Sometimes we use slightly perplexing words in the property world, so if you're not sure what they mean, check out our jargon-buster.
Occurs when a seller accepts a higher offer from a third party on a property that exceeds the initial asking price. This can only occur when a sale has been agreed prior to legal exchange of contracts.
This is when a buyer decides to make the seller a lower offer just before contracts are due to be exchanged.
An annual charge that is made by the freeholder to the leaseholder, payable every year.
A third party who undertakes to ensure mortgage payments are maintained, and will also promise to pay the borrower's debt if the borrower defaults.