Help to Buy (legacy): The government equity loan scheme that provided first-time buyers with a government loan of 20% of the purchase price (40% in London) for new-build homes, meaning the buyer needed only a 5% deposit and a 75% mortgage. The scheme closed to new applicants in March 2023. Properties sold under Help to Buy with an outstanding equity loan carry significant obligations: the government holds a percentage equity stake that must be repaid on sale or on remortgaging past the initial period; the repayment is calculated as that percentage of the current market value, not the original loan amount; and a RICS valuation is required before any sale. Buyers purchasing a property with an existing Help to Buy equity loan should obtain full disclosure of the outstanding loan details from the seller's solicitor.
HMO (House in Multiple Occupation): A property rented to three or more people from more than one household, sharing facilities such as a bathroom or kitchen. Larger HMOs (5 or more people from 2+ households) require a mandatory licence from the local authority. Planning use class for HMOs (C4) differs from standard residential (C3) — conversion from C3 to C4 may require planning permission in Article 4 areas.

I

Indemnity insurance: A one-off insurance policy that covers legal defects in a property that cannot be resolved before exchange — typically missing building regulations completion certificates, breach of planning permission, unknown or unresolved restrictive covenants, and similar title issues. The premium is paid once and the policy runs indefinitely (usually transferring to subsequent owners on resale). Premiums are typically £200–£1,000 depending on the specific risk and the property value. Indemnity insurance does not fix the underlying defect — it insures against financial loss arising from that defect being enforced. Lenders and solicitors use it routinely to remove conveyancing blockers rather than incur the time and cost of formal resolution. Sometimes called 'title insurance' in the US context; in UK conveyancing the terms are used interchangeably.
Index-linked ground rent: A ground rent that increases in line with the Retail Price Index (RPI) or another inflation measure. Considered less damaging than doubling clauses but still a liability, and some lenders refuse to mortgage properties where the ground rent exceeds certain thresholds relative to the property value. Check the lease terms carefully.Leasehold risk guide →

J

Japanese knotweed: An invasive plant (Fallopia japonica) that causes structural damage to buildings and hard surfaces. Sellers must disclose it on the TA6 Property Information Form. Lenders typically require a management plan from a specialist contractor before they will lend. Knotweed within 7 metres of a structure is considered an active risk. The Environment Agency's Invasive Non-Native Species monitoring covers known sites.Japanese knotweed risk →Knotweed identifier →

L

Licence to alter: Formal written consent from a freeholder or management company permitting a leaseholder to carry out specific works to their flat. Required where the lease restricts alterations — usually for structural works, removing or adding internal walls, changing windows or doors, altering heating or drainage systems, or any works affecting common parts or the building structure. The licence specifies the permitted works, the materials and contractors to be used, and often includes a reinstatement clause requiring the leaseholder to restore the flat to its original condition on surrender of the lease. Leaseholders who carry out works without a required licence to alter may be in breach of their lease, which can result in enforcement action by the freeholder or management company.Leasehold risk guide →
Land Registry (HM Land Registry): The government department that maintains the register of land and property ownership in England and Wales. The register records title, charges (mortgages), and restrictions on around 90% of land. Register entries and title plans are publicly available for £3 per document. Price paid data is published as open data and is the source of sold price records used by Eavesdrop.Source: HM Land Registry
Leasehold: Ownership of the right to occupy a property for a fixed term under a lease, while the freeholder retains ownership of the land and building. When the lease expires, possession returns to the freeholder unless extended. Most flats in England and Wales are sold leasehold. Leases below 80 years attract marriage value on extension; below 70 years, most mainstream lenders will not lend without an extension agreed.Leasehold risk guide →
Listed building: A building of special architectural or historic interest, designated by Historic England. Grade I covers the most exceptional 2–3% of listed buildings; Grade II* (two star) around 6%; Grade II the remaining 92%. Listed Building Consent is required for any works that would affect the character of the building — internally or externally. Unauthorised works are a criminal offence.Source: Historic England National Heritage ListListed building check →
LTV (Loan-to-Value): The ratio of the mortgage loan to the property's value, expressed as a percentage. A £180,000 mortgage on a £200,000 property is 90% LTV. Lower LTV means lower lender risk — most competitive mortgage rates are available at 60% or 75% LTV. Some lenders' maximum LTV drops for non-standard construction, flats above commercial premises, or high-rise buildings.

