Glossary of terms
This glossary of terms has been composed by FIRST STRATA to provide you with an easily accessible and comprehensive description of the many terms frequently used in all aspects of land sales.
We trust you will find it both useful and informative.
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Under the Development Land Tax Act 1976 this was defined as the market value of an interest in land on the assumption that (with certain exceptions) planning permission would be granted for any development of a class specified in Schedule 8 to the Town and Country Planning Act 1971 (or Schedule 6 to the Town and Country Planning (Scotland) Act 1972) and that it was, and would remain, unlawful to carry out any material development of the land not already begun. If appropriate, the valuer could have regard to any value attributable to the prospect of carrying out activities listed in Part II of Schedule 4 to the 1976 Act. There is a broadly similar definition of CUV (but excluding the positive planning assumption) in the Finance Act 1974, Schedule 3, Part I, and this still applies for certain capital gains tax purposes under the Capital Gains Tax Act 1979, Schedule 5, Part II.
The remunerative rate of interest which is, or would be, appropriate at the date of valuation, assuming the property to be let at its full rental value. It will be the same as the reversion yield where the reversion is to full rental value, and the same as the term yield where the rent receivable under the lease is the full rental value. See ALL RISKS YIELD.
Described in Sinclair-Lockhart’s Trustees v Central Land Board (1950) as “the ground which is used for comfortable enjoyment of a house or other building…”. such being “regarded in law as being within the curtilage of that house or building and thereby is an integral part of the same although it has not been marked off or enclose in any way”. It is enough that is serves the purposes of the house or building in some necessary or reasonably useful way.
Depreciation which assumes a progressive decrease in the value of a property or other asset over a given period, so producing a curved line when plotted as a graph, eg depreciation in the cost of a lease for capital gains tax purposes. Cf REDUCING BALANCE DEPRECIATION; STRAIGHT LINE DEPRECIATION.
A trustee having custody and care of trust property.
A practice which by long-established usage in a particular locality has come to be accepted as part of the local law.
1. The date on which an agreement or clause in an agreement ceases to have effect.
2. The last day of a period for calculating a certain payment or cost relating to an agreement.
As near as.
The principle which enables effect to be given as near as possible to the intention of a settlor or testator where it cannot be carried out precisely as directed by him.
