Gazumping Where a vendor accepts a higher price than what was agreed on originally.

Deeds Legal documents that proves ownership, these are normally held by the lender and are given to the borrower when mortgage is paid in full.

Exchange The buyer and seller signs these contracts, this commits both parties to complete the transaction.

Stamp duty This is a charge payable on every property purchase over £60000. Currently 1% on purchases £60000 to £249000, 3% £250001 to £499999, 4% £500001 upwards.

Completion Day which transaction is finalised.

Conveyancing Work usually done by a solicitor, dealing with most areas from sale of property to purchase.

Disbursements Solicitor has to pay certain fees, normally your Land Registry, Stamp Duty, Search Fees, etc these are added on top of your Conveyancing fee.

Equity This is the difference between the amount of mortgage you have, and the value of your property.

Land registry They are responsible for recording ownership of land.

MIG This is charged to you if your loan is more than a certain percentage of the value of the property you wish to purchase. The threshold is normally 75% but can vary from lender to lender.

Term Length of time loan is taken over, can usually be between 5-30 years. Normally taken over a 25-year term.

Searches This is a check done with the local council who governs the borough where the property is. Check is done to make sure that there are no matters, which will affect the status of your property.