M

Management company: The entity responsible for managing a leasehold building's common parts, maintenance, insurance, and service charge collection. In most purpose-built flat developments this is either the freeholder's own in-house team, a professional managing agent appointed by the freeholder, or — in share of freehold arrangements — a company controlled by the leaseholders themselves. The management company collects service charges, manages Section 20 consultations for major works, arranges buildings insurance, and is the named counterparty on the lease for enforcement purposes. Before exchange, always check: who is the current managing agent, whether they are ARMA or RICS accredited, whether there have been First-tier Tribunal challenges to service charge demands, and whether the management company's accounts are up to date.Leasehold risk guide →
Marriage value: The additional value created by merging the leasehold and freehold interests into full freehold ownership. When a lease falls below 80 years, a statutory lease extension requires the leaseholder to pay the freeholder 50% of the marriage value under the Leasehold Reform, Housing and Urban Development Act 1993. The Leasehold and Freehold Reform Act 2024 abolishes marriage value but its commencement remains pending as of June 2026.Leasehold risk guide →
Mortgage offer: The formal written commitment from a lender to advance a specific sum on specified terms, conditional on completion occurring before the offer expiry date (typically 6 months) and no material change in the borrower's circumstances. Distinct from a mortgage in principle — a mortgage offer is binding on the lender once all conditions are satisfied. The offer documents set out the interest rate, term, repayment type, and all conditions to be met before drawdown. Solicitors review the offer against the property title and report to the lender before exchange. If the property purchase falls through, the offer lapses; a new application is required for a different property.
Mortgage in principle (MIP): A conditional offer from a lender confirming how much they are prepared to lend, based on a credit check and income verification. Not a formal offer — final approval depends on the specific property valuation and full underwriting. Also called an Agreement in Principle (AIP) or Decision in Principle (DIP). Most agents require one before accepting an offer. Typically valid for 60–90 days.
Mortgage valuation: A basic survey carried out on behalf of the lender to confirm the property is worth the agreed purchase price. It is not a structural survey and is not for the buyer's benefit — it protects the lender's security interest only. Buyers should not rely on a valuation to detect defects. A Level 2 HomeBuyer Report or Level 3 Building Survey must be commissioned separately.

N

New build: A property that has never been lived in and is sold by the developer rather than a previous occupier. New builds typically come with a 10-year structural warranty from NHBC (Buildmark) or similar providers. Mortgage lenders often apply a new build premium and some cap LTV at 85% for flats.
NHBC Buildmark warranty: The most common 10-year structural warranty for new-build homes in England and Wales, provided by the National House-Building Council. The first 2 years cover defects the builder is responsible for; years 3–10 cover major structural defects only. Not a snagging list — builders must remedy defects notified before the 2-year mark. Most lenders require an NHBC warranty or equivalent for new-build lending.

O

Overage: A contractual arrangement in which the seller retains the right to receive a further payment if a specified event occurs after the sale — typically the grant of planning permission for development, or the commencement or completion of development works. Common in sales of agricultural land, development plots, and properties with obvious development potential. The overage clause is registered as a restriction on the title so it binds future buyers. Overage periods typically run 10–25 years. Buyers should ensure they understand any overage clause before exchange — the obligation passes with the land and affects what can be done with the property and at what future cost.
Overriding interest: A right that binds a buyer of registered land even though it is not entered on the Land Register. Overriding interests under the Land Registration Act 2002 include: leases not exceeding 7 years; legal easements discovered on reasonable inspection of the property; the rights of persons in actual occupation (e.g. a cohabiting partner whose name does not appear on the title); public rights of way; and certain local land charges. A buyer cannot search the register to find overriding interests — a physical inspection and enquiries of the seller are necessary. Many conveyancing problems arise from unregistered rights that were overriding interests and were not disclosed.Source: HM Land Registry
OGL (Open Government Licence): The licence under which much UK government open data is published. OGL v3.0 allows free reuse, including commercial use, provided the source and the licence are acknowledged. Crown copyright datasets used by Eavesdrop — including Land Registry price paid, Environment Agency flood and landfill data, EPC data, Coal Authority, ONS, and planning.data.gov.uk — are published under OGL.Source: The National Archives

