Words you'll see
Words you'll see in the app, in plain English. Tap ⓘ next to a word in the app to see its meaning.
#Freehold
You own the building and the land under it, with no end date.
#Leasehold
You own the home for a fixed number of years, not the land. Someone else owns the building. Fewer than 80 years left makes it harder to borrow and costly to extend.
#Share of freehold
A leasehold flat where the flat owners also own the building together. You still have a lease, but you control it with your neighbours.
#Lease remaining
How many years are left on the lease. Banks get careful below about 80 years.
#Ground rent
A yearly fee a leaseholder pays to the building's owner. New leases since 2022 should have none (a "peppercorn").
#Peppercorn
Ground rent of nothing, or almost nothing.
#Service charge
What flat owners pay each year to run and repair the building: cleaning, insurance, the roof, the lift.
#Section 20
The rule for big repair bills in a block. Leaseholders, including you after you buy, share the cost.
#Council tax
A local tax for the home, paid monthly to the council. The band (A to H) sets how much.
#EPC
Energy Performance Certificate. A to G: A is cheap to heat, G is expensive. Lenders and landlords care below E.
#Stamp duty
A tax you pay once when you buy. First-time buyers pay less up to £500,000.
#Chain
When the seller is also buying, and their seller is too. One sale falling through can stop all of them.
#Sold STC
Sold subject to contract: an offer is agreed, but nothing is legally final yet.
#Agreement in Principle
A note from a lender saying roughly how much they would lend you. Agents ask for it when you offer. Also called AiP.
#Conveyancer
The lawyer who does the legal work of buying: checks, contracts, moving the money.
#Surveyor
An expert who inspects the building after your offer is accepted and reports problems.
#Price per sq ft
The price divided by the floor area. It lets you compare homes of different sizes.
#Land Registry
The government record of who owns homes and what they sold for.