When you browse through our listings to find a property to buy or rent, you will come across various terms displayed on the property details pages. This glossary is designed to help you understand these terms and navigate the property market with confidence.

Available Date
Refers to the specific calendar date on which a property or rental unit becomes vacant and legally available for new occupancy. This date is an estimate based on the current tenant's vacating schedule or the completion of maintenance work, and it should be verified before arranging moving logistics.

Commonhold
Commonhold is a modern alternative to leasehold ownership applicable to multi-unit estates and apartment buildings. Under this arrangement, individual flats within a block are owned as absolute freehold properties by their respective buyers, while the shared common areas—such as stairs, hallways, and communal gardens—are collectively owned and managed by a commonhold association run by the residents. As an owner of a property within a commonhold, you will be obligated to join the commonhold association and contribute fair financial shares towards the expenses associated with maintaining the shared estate.

Council Tax
The Council Tax Band for a property is a valuation category assigned by the local government authority to determine the amount of local tax residents need to pay. The banding system is based on what the property's market value would have been on a specific historical date. In England, Council Tax Bands range from Band A (lowest cost) to Band H (highest cost), with each band assigned a specific annual tax rate set by the local council to fund regional community services.

Deposit
A refundable security payment required from a tenant before moving in, typically capped legally at the equivalent of 5 weeks' rent for standard residential tenancies. This money is held securely in a government-backed Tenancy Deposit Protection scheme (TDP) to protect against property damage or unpaid rent.

EPC Rating
The EPC (Energy Performance Certificate) rating measures a property's overall energy efficiency and carbon impact. It is represented on a standardised asset rating scale ranging from A (most energy-efficient, typically lowest utility bills) to G (least energy-efficient). Legally, an EPC is required whenever a property is built, sold, or marketed for rent. Under minimum energy efficiency standards (MEES), private rental properties must meet a minimum statutory benchmark (currently Band E or above) to be lawfully let out to tenants.

Freehold
When a property is described as "freehold," it indicates that you possess absolute ownership of both the property itself and the land on which it is constructed. As the freeholder, you own the boundary indefinitely and typically assume full responsibility for all ongoing property maintenance and buildings insurance.

Furnishing Status
Indicates what furniture items are supplied with the property. Listings are generally classified as Furnished (including core items like beds, wardrobes, sofas, and white goods), Part-Furnished (usually white goods only), or Unfurnished (empty rooms requiring you to supply all your own furniture).

Ground Rent
Ground rent refers to a regular, recurring fee paid by a leaseholder to the freeholder as stipulated in the conditions of the lease agreement. The exact amount and payment frequency are legally binding terms specified in your lease. It is vital to keep up with these payments, as a failure to pay ground rent can result in debt recovery legal action or formal dispute proceedings by the freeholder. While newer long residential leases are legally restricted to a zero-value peppercorn rate, older pre-existing leasehold properties may range from a nominal annual fee to several hundred pounds.

Guide Price
The term "guide price" refers to the estimated price range at which a property is expected to sell. It is provided by the seller or the estate agent as an indication of the property's market value and to help guide potential buyers. The guide price is not a fixed or definitive valuation, but rather a starting point for negotiations. It helps prospective buyers understand the approximate range within which the seller is willing to consider offers. The final sale price of the property may be higher or lower than the guide price, depending on current market conditions and the level of interest from buyers. It is important to note that the guide price is different from the actual sale price, which is the final price agreed upon between the buyer and the seller during negotiations.

Leasehold
Leasehold refers to a legal arrangement where you acquire the right to reside in a property for a specific duration of time, while the land on which the building stands remains owned by the freeholder. Leaseholders are typically required to pay ongoing ground rent and service charges to a management company or freeholder. The lease agreement outlines the exact length of the tenancy (often granted for 99, 125, or 999 years). When the lease expires, ownership of the property legally reverts back to the freeholder. Extending a lease is possible, although it can be a costly legal process. The lease document also dictates the respective responsibilities for maintenance and generally states that you will need the freeholder's permission to make any structural alterations to the home.