P

Peppercorn rent: A nominal ground rent of effectively zero — historically a single peppercorn per year, reflecting the legal requirement for some consideration in a contract. The Leasehold Reform (Ground Rent) Act 2022 requires all new residential leases granted in England and Wales from 30 June 2022 to charge no more than a peppercorn rent. A lease specifying 'peppercorn rent' or 'zero ground rent' means no meaningful annual charge falls due to the freeholder. Existing leases with above-peppercorn ground rent terms are unaffected by the 2022 Act.Leasehold risk guide →
Planning condition: A requirement attached to a planning permission that must be complied with either before works begin (pre-commencement condition), during works, or after completion. Common conditions include: approval of materials before works begin; working hours restrictions during construction; drainage scheme submission; parking and landscaping provision. Breach of a planning condition can lead to planning enforcement action and a requirement to undo works. Some pre-commencement conditions must be formally discharged by the planning authority (submitted for approval and approved in writing) before any work may start — this is a common source of delay on developments. Check whether any planning conditions are attached to the property's planning history before exchange.Planning history risk →
Permitted development rights (PD): Certain building works and changes of use that are automatically permitted by the government without requiring a specific planning application, subject to conditions and limits. PD rights cover extensions up to defined volumes, loft conversions, garage conversions, solar panels, and some changes of use. Rights can be removed by Article 4 Directions, conditions on a planning permission, or by a property being a listed building.Planning history risk →
Planning permission: Formal consent from the local planning authority (LPA) to carry out development, building works, or a change of use. Granted subject to conditions; lapses if works are not begun within 3 years (typically). Material changes of use, extensions beyond PD thresholds, and new buildings all require full planning permission. Retrospective applications are possible but not guaranteed. Eavesdrop checks planning.data.gov.uk for open applications, decisions, and conditions near the property.
Property Information Form (TA6): The standard Law Society form completed by the seller disclosing information about the property: boundaries, disputes, alterations, planning consents, building regulations, utilities, flooding history, and Japanese knotweed, among others. The TA6 Fourth Edition (2022) strengthened disclosure obligations. Inaccurate answers are grounds for rescission and damages. Solicitors review the TA6 against independent searches and register entries.

R

Retention (mortgage): A portion of the mortgage advance withheld by the lender pending completion of specified works identified in the mortgage valuation. Common where the valuer has flagged condition issues — a roof in poor repair, defective guttering, or damp — that could affect the security value. The lender releases the retained amount once the buyer provides evidence that works have been satisfactorily completed, usually a contractor's completion report or a re-inspection. Retentions can create a cash flow problem at completion — the buyer must fund the gap between the amount advanced and the full advance during the works period. Discuss this with your solicitor before exchange if the valuation flagged any issues.
Radon: A naturally occurring radioactive gas formed by the decay of uranium in rocks and soils. Radon enters buildings through floors and walls and, at elevated concentrations, is the second leading cause of lung cancer in the UK after smoking. High-risk areas include Cornwall, Devon, parts of Somerset, Northamptonshire, Derbyshire, and Yorkshire. UK Health Security Agency (UKHSA) mapping shows radon potential by postcode.Source: UK Health Security AgencyFree radon check by postcode →Radon risk guide →
Restrictive covenant: A legally binding obligation registered on the title that restricts what can be done with the land — for example, a prohibition on commercial use, building additional structures, or parking caravans. Covenants run with the land and bind future owners even if they were not a party to the original agreement. Very old covenants (19th or early 20th century) may be unenforceable in practice, but removing one formally requires an application to the Upper Tribunal.
Right to buy: The statutory right under the Housing Act 1985 for qualifying council tenants to purchase their council home at a discount to market value. The discount depends on years of tenancy and property type (house vs flat). Properties sold under Right to Buy carry a clawback clause — if sold within 10 years of purchase, a proportion of the discount must be repaid to the council, on a sliding scale reducing to zero at year 10. Buyers purchasing from a Right to Buy purchaser should verify whether the clawback period has expired. Former council properties are usually freehold houses or leasehold flats; the latter carry the standard leasehold checks.
Right to manage (RTM): A statutory right under the Commonhold and Leasehold Reform Act 2002 allowing leaseholders of a building to take over the management of their building's common parts without buying the freehold and without needing to prove that the existing management is defective. A Right to Manage Company must be formed, and at least 50% of qualifying leaseholders must participate. Once RTM is acquired, the company controls the appointment of managing agents, service charge collection, maintenance decisions, and insurance. The freeholder retains ownership of the freehold but loses management rights. Buying a flat in an RTM building is generally more favourable than one managed by an absentee freeholder.Leasehold risk guide →
RICS survey levels: The Royal Institution of Chartered Surveyors sets three survey standards: Level 1 (Condition Report) — basic, traffic-light condition ratings; Level 2 (HomeBuyer Report) — visible condition, flags items for further investigation, includes a market valuation; Level 3 (Building Survey) — comprehensive, covers hidden defects and construction, recommended for older, unusual, or high-value properties. The mortgage valuation is not an RICS survey.

