UK property terms explained

Conveyancing

The legal process for buying a property.

Freehold

An individual owns the land and property completely, and is therefore responsible for all maintenance and repairs.

Leasehold

Much of the property in London is leasehold, including nearly all apartments and some houses. Leasehold generally applies where people effectively live under the same roof and must contribute toward repairing the structure, roof and communal areas.

Lease terms vary, but most new leases run for around 125 years. It is important to find out the remaining term from the agent and discuss it with your solicitor, who can advise whether it is long enough. Recent legislation has strengthened leaseholders' rights, in some cases allowing them to collectively buy the freehold or extend their lease.

Gazumping

A situation where a seller accepts an offer, then accepts a higher one from another party. To avoid it, ask the agent to remove the property from the market when your offer is accepted, or put down a non-refundable deposit.

Gazundering

Where a buyer reduces their offer at the point of exchange, hoping the seller accepts the lower figure. It is legal but discouraged, as the buyer risks losing the property if the seller refuses.