Lettings Price
The lettings price is the rental amount requested for the property, typically calculated and displayed as a weekly rate or per calendar month (PCM). This figure states the base cost of your tenancy before accounting for utility bills, council tax, or media connections, unless explicitly stated as an inclusive rent. In accordance with the Tenant Fees Act, all permitted letting payments are fully transparent, with tenant administration and referencing fees completely prohibited.

Periodic Tenancy
Under current UK housing law, standard private residential tenancies are open-ended, rolling agreements with no set end date. Tenants are not locked into long-term fixed commitments and have the legal flexibility to end the tenancy at any point during the cycle by providing the landlord with a mandatory two months' written notice.

Property Type
Refers to the core structural classification of a building listing. Properties are divided into Residential (homes, flats, maisonettes, and student lets intended for private domestic living) and Commercial (retail units, warehouses, offices, and trading spaces designated for business operations or investment portfolios).

Rates Payable
Rates payable refers to the local business rates or commercial property taxes due on non-domestic properties. These rates are levied by the local government authority to fund essential public infrastructure, such as road maintenance, emergency services, and waste management. The exact rates payable are determined by multiplying the property's Rateable Value (set by the Valuation Office Agency) by the relevant local authority business rates multiplier.

Reserve Price
The reserve price refers to the minimum confidential price that the seller is willing to accept for a property at auction. It is a private figure agreed upon between the seller and the auctioneer prior to the event. During an auction, potential buyers place bids on the property, and the bidding continues until the highest bid is reached. However, for the property to be legally sold, the final bid must meet or exceed this reserve price. If the highest bid falls below the reserve price, the property will be withdrawn from the auction without a sale. The reserve price acts as a safeguard for the seller, ensuring that they do not have to accept a bid lower than their desired minimum value. It provides certainty and financial protection for sellers opting for an auction process.

Sales Price
The sales price is the final agreed amount that a buyer pays to purchase a property. Being aware of this purchase figure enables you to accurately calculate the overall financial expenditure associated with acquiring the asset. This includes planning for your mortgage deposit, as well as accounting for additional transactional expenses such as Stamp Duty Land Tax (SDLT), legal fees, and moving costs.

Share of Freehold
In certain cases, the ownership of the freehold is divided among multiple properties within the same building, which is common in blocks of flats or maisonettes. In this setup, you purchase the leasehold property alongside a share of the underlying freehold. As a result, residents typically share collective responsibility for property maintenance and enjoy a greater degree of freedom to make alterations or manage building costs without third-party ground rents.

Shared Ownership
Shared ownership is a specialized leasehold scheme designed to help buyers get onto the property ladder. You purchase a specific portion or percentage of the property (typically between 25% and 75% using a deposit and mortgage) and pay a subsidised rent on the remaining share that you do not own. Over time, there is usually an option to acquire a greater share of the property through a process known as "staircasing". When you decide to sell a shared ownership property, you may require permission or a first-refusal period from the housing association or authority involved.

Shared Ownership Rent
Shared ownership rent refers to the monthly fee paid to a housing association or landlord for the percentage of the property you do not own. This rental fee is calculated based on the value of the unpurchased share and is paid alongside your standard mortgage payments.

Tenancy Length
Following the legal transition to periodic contracts across the private rented sector, residential properties no longer feature a predetermined expiration or renewal date. Instead, the contract rolls over automatically on a monthly basis (matching your rent payment cycle) until it is lawfully brought to an end by the tenant, or by the landlord using valid, legally specified grounds.

Tenure
Understanding the tenure of a property allows you to comprehend its legal ownership structure and identify any ongoing costs or obligations. This knowledge provides clarity regarding how you legally possess the property and helps you assess any additional financial or contractual responsibilities involved.