S

Shared ownership: A part-purchase, part-rent scheme in which the buyer purchases a share of a property (currently a minimum of 10% under the 2021 model) from a housing association and pays subsidised rent on the remaining share. Owners can increase their share over time through 'staircasing' — buying additional tranches — up to 100% ownership. Shared ownership properties are almost always leasehold, with the housing association as the freeholder. Mortgage availability for shared ownership is more restricted than standard mortgages; specialist shared ownership products are offered by most major lenders but at lower LTV ceilings than standard residential. Service charges and ground rent terms apply as for any leasehold — check these carefully, as they reduce the affordability of the remaining rent.
Subsidence: Downward movement of the ground beneath a property, causing the foundations to settle unevenly and the building to shift. Causes include: clay shrinkage in dry summers, particularly under trees whose roots extract moisture; inadequate or shallow foundations; mining voids (coal, tin, chalk); leaking drains that erode surrounding soil; and historic landfill settlement. Signs include diagonal cracking at door and window corners, sticking doors and windows, and sloping floors. Buildings insurance typically covers active subsidence subject to an excess; insurers may also cover tree root removal, underpinning, and drain repair. Properties with a subsidence claim history are harder and more expensive to insure, and some lenders apply restrictions. Sellers must disclose subsidence on the TA6 Property Information Form.
Searches: Formal enquiries made by the buyer's solicitor during conveyancing. A standard pack includes: Local Authority Search (planning, road adoption, enforcement notices), Drainage and Water Search (connection to public sewers and water mains), Environmental Search (contamination, flood, ground stability), and optionally a Mining or Coal Authority Search. Results are needed before exchange and typically take 1–3 weeks depending on the local authority.
Section 20 notice: A statutory consultation required by the Landlord and Tenant Act 1985 before a landlord or management company can carry out qualifying works costing any leaseholder more than £250, or enter a long-term qualifying maintenance contract. Without a valid s.20 process, the landlord's recovery from any individual leaseholder is capped at £250 for works or £100 per year for contracts. Active s.20 works are a material consideration on purchase.Leasehold risk guide →
Service charge: An annual payment made by a leaseholder to the freeholder or management company to cover the costs of managing, maintaining, insuring, and repairing the building and common parts. Service charges must be reasonably incurred and the amount must be reasonable — leaseholders can challenge unreasonable charges at a First-tier Tribunal. Demand periods and historic accounts should be reviewed before exchange.Leasehold risk guide →
Share of freehold: An arrangement where flat owners collectively own the freehold through a management company, rather than a third-party freeholder owning it. Each flat owner holds a leasehold interest in their flat and a share in the company that owns the freehold. Generally more favourable than an absentee freeholder situation — leases can be extended at lower cost and service charges are controlled by the owners.
Sinking fund: A reserve fund built up from regular contributions by leaseholders, held by the management company to pay for major planned works such as roof replacement, lift renewal, or external decoration. Healthy sinking funds reduce the risk of large, unexpected service charge demands. Check the current balance and recent expenditure history before exchange. A zero balance in a building with deferred maintenance is a red flag.
Stamp Duty Land Tax (SDLT): Tax payable by the buyer on the purchase price of property or land in England and Northern Ireland. Rates and thresholds change — check HMRC for current bands. First-time buyers receive a relief up to a threshold. Higher rates apply to additional dwellings (second homes, buy-to-let). Scotland pays Land and Buildings Transaction Tax (LBTT); Wales pays Land Transaction Tax (LTT).Source: HMRC

T

TA10 (Fittings and Contents Form): A Law Society standard form completed by the seller confirming which fixtures and fittings are included in the sale price and which are excluded or available to purchase separately. Items covered include: fitted kitchen appliances, light fittings, carpets and flooring, curtains and blinds, garden furniture, outbuildings, and white goods. What is and is not included is a common source of post-completion disputes — the TA10 is the definitive legal reference. If in doubt about any specific item, confirm its status in writing before exchange. Items not listed on the TA10 default to 'excluded unless agreed otherwise' under standard property law.
Title register: The formal record of a property's ownership, charges, and restrictions held at HM Land Registry. A registered title has three parts: the Property Register (description and rights), the Proprietorship Register (owner name and class of title), and the Charges Register (mortgages, leases, and restrictive covenants). Available for £3 via the Land Registry portal.Source: HM Land Registry
Title insurance: A one-off insurance policy that covers legal defects in property title that cannot be resolved by investigation — unresolved restrictive covenants, missing building regulations certificates, adverse possession risks, or indemnity covenants from previous transactions. Commonly used to resolve conveyancing blockers rather than incur the cost of a full resolution.

U

UPRN (Unique Property Reference Number): A unique identifier assigned to every addressable location in Great Britain by Ordnance Survey. UPRNs persist through name and number changes and are used across government datasets — linking EPC records, planning applications, flood risk data, and valuation data. Eavesdrop resolves a pasted listing URL to its UPRN to pull and cross-reference all 66 sources.Source: Ordnance Survey

V

Vendor: The person or organisation selling the property. The vendor's solicitor acts for the vendor, not the buyer — buyers require independent legal representation. In a new build, the developer is the vendor.

W

Water search: A CON29DW (Drainage and Water Enquiry) search confirming whether the property is connected to a public water main and public sewer, whether any public sewers are within the property boundary (which can restrict development), and the identity of the water supplier. Required by most lenders and included in a standard conveyancing search pack.

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