Glossary
UK Property Jargon Explained
UK property listings and conveyancing are full of jargon — SSTC, OIEO, POA, gazumping, no onward chain — and most of it has a simple meaning. This glossary explains the terms buyers and sellers meet most often, in plain English, with a deeper guide behind each one. Use it to decode a listing or a solicitor’s letter in seconds.
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Offers & pricing
- OIEO — Offers in Excess Of
- The seller invites offers above the stated figure. It is a marketing tactic to set a floor, not a maximum or a guide to true value. Full guide →
- POA — Price on Application
- No price is displayed; you contact the agent for the figure. Common on higher-value or discreet listings. Full guide →
- Cheeky offer
- An offer noticeably below asking — often 5–10%+ under — testing whether the seller will take less. Full guide →
- Cash buyers only
- The seller will consider only buyers who do not need a mortgage — typical for unmortgageable or short-lease homes. Full guide →
Sale status
- STC / SSTC — Sold Subject to Contract
- An offer has been accepted but contracts have not yet exchanged, so the sale is not yet legally binding. Full guide →
- Under offer
- An offer has been made and is being considered or provisionally accepted, but the sale is not yet agreed or exchanged. Full guide →
- No onward chain
- The seller has nowhere to move on to (e.g. an empty or probate property), so there is no chain above them — faster and lower-risk. Full guide →
Process & risks
- Exchange & completion
- Exchange is when contracts become legally binding; completion is when the money moves and you get the keys. Full guide →
- Gazumping
- When a seller accepts a higher offer from another buyer after already accepting yours, before exchange. Full guide →
- Chain collapse
- When a linked sequence of dependent sales breaks because one falls through, often bringing the others down. Full guide →
- Can a buyer pull out?
- Until exchange, either side can withdraw without legal penalty — one reason ~1 in 4 sales fall through. Full guide →
- Short sale
- Selling for less than is owed on the mortgage, with the lender’s agreement — rare in the UK. Full guide →
Costs & tenure
- Ground rent
- A periodic charge a leaseholder pays the freeholder for the land the property sits on. Full guide →
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Written & reviewed by Lisa Hayes, Founder
Lisa Hayes is the founder of Ready Steady Sell and an independent UK home-selling expert with over a decade helping homeowners weigh cash house buyers, property investors and the wider fast house-sale industry — without pressure or hidden fees. Every guide is reviewed for accuracy under our editorial standards.
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Frequently asked questions
Straight answers, no sales talk
What does SSTC mean?
SSTC stands for Sold Subject to Contract — an offer has been accepted but contracts have not yet exchanged, so the sale is not yet legally binding and can still fall through.
What does OIEO mean?
OIEO means Offers in Excess Of — the seller is inviting offers above the stated figure. It is a marketing tactic to set a floor, not a maximum.
What does POA mean in property?
POA means Price on Application — no price is shown and you contact the agent for the figure, common on higher-value or discreet listings.