Every home-buying term explained clearly, from A to Z (by category).
Finances & Mortgages
Agreement in Principle (AIP)
Also called a Mortgage in Principle (MIP), this is a statement from a lender estimating how much they might lend you based on your income and credit score. It’s not a formal offer, but shows estate agents you’re a serious buyer.
Arrangement Fee
A charge some lenders apply when setting up your mortgage. It can be added to your loan or paid upfront.
hntr tip: Enter it in hntr’s budgeting section to see your true borrowing cost.
Base Rate
The interest rate set by the Bank of England that influences how expensive borrowing is. Mortgage rates usually move up or down with it.
Deposit
The upfront amount you pay toward your home, usually 5–10 % of the purchase price. A larger deposit can unlock better mortgage rates.
hntr tip: Track your deposit amount in hntr’s budget planner.
Early Repayment Charge (ERC)
A penalty some lenders charge if you pay off your mortgage early or switch deals before your fixed term ends.
Equity
The portion of your property you actually own (property value minus your outstanding mortgage). Over time, equity grows as you pay down your loan or if your home increases in value.
Fixed-Rate Mortgage
A mortgage where your interest rate stays the same for a set period (usually two to five years), giving predictable monthly payments.
Help to Buy ISA / Lifetime ISA
Government savings schemes that give you a bonus toward your first-home deposit. The Help to Buy ISA closed to new savers, but the Lifetime ISA remains available.
Loan-to-Value (LTV)
The percentage of a property’s value that you’re borrowing. A lower LTV (e.g. 75 %) means a bigger deposit and often a better rate.
Mortgage Offer
The formal confirmation from your lender that they’re willing to give you a mortgage. Issued after your application and property valuation.
Mortgage Term
The length of time you’ll take to repay the loan, commonly 25 years, but can range from 15 to 40.
Tracker Mortgage
A mortgage that moves in line with the Bank of England base rate, so your monthly payments can rise or fall over time.
Valuation Survey
A brief inspection by the lender to confirm the property’s value and make sure it’s worth the loan amount. It’s different from a full buyer’s survey.
hntr tip summary:
hntr’s budgeting and checklist tools help you manage every part of your jourbey
Legal Process & Paperwork
Completion
The final stage of the purchase when the remaining money is transferred, ownership changes hands, and you receive your keys.
hntr tip: Track your completion date in hntr and use the checklist to stay organised.
Conveyancing
The legal process of transferring property ownership from seller to buyer. It includes searches, contracts, and handling funds.
hntr tip: You can store your solicitor’s details and progress updates directly in hntr.
Contract
The legally binding agreement between buyer and seller outlining price, completion date, and conditions of sale. You sign identical copies before exchange.
Deeds / Title Deeds
Official documents proving property ownership. They’re usually held digitally by the Land Registry after completion.
Deposit (Exchange Deposit)
Separate from your mortgage deposit. This is the amount, normally 10 % of the purchase price, paid to your solicitor on exchange of contracts to make the deal binding.
Exchange of Contracts
The point where the signed contracts are swapped between solicitors and the sale becomes legally binding. Pulling out after this can mean losing your exchange deposit.
hntr tip: hntr reminds you to arrange buildings insurance before exchange.
Freehold
Ownership of both the property and the land it sits on. You’re responsible for maintenance and have no ground rent or service charge.
Ground Rent
A yearly payment by leaseholders to the freeholder for the land the property sits on. Some new leases have been reformed to cap or remove it.
Leasehold
Ownership of a property for a set number of years, not the land itself. When the lease expires, ownership returns to the freeholder unless extended.
Memorandum of Sale
A document from the estate agent confirming key details of the agreed sale: buyer, seller, price, and solicitors. It’s not legally binding but starts the conveyancing process.
Property Searches
Checks ordered by your solicitor with local authorities and other bodies to uncover issues such as flood risk, mining activity, or planning restrictions.
Stamp Duty Land Tax (SDLT)
A government tax on property purchases above certain thresholds in England and Northern Ireland. First-time buyers get a reduced rate on qualifying homes.
hntr tip: Estimate your SDLT in hntr’s budget tool so you’re not caught off guard.
