The glossary
30 UK auction terms, in plain English.
Definitions, simple explanations, real examples, and what each term means for buyers versus sellers.
- 30 terms
- Plain English
- Buyer + seller view
G
R
H
B
finance
Bridging loan
Expensive but fast finance — the standard tool for auction buyers without cash.
finance
BRR (Buy, Refurb, Refinance)
Buy cheap, do it up, remortgage, pull your money back out.
tax & costs
Buyer's premium
An extra fee on top of the hammer price that goes to the auctioneer rather than the seller.
L
tax & costs
LBTT (Land and Buildings Transaction Tax)
Scottish stamp duty — same idea, different bands.
legal
Legal pack
Everything a lawyer would normally check before completion, made available before you bid.
tax & costs
LTT (Land Transaction Tax)
Welsh stamp duty.
M
legal
MEES (Minimum Energy Efficiency Standards)
You can't legally let out a property that scores too low on its energy rating.
legal
Memorandum of sale
The bit of paper that turns a winning bid into a binding sale.
process
Modern Method of Auction
Like a traditional auction with extra time and finance flexibility — but with a hefty fee paid by the buyer instead of a deposit.
T
E
C
process
Cash buyer
Someone who can buy without borrowing — no mortgage delay, no chain risk.
legal
Completion
Move-in day, legally speaking. You don't own the property until completion happens.
legal
Conditional contract
A 'we'll buy it if X happens' agreement, not a done deal.