Glossary

Property terms, in plain English.

Estate-agency jargon, lettings law, mortgage and conveyancing language — every term you might encounter when buying, selling or letting a home in Tunbridge Wells, explained without marketing speak. Compiled by the directors at Kings Estates and updated as the law and market move.

53 terms · Updated June 2026

Browse by category

Sales
Lettings
Tenure
Compliance
Conveyancing
Finance
General

A

Agreement in principleFinance: A document from a mortgage lender confirming in writing that they would lend you a specified amount, subject to a full application. Sellers and agents treat an agreement in principle as evidence that an offer is realistic; without one, your offer is typically given lower priority on a competitive sale.
ARLA PropertymarkCompliance: The Association of Residential Letting Agents, part of Propertymark — the UK's professional body for letting agents. ARLA-accredited agents must hold Client Money Protection, follow a code of practice, complete continuing professional development, and have qualified staff (MARLA). Kings Estates is ARLA Propertymark accredited. Read more →
Asking priceSales: The price at which a property is publicly marketed. Different from the agreed sale price (which can be above or below) and from the valuation (which is an agent's view of probable sale price). Asking-price strategy materially affects time-on-market and final agreed price — see our seller's pillar guide. Read more →
Auction (modern method)Sales: A 28-day buyer reservation period from a winning bid, followed by exchange and completion within a further 28 days. Different from traditional auction (exchange happens at the gavel). Modern method auctions suit certain seller circumstances — see our auction listings page. Read more →
Awaab's LawCompliance: Statutory timeframes within which landlords must investigate and respond to prescribed property hazards (damp and mould initially; later cold, heat and structural risks). Named after Awaab Ishak, the two-year-old who died from prolonged mould exposure in 2020. Extended to the private rented sector in phases from 2025. Read more →

B

Buying agentSales: A property professional acting exclusively for a buyer (rather than for the seller). Handles search, negotiation and progression on behalf of the buyer for a fee, typically 1–2% of the purchase price. Common above £1m. Kings Estates works fluently with the major Kent / London buying-agent firms. Read more →

C

Capital gains tax (property)Finance: UK tax on the profit when selling a property that isn't your main home — typically a second home or buy-to-let. The 2026 rate is 18% for basic-rate taxpayers and 24% for higher-rate, after the annual exempt amount. Different rules apply to your principal private residence.
Chain (property chain)Sales: A sequence of property transactions dependent on each other — your buyer needs to sell, your seller needs to buy. Chains delay exchange and increase fall-through risk. 'Chain-free' is a positive signal in any negotiation; properties bought by cash investors or first-time buyers are typically chain-free.
CompletionConveyancing: The legal moment when money transfers from buyer's solicitor to seller's, the deed registers with HM Land Registry, and the keys hand over. Typically 7–28 days after exchange, on a date both parties agree at exchange.
ConveyancingConveyancing: The legal process of transferring property ownership from seller to buyer. Handled by a solicitor or licensed conveyancer. Typical timeline: 12–16 weeks from offer accepted to completion in a normal market. Our seller's and buyer's guides walk through the conveyancing checkpoints in detail.

D

Decent Homes StandardCompliance: A statutory baseline for property condition originally applied to social housing, being extended to the private rented sector from 2026 via the Renters' Rights Act. Covers four categories: hazard-free, reasonable repair, modern facilities, thermal comfort. Failure triggers civil penalties and rent-reduction orders. Read more →

E

EICR (Electrical Installation Condition Report)Compliance: A 5-yearly inspection of a property's electrical installation by a qualified electrician, mandatory on all rental properties since 2020. Reports any 'C1' (immediate danger), 'C2' (potentially dangerous) or 'C3' (improvement recommended) findings. Landlords must remedy C1 and C2 within 28 days. Read more →
EPC (Energy Performance Certificate)Compliance: A 10-year certificate rating a property's energy efficiency from A (most efficient) to G (least). Mandatory for any property marketed for sale or rent. Rentals must achieve a minimum E rating; the proposed government threshold is being raised to C by 2030 for new tenancies.
Exchange of contractsConveyancing: The legal moment when buyer and seller commit to the transaction. Deposit transfers, contracts swap. After exchange, either party pulling out triggers contractual damages. Typically 4–8 weeks after offer accepted in a chain-free transaction.

F

Fall-throughSales: An agreed sale that doesn't reach exchange — buyer pulls out, survey raises issues, mortgage withdrawn, chain collapse. UK national fall-through rate sits around 30–35%; the rate at Kings Estates is materially lower thanks to senior-led sales progression.
FreeholdTenure: You own the property and the land it sits on outright, in perpetuity. Most houses in Tunbridge Wells are sold freehold; most apartments are leasehold or share-of-freehold. Freehold is the simpler, less encumbered form of property ownership.
FNAEA (Fellow of the NAEA)Compliance: The senior tier of NAEA Propertymark — Fellowship is awarded for substantial experience and continuing professional development in residential sales. Mike Heath, Director of Kings Estates, is a FNAEA member.