Survey
An inspection by a qualified surveyor assessing the property’s condition. Levels 2 and 3 RICS reports are most common for buyers.
Title Register
The official Land Registry record showing who owns the property and any charges or restrictions on it.
Transfer Deed (TR1)
The document signed at completion to legally transfer ownership from seller to buyer. Your solicitor handles submission to the Land Registry.
hntr tip summary:
hntr keeps your legal journey clear by storing solicitor details, progress notes, so you always know where things stand.
Property Types & Structures
Apartment / Flat
A self-contained home within a larger building. Flats are usually leasehold, meaning you own the interior space but not the land beneath it.
Bungalow
A single-storey property. Often popular for accessibility, but plots can be larger since all rooms are on one level.
Chain
A sequence of linked property transactions that depend on each other completing. The longer the chain, the higher the risk of delays.
hntr tip: Record whether a property is “chain-free” inside the app so you can prioritise smoother purchases.
Chain-Free
When a seller isn’t buying another property, often moving to rented or new-build housing. This usually means faster completion.
Detached House
A property standing alone, not joined to another building, usually offering more privacy and space.
End-Terrace House
The property at the end of a connected row of homes, sharing one wall instead of two.
Flat Conversion
A larger property divided into multiple flats, often older Victorian or Georgian houses. Maintenance and service charges depend on how the building is managed.
Freehold
Ownership of both the building and the land it’s on. You’re responsible for all maintenance and insurance. (See also Leasehold.)
Ground Rent
A yearly fee paid by leaseholders to the freeholder for the land beneath the property.
hntr tip: Log ground-rent details in hntr’s budget section so you see the full cost picture.
Leasehold
Ownership of the property for a set number of years. When the lease runs low, it can reduce value and affect mortgage options.
Maisonette
A flat with its own private entrance, often on two levels. Some are share-of-freehold, others leasehold.
Mid-Terrace House
A property in the middle of a row, sharing walls on both sides with neighbours.
New-Build
A property newly constructed or recently completed, often sold with a developer’s warranty such as NHBC or LABC.
hntr tip: Save snag-list notes and photos in hntr once you move in, handy for your warranty period.
Semi-Detached House
A pair of houses joined by a single shared wall. Usually a balance between privacy and price.
Service Charge
The annual cost paid by leaseholders toward maintenance of communal areas and building insurance.
Share of Freehold
When several flat owners jointly own the building’s freehold. It gives more control over maintenance but also shared responsibility.
Terraced House
A property that shares walls on both sides with neighbouring houses, typically in rows. Terraces are common in city centres and Victorian streets.
hntr tip summary:
hntr helps you store property details, from lease length to type and chain status, so you can compare homes on equal terms before making an offer.
Surveys & Insurance
Building Insurance
Covers the physical structure of your home (walls, roof, and permanent fixtures) against risks like fire, flood, or storm damage. Most lenders require it from the day you exchange contracts.
hntr tip: hntr reminds you to arrange buildings insurance before exchange
Contents Insurance
Protects your belongings (furniture, electronics, clothing) against theft, loss, or damage. Often combined with building insurance but optional for homeowners.
Energy Performance Certificate (EPC)
A rating showing how energy-efficient a property is (A = most efficient, G = least). It includes estimated running costs and suggestions for improvement.
hntr tip: Save the EPC rating in hntr to compare energy efficiency between properties.
Home Buyer Report (RICS Level 2 Survey)
A mid-level survey suitable for modern or well-maintained properties. It highlights visible issues like damp, subsidence, and roof defects but doesn’t look behind walls or floors.
Home Insurance
A broad term covering both buildings and contents insurance. Lenders require proof of cover before completion.
Indemnity Insurance
A policy your solicitor may recommend to protect you against specific legal risks (for example, missing building-regulation certificates or boundary uncertainties).
Mortgage Valuation
A brief inspection ordered by your lender to confirm the property’s value for loan purposes. It’s not a full structural survey.
hntr tip: Keep both your valuation and survey reports together in hntr for easy comparison.
New-Build Warranty
A developer-issued policy (such as NHBC or LABC) covering structural defects for 10 years after construction. Always check the provider and start date.
