Rent reserved in a lease to be paid on a specified future date which falls after the end of the period to which the rent relates, eg rent for a period from 15 th May 2004 to 14 th May 2005 but payable on 11 th November 2005 would be referred to as an annual rent “six months backhanded”. Cf ARREARS 2.

Land having no frontage to a highway and, frequently, inadequate access for the purpose of development.

A document which qualifies the legal effect of some other document which otherwise would purport to give an absolute right of ownership in property.

A loan made by one party secured on a property, or other acceptable security, at the same time as a loan of an equal amount is borrowed by that party, on the security of another property, from the borrower of the first loan. It is generally adopted to raise money in one country where one of the parties has no adequate cash resources and, in effect, the debt is supported by a security in another country. Each loan is in the local currency, possibly subject to fluctuation in exchange rates. In the event of one of the debts becoming repayable at a time when the security cannot be realised at a high enough figure to redeem the loan, the lender may have recourse to recovering the deficit by a reduction of his debt in the other property. Such adjustment in the lender’s mortgage would probably reflect any change in the values of the respective currencies.

A cluster of principles, which derived from case law, by which the distinction is made for taxation purposes between a dealer in land and an investor in land. The principles cover such matters as: intention and circumstances at date of acquisition (or disposal); use; nature, purpose and extent of any work carried out on the property; form of documentation; method of financing; repetition of activity (reiteration); and professional or trade knowledge.

One to whom goods are entrusted by another (the bailor) for a specific purpose, the transfer of the goods being known as bailment, eg a contract for hire or safe custody.

An officer of the court concerned with executing writs and processes and enforcing its orders, including levying distress. Commonly applied to a sheriff’s officer.

A statement of financial accounts which for a particular date, eg at the end of a financial year, lists the assets and liabilities of a business including such reconciling items as are needed to equate the two totals.

See CAPITAL ALLOWANCES.

1. An amount payable by or to a person after a charge for goods, work or services has been made based upon an estimate which proves to be inadequate or excessive when the full facts are known and the figures reconciled.

2. For taxation purposes. See CAPITAL ALLOWANCES.

A type of timber-framed construction in which the vertical timbers (studs) extend from the ground level to the roof. Support for the upper floors is provided by a horizontal beam, or beams, and joists which are fixed to the studs.

A repayment of a loan or bond, usually but not necessarily the final repayment, which is larger in amount than other instalments. In America this kind of arrangement is referred to as “ballooning” a loan.

A day on which banks are legally closed and which is generally accepted as a national holiday. Established in 1871 by banker and Member of Parliament Sir John Lubbock, it was originally called “Lubbock's Day”

Formerly a rate of interest which was set by the Bank of England but has been superseded by minimum lending rate. See BASE RATE.

An individual debtor whose property is vested in a trustee for translation into money or calculable money’s worth and then divided among his creditors in pursuance of an order of court adjudicating him a bankrupt.

A form of statistical tabulation shown diagrammatically by comparable vertical or horizontal columns.

A person whose entry or presence on a property has the permission of the occupier, so that he is not a trespasser. Such permission, or licence, can be revoked at any time and is non-assignable.

A trust in which the trustees hold the property for the absolute benefit of beneficiaries who are of full age (and under no disability) and the trustees have no obligations other than to transfer the trust property to the beneficiaries at their request.

1. In the Stock Exchange, a transaction involving the sale and purchase of securities. In this sense it does not imply a specially low price.

2. The purchase or leasing of a property or other asset where the price or rent is on terms which are ostensibly below the market value.

See RENT SECK.