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Andrew Granger & Co help you to get property jargon savvy with their easy guide

Wed 20 January 2021

Buying and selling a property can be a little daunting at the best of times. At Andrew Granger & Co we pride ourselves on guiding you through the property sales process to make it as easy, smooth and stress free as possible.

If you find property ‘jargon’ a bit of mine field, we’ve put together a very simple guide for you:


Chain – a situation where a property purchaser needs to sell their own property to be able to complete on the purchase of another property. There can be several purchasers involved in any one chain. For a smoother sale experience where possible, look out for properties with ‘no chain’ or that are ‘chain free’.

Completion – the final stage of the legal process of buying and selling a property where the property ownership passes to the purchaser and they can get the keys!

Conveyancing – the legal process of transferring property ownership from one person to another during a property sale. Appointing an experienced and well recommended conveyancing solicitor is essential for a smooth transition.

Deposit – an amount paid by the property purchaser to the property seller through their solicitor, normally at the point of exchange of contracts and occasionally in advance. The deposit amount is normally 10% of the property price.

Energy Performance Certificate (EPC) – a compulsory certificate needed at the stage of marketing a property that rates the properties energy performance in the form of a graph and makes recommendations on how it can be improved.

Exchange – the point at which the property buyer and seller’s contracts and deposits are exchanged by the solicitors to legally commit to the property transaction.

Freehold – where the land and property are owned entirely by the property owner named in the land title deeds.

Homebuyers Report (HBR) – prepared for and paid for by the property purchaser and more detailed than a mortgage valuation survey for mortgage lenders, this is a property survey carried out by a RICS surveyor to detail the property’s condition and anything that needs further investigation.

Informal Tender – a process where a prospective purchaser makes an offer in writing by a certain date stating that they will also pay a deposit if they are the chosen buyer. Ordinarily the highest offer is successful, like an auction process.

Leasehold – ownership of a property for a fixed term but not the land it sits on. Ground rent is also paid by a leaseholder to the freeholder for the right to occupy the property during the lease agreement. This mainly applies to apartments.

Loan to Value (LTV) – the amount of mortgage a lender will lend as a percentage of the property value.

RICS (Royal Institution of Chartered Surveyors) – the mark of property professionalism. An agent regulated by RICS adheres to the highest standards in the property industry. RICS members provide a range of services including estate agency, valuations, surveys, building, planning and development advice amongst many other areas of expertise.

Service Charge – an amount paid by a leaseholder to a freeholder or management company for the maintenance of leasehold buildings which can also include insurance.

Stamp Duty Land Tax (SDLT) – tax paid on land or property at the point of purchase. The percentage of tax paid varies depending on the price of the property you are buying.


If you’re looking to buy or sell a property our sales teams are here to help.

Having been established for over 31 years, Andrew Granger & Co has offices across Leicestershire, in Leicester, Loughborough and Market Harborough. Contact us for your free market appraisal or to be added to our mailing list at, or by calling Leicester on 0116 242 9922, Loughborough on 01509 235534 and Market Harborough on 01858 431315.