Reference · England & Wales

Property glossary

Plain-English definitions of the terms you will meet when buying or selling a home privately on FYSH. For the full process, see the selling guide and buyer's guide.

Expression of Interest (EOI): On FYSH, a structured message a buyer sends to register serious interest in a property. The vendor unlocks the EOI to reveal the buyer's details, which opens a private message thread between the two parties.
Price Broker: FYSH's structured offer-negotiation tool. Once a buyer and vendor are messaging, the vendor can open a Bid Session in which both sides make timestamped offers and counter-offers, with a full audit trail of the negotiation.
Sold STC (Sold Subject to Contract): A sale has been agreed in principle but contracts have not yet been exchanged, so it is not legally binding. Until exchange, either party can still withdraw without penalty.
Under Offer: An offer has been made on a property and is being considered or provisionally accepted, but the sale has not yet been finalised. Other buyers may still be able to express interest.
EPC (Energy Performance Certificate): A legally required certificate rating a property's energy efficiency from A (most efficient) to G. A valid EPC must be commissioned before a home is marketed for sale in England and Wales.
Material Information: The facts a listing must disclose so buyers can make an informed decision — such as price, tenure, council tax band and known issues — under the Consumer Protection Regulations and National Trading Standards (NTSELAT) guidance.
Stamp Duty Land Tax (SDLT): A tax the buyer pays on most property purchases in England above a government-set threshold, charged in bands with reliefs such as first-time buyer relief. Rates change over time, so check current rates or use a calculator (Wales uses Land Transaction Tax instead). This is general information, not financial advice.
Conveyancing: The legal process of transferring ownership of a property from seller to buyer, carried out by a solicitor or licensed conveyancer. You need one whether you sell through an agent or privately.
Freehold: Outright ownership of a property and the land it stands on, with no time limit. Most houses in England and Wales are sold freehold.
Leasehold: Ownership of the right to occupy a property for a fixed number of years under a lease, while a separate party (the freeholder) owns the land. Common for flats and apartments.
Agreement in Principle (AIP): A lender's written indication of roughly how much it may lend you, based on initial checks. Having one before you make an offer shows a vendor you are a serious buyer, though it is not a full mortgage offer.
Exchange of contracts: The point at which both parties' signed contracts are legally swapped and the sale becomes binding. A completion date is fixed and deposits become non-refundable.
Completion: The final stage of a purchase, when the balance is paid, legal ownership transfers to the buyer, and the buyer receives the keys.
Chain-free (no onward chain): The seller is not simultaneously buying another property, so the sale does not depend on a related transaction. Chain-free sales are often faster and less likely to fall through.