G

Gas Safety Certificate (CP12)Compliance: Annual inspection of gas appliances, flues and pipework in a rental property by a Gas Safe Registered engineer. Certificate must be issued to the tenant within 28 days of the inspection. Mandatory for all rented properties with gas; failure is a criminal offence. Read more →
GazumpingSales: When a seller accepts a higher offer from a different buyer after already accepting an offer from the original buyer, before contracts exchange. Legal in England — sale isn't binding until exchange — but considered unethical. Common in fast-rising markets; rare in flat or slowing ones.
GazunderingSales: When a buyer reduces their offer below the previously agreed price, typically just before exchange. Pressure tactic in flat or falling markets. Sellers often have little recourse beyond walking away and re-marketing.
Ground rentTenure: An annual payment from leasehold property owners to the freeholder of the building. The Leasehold Reform (Ground Rent) Act 2022 reduced ground rent to a peppercorn (effectively zero) on all new long residential leases, but pre-existing leases continue at their original rate.

H

Help to Buy (closed)Finance: The UK government's equity-loan scheme for first-time buyers of new-build homes, which closed to new applications in October 2022 and to completions in March 2023. Successor schemes (First Homes, shared ownership) continue for first-time buyers in some circumstances.
HMO (House in Multiple Occupation)Lettings: A property let to three or more unrelated tenants who share kitchen or bathroom facilities. HMOs are subject to licensing (mandatory for 5+ tenants, additional licensing in some councils), specific fire-safety requirements and stricter management standards.

I

Inventory and check-inLettings: A detailed written and photographic record of the rental property's condition at the start of a tenancy, signed by the tenant. Essential for resolving deposit disputes at end of tenancy. Kings Estates uses professional independent inventory clerks on all fully-managed lettings. Read more →

L

LeaseholdTenure: You own the right to occupy the property for a fixed term (typically 99-999 years), but the freeholder owns the building and the land. Common for apartments. Below 80 years remaining, leases become problematic for mortgages and lose value quickly; lease extensions are statutorily available.
Lease extensionTenure: A statutory right for leaseholders to extend the lease by 90 years on residential property after two years of ownership. The cost depends on the existing lease term, ground rent and property value; extending before the lease drops below 80 years is typically substantially cheaper.
Lender's valuationFinance: A short property assessment commissioned by the mortgage lender to confirm the property is worth approximately the agreed sale price. Different from a survey — the lender's valuation protects the lender's interests, not the buyer's. Buyers should commission their own survey separately.
Listed buildingConveyancing: A property recognised by Historic England as having special architectural or historic interest. Grade I (highest), Grade II*, or Grade II. Listing restricts what alterations the owner can make and requires listed-building consent for material changes. Common in Tunbridge Wells — many premium homes in TN1–TN3 are listed.

M

MARLA (Member of ARLA Propertymark)Compliance: A qualified residential letting agent who has passed ARLA Propertymark exams and maintains continuing professional development. Mike Heath, Director of Kings Estates, is a MARLA member.
Memorandum of SaleConveyancing: A document issued by the selling agent when an offer is accepted, confirming the buyer, seller, agreed price, and the solicitors acting for each party. Triggers the start of conveyancing. Not legally binding — either party can still withdraw before exchange.
Modern Method of AuctionSales: See 'Auction (modern method)' above. The 28+28 day reservation/completion structure popularised by online property auctions.

N

NAEA (National Association of Estate Agents)Compliance: The professional body for UK residential sales agents, part of Propertymark. Members commit to a code of practice, continuing professional development, and qualified staff. Mike Heath is a FNAEA member (senior fellowship tier).

O

Off-marketSales: A property sold (or in active sale) that isn't listed on Rightmove, Zoopla or OnTheMarket. Three sub-types: pre-launch (going public soon), quiet listing (will never be public), and discreet sale (seller wants privacy). Kings Estates runs a private buyer register for off-market introductions. Read more →
Open market value (OMV)Sales: The probable sale price of a property assuming a willing buyer, a willing seller, sufficient marketing time, and arm's-length negotiation. The benchmark concept underpinning estate-agent valuations, lender valuations and surveyor reports.

