Glossary
Every term explained — no jargon, no fuss.
Gazumping
Gazumping is when a seller accepts a higher offer after already agreeing to sell to you. It's legal in England and Wales — and most buyers underestimate how to reduce their risk.
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GlossaryRedemption Figure
A redemption figure is the exact amount needed to repay your mortgage in full on a specific date. Home movers and remortgagers need one before completion.
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GlossaryCompletion Statement
The completion statement is your solicitor's financial summary of the transaction. Review it carefully — it shows every figure and the exact balance you need to transfer.
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GlossaryLocal Authority Search
A local authority search reveals planning history, road schemes, enforcement notices, and conservation area status. Your solicitor orders it as part of the conveyancing process.
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GlossaryService Charge
A service charge funds the maintenance and management of the building you live in. Understanding how to read the accounts is one of the most important skills a leasehold buyer can have.
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GlossaryGround Rent
Ground rent is paid by leaseholders to the freeholder. New leases must charge peppercorn rent; older leases may have significant — and sometimes escalating — ground rents.
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GlossaryStamp Duty Land Tax (SDLT)
Stamp Duty Land Tax is a government tax on property purchases in England. First-time buyers pay 0% on the first £425,000.
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GlossaryAgreement in Principle (AIP)
An agreement in principle tells you how much a lender would conditionally offer you. It's not a mortgage offer — but you need one before making serious offers on properties.
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GlossaryExchange of Contracts
Exchange of contracts is the moment the transaction becomes legally binding. Before exchange, either side can walk away. After exchange, you're committed.
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GlossaryMemorandum of Sale
The memorandum of sale confirms the agreed price and parties after an offer is accepted. It's not legally binding, but it starts the conveyancing process.
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