8 terms
Buying Property Terms
Essential terms for anyone purchasing property in the UK — from making an offer to exchange and completion.
- Chain
- A sequence of linked property transactions where each sale depends on the next. For example, your buyer needs to sell their property to buy yours, and their buyer needs to sell theirs, and so on. C...
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- Completion
- The final stage of a property transaction when the purchase price is transferred, ownership passes to the buyer, and the keys are handed over. In England and Wales, completion typically happens 1–4...
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- Exchange of Contracts
- The point at which both buyer and seller sign and swap contracts, making the sale legally binding. After exchange, pulling out incurs significant financial penalties (typically losing your deposit)...
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- First-Time Buyer (FTB)
- Someone who has never owned a property anywhere in the world. First-time buyers benefit from stamp duty relief (no SDLT on the first £300,000 for properties up to £500,000) and access to specific m...
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- Gazumping
- When a seller accepts a higher offer from another buyer after already accepting yours but before exchange of contracts. Legal in England and Wales (but not Scotland, where the system is different)....
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- Right to Buy
- A scheme allowing eligible council tenants in England to buy their council home at a significant discount (up to £96,000 in London, £127,900 elsewhere as of 2025). The discount depends on how long ...
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- Shared Ownership
- A government-backed scheme where you buy a share of a property (typically 25–75%) and pay rent on the rest. You can increase your share over time (staircasing) until you own 100%. Available to firs...
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- Snagging List
- A list of defects and unfinished items in a new-build property that need to be fixed by the developer. Common snagging issues include poor paintwork, gaps in sealant, scratched surfaces, faulty loc...
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