A legal procedure used in connection with compulsory purchase whereby an acquiring authority, having obtained a compulsory purchase order, is able to obtain possession and ownership of the land. This is a procedure for the speedy acquisition of land and normal conveyancing practice does not have to be adopted.

An agreement not legally enforceable but intended to rest on the honour of the parties. Such an agreement cannot create a tenancy (Rhodes v Dalby (1971)).

The rehabilitation of a run-down residential area, usually an inner-city area, as a result of better-off people, often young professionals, moving into the area and improving their properties. The term refers both to the physical improvement and to the “upward” change in social mix.

An instrument from which readings are taken for the measurement of distance by projecting a light or laser beam to a reflector.

A zoning method for the purpose of valuations where the depth of each zone of a shop is determined by convention, based upon the experience of valuers, and applied generally to the shops in an area. Cf NATURAL ZONING. See HALVING BACK.

A provision in a will or settlement for an interest in property to come about on the termination of an earlier interest.

Securities where the government guarantees both the interest and the nominal capital sum payable upon redemption. Cf BLUE CHIP.

The use of glass as a building material, usually in windows (where the transparent or translucent qualities are essential).

Land attached to a parish church.

The financial protection available under an insurance contract arranged on a “global” basis, whereby insurers will grant cover on all properties owned, leased or occupied by an insured anywhere in the UK (and sometimes extended to other countries), subject to an agreed maximum sum insured.

Plans showing the area of a town devoted to retail uses. They contain the names of each retailer and describe the use of each shop unit as well as giving street names, one-way streets, pedestrian areas, service roads and car parks, location of banks, building societies and hotels, road distance from London, details of new developments, vacant properties and sites. They cover most shopping areas in the UK, the Republic of Ireland and parts of France. Produced by and available from C E Goade Ltd, Old Hatfield, Herts.

A term used in Asia, particularly in Hong Kong, for a building broadly similar to a flatted factory, ie a multi-storey building subdivided into small units which are used for either manufacturing or storage. Godowns are usually old and rarely, if ever, served by lifts.

The total value of a business as carried on, with all its assets and liabilities, goodwill and potentialities. If the premises used are owned by the business, they form part of the going concern value on the basis of their value to the business.

A clause in a lease which provides for the rent to be reviewed by reference to the price of gold.

In legal terms this generally signifies consideration of an intangible nature, eg natural love and affection or a moral duty. It is insufficient to establish an enforceable contract. Cf VALUABLE CONSIDERATION.

See COVENANT 2.

In registered leasehold land, the equivalent of absolute title, except that the landlord’s right to grant the lease is not guaranteed, usually because the landlord’s title is unregistered.

A title entirely free of encumbrances.

A title supported by adequate evidence. See ROOT OF TITLE.

In property terms an intangible but marketable asset founded on the probability that customers will continue to resort to the same premises where business is carried on under a particular name, or where goods are sold or services provided under a trade name, with the consequence that there is likely to be a continuing prospect of earning an acceptable profit. However, in some cases goodwill may be wholly or largely personal, depending on the character of the proprietor. Although its value to him may be substantial, if he retires or dies or, on moving, is unable to set up again in the same locality, that value may be lost. On a sale of the premises in such circumstances, the goodwill element will be extinguished, except in so far as his customers can be successfully recommended to another person. Cf KEY MONEY.