The UK property glossary.

Ownership of the land and the building with no end date. It is the normal tenure for houses; flats are rarely sold freehold.

Ownership of a home for a fixed term, often 99 to 999 years, under a lease from the freeholder. It is the usual tenure for flats: in 2024-25, 93% of owner-occupied flats in England were leasehold.

The flat owners hold leases and also jointly own the building's freehold, usually through a company. The owners together control the service charges and can usually extend their leases among themselves.

Freehold ownership of a flat plus membership of an association that owns and runs the common parts, with no landlord and no lease term. It has had very little take-up so far.

The yearly rent a leaseholder pays the freeholder. On most new long leases granted since 30 June 2022 it is limited to a peppercorn, in effect zero; older or pre-contracted leases can still carry it.

The leaseholder's share of the building's running, repair, insurance and safety costs. London flats listed for sale averaged £2,801 a year in 2025 (Hamptons); ask for the budget of the specific block.

The payment that takes a new-build unit off the market while contracts are prepared. Developers registered under the New Homes Quality Code give a 14-day cooling-off period; after it, the fee is at risk if you walk away.

The moment buyer and seller become legally bound. A developer usually asks for a 10% deposit at exchange, less the reservation fee already paid.

The final payment and the transfer of ownership. Stamp duty falls due on completion, at the rates in force on that day.

The latest date by which an off-plan home must be ready, after which the buyer can usually cancel and recover the deposits.

The developer's notice that the home is finished, usually giving about 10 working days to complete.

An inspection that lists the defects in a new home for the developer to put right. A new-build snagging survey costs around £300 to £600 (Which?, March 2026).

Ten-year cover that mortgage lenders require: protection of the deposit if the builder becomes insolvent before completion, the builder's duty to fix defects in years one and two, and structural insurance in years three to ten.

A form recording an external-wall fire-safety review of a block of flats, used by lenders and valuers since December 2019. For a new build, ask for the Building Safety Regulator's completion certificate instead.

The purchase tax on property in England, charged slice by slice: 0% to £125,000, 2% to £250,000, 5% to £925,000, 10% to £1.5 million and 12% above.

An extra 2% of SDLT on every band for a buyer who was not present in the UK for at least 183 days in the 12 months before the purchase. It can be reclaimed if the buyer then spends 183 days in the UK within the qualifying period.

A 5% SDLT surcharge on every band for a buyer who will own more than one home after the purchase, counting a home anywhere in the world worth £40,000 or more.

A yearly charge on homes worth more than £500,000 held by a company, from £4,600 a year in 2026-27 for a home worth £500,000 to £1 million.

The HMRC scheme under which a letting agent or tenant deducts basic-rate tax from rent paid to an overseas landlord, unless HMRC approves payment gross and the landlord files a return.

The former investor visa, closed to new applicants on 17 February 2022. Property never counted towards it, and the UK has no visa based on buying a home.

Time spent in the UK can make a buyer UK tax resident under the statutory residence test, whatever their visa, which changes their stamp duty, capital gains and inheritance tax position.

The standard private tenancy in England since 1 May 2026: rolling, with no fixed end date. It replaced assured shorthold tenancies, and section 21 "no-fault" evictions were abolished with it.

In Greater London a home may be let short-term for up to 90 nights a year without planning permission, provided the person letting it pays its council tax. Many leases and mortgages forbid short lets altogether.