P

Periodic tenancyLettings: A tenancy with no fixed end date, rolling on a month-to-month basis. From 1 May 2026, all assured tenancies in England — new and existing — are periodic. Tenants give two months' notice; landlords use Section 8 grounds for possession. Read more →
PRIME by Kings EstatesSales: Kings Estates' senior-led marketing service for distinctive homes. Combines architectural photography, cinematic film, editorial copy, premium portal placement and managed launch events. Designed for premium properties where standard portal-led marketing under-positions the home. Read more →
Property Ombudsman (TPO)Compliance: The UK's independent redress scheme for property agents — handles disputes between agents and their clients. Membership is mandatory for sales and lettings agents. Kings Estates is a TPO member.
PRS Database (Private Rented Sector Database)Compliance: A statutory landlord and property register introduced by the Renters' Rights Act 2025, expected to commence late 2026. Landlords must register every property they let. From commencement, advertising or letting an unregistered property is illegal and triggers civil penalties up to £40,000. Read more →
PRS OmbudsmanCompliance: A new statutory ombudsman for the private rented sector introduced by the Renters' Rights Act, commencing late 2026. Membership is mandatory for landlords; provides tenants with a free dispute-resolution route before tribunal applications.

R

RICS Survey (Level 2, Level 3)Conveyancing: Royal Institution of Chartered Surveyors structural surveys. Level 2 (HomeBuyer Report) is appropriate for conventional properties in reasonable condition. Level 3 (Building Survey, formerly Full Structural) is appropriate for period properties, listed buildings, or homes showing visible issues — and is recommended for any home above £750k.
Renters' Rights Act 2025Compliance: The most significant reform of the English private rented sector since 1988. Royal Assent October 2025; headline provisions commenced 1 May 2026 (Section 21 abolition, single periodic tenancies, bidding-war ban, no-DSS ban). See our dedicated landlord guide. Read more →
Right to RentCompliance: The legal requirement for landlords (and agents acting for them) to check that every adult occupier has the right to rent property in England before granting a tenancy. Verification can be in-person (with the original document) or via a Home Office digital check. Failure is a civil and potentially criminal offence.

S

Section 8Lettings: The procedure landlords use to seek possession of a rental property on specific grounds (rent arrears, breach of tenancy, sale, landlord occupation etc). Section 8 grounds were materially expanded by the Renters' Rights Act 2025 — the route most landlords now use for possession.
Section 13Lettings: The procedure landlords use to increase rent on an assured periodic tenancy. Two months' written notice; one increase per twelve months; new rent must be in line with local market. Tenants can refer increases to the First-tier Tribunal, which cannot award higher than the landlord proposed.
Section 21 (abolished)Lettings: The former 'no-fault eviction' route, allowing landlords to recover possession at the end of a fixed-term tenancy without giving a reason. Abolished from 1 May 2026 by the Renters' Rights Act. Section 8 grounds (expanded) now cover the same outcomes. Read more →
Service chargeTenure: An annual or quarterly payment from leasehold property owners to the freeholder or managing agent, covering building maintenance, insurance, communal cleaning, and reserve funds. Service charges vary widely; high or rising service charges are a material consideration when buying leasehold.
Share of freeholdTenure: A hybrid form where leaseholders collectively own the freehold of the building (typically via a company). Combines the long-lease security of leasehold with the collective control of freehold. Common in mansion blocks and well-managed Victorian conversions.
Stamp Duty Land Tax (SDLT)Finance: Tax payable by the buyer on UK residential property purchases above the nil-rate threshold. 2026 thresholds: 0% to £125,000, 2% £125k-£250k, 5% £250k-£925k, 10% £925k-£1.5m, 12% above £1.5m. First-time buyers and second-home purchasers have different rates. See our calculator. Read more →

T

TDS (Tenancy Deposit Scheme)Lettings: One of three government-authorised tenancy deposit protection schemes. Landlords and agents must protect rental deposits in TDS, DPS or mydeposits within 30 days of receipt and provide the tenant with prescribed information. Failure prevents the use of Section 8 grounds and triggers up to 3x compensation.
Tenancy Deposit Scheme disputeLettings: An impartial adjudication of disagreements between landlord and tenant about deposit deductions at end of tenancy. Free to both parties. The decision is final and based on documentary evidence — inventory, check-out, photographs, receipts. Strong inventories and check-outs win deposit disputes.
Title deedsConveyancing: Legal documents proving ownership of a property. In England, ownership is recorded centrally at HM Land Registry; the title register (with the Land Registry title number) is the modern evidence of ownership. Historic paper deeds may still exist but are no longer legally definitive on registered land.

U

Under offer / Sold STCSales: Status applied to a property once an offer is accepted but before exchange. 'Subject To Contract' means the deal isn't legally binding — either party can withdraw. The status signals to the market that the property is in negotiation; the seller may continue to accept higher offers up to exchange.

V

Valuation (estate-agent)Sales: An estate agent's recommendation of asking price, based on local market knowledge and recent comparable sales. Free, no-obligation. Different from a RICS valuation (which is a formal report by a chartered surveyor). Kings Estates valuations are conducted in person by Mike, Gemma or Tom personally. Read more →

Still confused?

The fastest way to demystify any property term is to ask the agent doing the work.

Most of the questions we answer in valuations are about the terminology, not the property. Book a free, no-obligation valuation with Mike, Gemma or Tom and we'll walk through anything you need clarifying — terms, process, timing.

Book a free valuation Browse the journal