Snagging List / Snagging Survey
For new builds, a list of minor defects or unfinished work you identify after moving in, from paint chips to faulty fittings. Developers usually fix these under warranty.
hntr tip: Use hntr’s photo notes to log snags and share them directly with your developer.
Structural Survey (RICS Level 3 Survey)
The most detailed type of survey, recommended for older or altered properties. The surveyor checks the building’s structure, roof, foundations, and visible defects in depth.
Subsidence Insurance
Covers damage if the ground beneath a property shifts, causing walls or foundations to move. Often included in buildings insurance but worth confirming.
Surveyor
A qualified professional (usually RICS-registered) who inspects a property’s condition and produces formal reports for buyers or lenders.
hntr tip summary:
hntr helps you stay organised and know exactly what’s been checked and covered.
Buying Scenarios & Market Terms
Chain
A sequence of connected sales and purchases that rely on each other to complete. The longer the chain, the higher the chance of delays.
hntr tip: Record chain details in hntr so you can prioritise simpler, faster options.
Chain-Free
When the seller isn’t buying another property, for example, they’re moving abroad or into rented accommodation. This usually means a smoother, quicker transaction.
Completion Day
The day you legally become the property’s owner and receive your keys. It’s also when the remaining funds transfer and utilities start in your name.
hntr tip: Use hntr’s “Move In” checklist to track everything that needs doing on completion day.
Conditional Offer
An offer that depends on certain terms being met, such as your mortgage approval or sale of your current property.
Exchange of Contracts
The point when signed contracts are swapped between solicitors and the sale becomes legally binding. You’ll usually pay a 10 % deposit at this stage.
Gazumping
When a seller accepts a higher offer from another buyer after already agreeing a price with you. It’s legal in England and Wales until contracts are exchanged.
Gazundering
When a buyer lowers their offer just before exchange, often pressuring the seller to accept to avoid the sale falling through.
Guide Price
An indicative price set by the seller or agent to attract interest, not always the final sale price.
Offer Accepted
When the seller agrees in principle to your offer. It’s not legally binding until contracts are exchanged.
Open House
A scheduled viewing where multiple buyers can visit the property at once. Agents often use this to generate competition and faster offers.
Sale Agreed / Sold STC
Short for Sold Subject to Contract. It means the seller has accepted an offer but legal work is still pending.
Sealed Bids
A process where buyers submit their best offer in writing by a set deadline. The seller reviews all bids at once.
Under Offer
A property with an accepted offer that hasn’t yet exchanged contracts. Similar to Sale Agreed.
Withdrawn from Market
When a seller or agent removes the listing, sometimes temporarily (for repairs or reconsideration) or permanently if sold privately.
hntr tip summary:
hntr keeps you in control through each stage, from logging offers to tracking when a property moves from Under Offer to Exchange and finally Completion.
After You Buy & Ongoing Homeownership
Council Tax Band
Each property in England and Wales is placed into a band (A–H) based on its value in 1991. The band determines how much council tax you pay.
hntr tip: Add your council-tax reference in hntr’s “My Home” section so you always have it handy.
Equity
The portion of your home you truly own, its current value minus your remaining mortgage balance. Equity can grow as you repay your loan or if property prices rise.
Home Maintenance Schedule
A list of regular upkeep tasks such as boiler servicing, gutter cleaning, and safety-alarm checks. Staying on top of maintenance protects your home’s value.
hntr tip: Set reminders in hntr for annual servicing and safety checks.
Mortgage Porting
The process of transferring your existing mortgage to a new property, keeping the same lender and rate. Useful if you move before your fixed term ends.
Overpayment
When you pay more than your required monthly mortgage amount to reduce your balance faster. Check if your lender limits how much you can overpay each year.
Remortgage
Switching your mortgage to a new deal or lender, often after your fixed term ends, to get a better interest rate or release equity.
Service Charge (ongoing)
For leasehold or shared-ownership homes, this covers maintenance of communal areas, insurance, and management fees. Always budget for annual increases.
Snag List
For new-builds, a record of minor faults or unfinished work identified after moving in. Developers are usually obliged to fix snags within the warranty period.
hntr tip: Keep your snag-list photos and updates in hntr so you can track what’s been resolved.
Utilities Setup
Gas, electricity, water, broadband, and council services you register in your name after completion.
hntr tip: Log supplier details and meter readings in hntr’s “My Home” checklist.
Warranty (Structural Warranty)
New-build homes often come with a 10-year structural warranty (NHBC or LABC). It covers major defects during the period. Keep documents safe and note expiry dates.
hntr tip summary:
hntr continues supporting you beyond completion, helping you track maintenance, and feel confident managing your new home.
General Terms & Jargon
Appraisal / Valuation
An estimate of a property’s market value, usually carried out by an estate agent or surveyor before setting the asking price.
Bridging Loan
A short-term loan that helps you buy a new property before selling your current one. Usually more expensive and meant as a temporary solution.
Caveat Emptor
Latin for “let the buyer beware.” In English property law it means it’s your responsibility to check a home’s condition before purchase, through surveys and searches.
Chain Reaction
When one delay in a property chain stalls several linked transactions. Common reason for postponed completions.
Completion Statement
A final document from your solicitor listing every payment made and received in the transaction — deposit, stamp duty, legal fees, and any balance due.
Contract Pack
A bundle of legal documents your solicitor receives from the seller’s solicitor. It includes the draft contract, property information forms, and title documents.
Covenant
A legal obligation attached to a property’s title — for example, restrictions on building extensions or using the property for business.
Deposit Protection Scheme (Tenancy)
Not to be confused with a purchase deposit. It’s where landlords must protect a tenant’s security deposit — useful knowledge if you’re buying after renting.
Energy Supplier Switch
Changing your gas or electricity provider to get a better deal after you move in. You’re free to switch once your first bills arrive.
hntr tip: Log new supplier details in hntr’s utilities section so you remember renewal dates.
Exchange Deposit
The 10 % payment made on exchange of contracts to secure the purchase. If you pull out afterward, you’ll usually lose it.
Freeholder / Landlord
The person or company that owns the land your leasehold property stands on. They’re responsible for maintaining shared structures and collecting ground rent.
Gazumping / Gazundering
Gazumping: when the seller accepts a higher offer after agreeing one with you.
Gazundering: when a buyer lowers their offer just before exchange. Both are legal until contracts are exchanged.
Holding Deposit
Money paid to an estate agent to show serious intent to buy or reserve a property. It’s rare in purchases but common in rentals.
Land Registry
The government body that records property ownership in England and Wales. Your solicitor updates the record after completion.
Listed Building
A property officially protected for its historical or architectural significance. Alterations require special permission from the local authority.
Management Company
An organisation that maintains communal areas in blocks of flats or estates. Funded by residents through the service charge.
Mortgage Broker
A professional who searches the market for suitable mortgage products and manages your application.
hntr tip: You can connect with a trusted, free, broker directly through hntr.
Offer Letter
Written confirmation of your mortgage offer from the lender, outlining terms, rate, and repayment period.
Power of Attorney
Legal authorisation allowing someone else to sign documents or make decisions on your behalf — sometimes used in long-distance purchases.
Redemption Statement
A document showing how much you owe to pay off your existing mortgage in full — useful when remortgaging or selling.
Searches (Local Authority Searches)
Investigations your solicitor carries out to reveal issues such as planning restrictions, road schemes, or environmental risks.
Solicitor / Conveyancer
The legal professional handling your property purchase — exchanging contracts, performing searches, and transferring funds.
Surveyor
A property expert (usually RICS-registered) who inspects a home’s condition and provides an official report.
Tenure
The legal basis of property ownership — freehold, leasehold, or share of freehold.
Under Offer / Sold STC
Indicates a seller has accepted an offer but contracts haven’t yet been exchanged.
Vendor
A formal term for the seller of a property.
Closing Thoughts
Buying your first home is full of new words, new steps, and moments that can feel confusing, but you’re not alone in it. Every buyer starts exactly where you are: trying to make sense of the process one term at a time.
The goal of this glossary is to give you clarity and confidence. When you understand the language of buying, the rest of the process starts to make sense too.
And if you ever want a hand staying organised along the way, that’s where hntr comes in.
The app brings everything together, from viewings and budgets to surveys and moving checklists, so you always know what’s next.
Download hntr free on iOS or Android and let your home-buying journey feel a little lighter, one step at a time.