first strata - land investment specialists

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.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Latent damage

Latent defect

Latent value

Law agent (Scotland)

Lease, occupational

Lease, participating

Leaseback

Lease for life

Leasehold

Leasehold enfranchisement

Leasehold improvements (USA)

Leasehold reform

Leasehold valuation tribunal

In the property sense, damage to a building or structure which exists at the time a person acquired an interest therein, and is of such a nature that it cannot be known to the person concerned, or his adviser, by the normal process of inspection and examination. Eg a purchaser who could not be expectecd to realise the damage existed, whether with the help of expert advice or not, may in certain circumstances have a right to claim damages from a previous owner or from the party responsible for the damage if negligence can be proved. Rights to pursue any action for negligence in such cases are governed by the provisions of the Latent Damage Act 1986.

A hidden or concealed defect inherent in the design or construction of a building, which could not be discovered by inspection, despite reasonable care.

An increment of value which is realisable in full only on some future event such as the marriage of sites, grant of planning permission, provision of infrastructure, or securing vacant possession.

A term once commonly used for solicitor or writer. The English word “solicitor” is now generally used.

1. The day (date) in a note, mortgage etc, when the debt is to be paid.

2. A holiday honouring the law and legal profession.

A use of land which:

a. was begun with the benefit of planning permission (either express or deemed) and continues to accord with the terms of that permission;

b. was begun before July 1 1948 and has since continued without abandonment or extinguishment;

c. was the normal use before July 1 1948 where the land was temporarily used for another purpose at the date but the normal use was resumed before December 6 1968;

d. was the last use of the land before July 1 1948, where the land was unoccupied at that date but the use was resumed before December 6 1968;

e. is a use resumed following the implementation and subsequent expiry of a temporary planning permission for a material change of use;

f. is a use resumed following the implementation of a permission granted by a development order subject to a limitation;

g. is formerly lawful use resumed following enforcement action.

A report of a court case regarded as of general or special interest and containing a reference to the relevant facts and a summary of the judgment and sometimes also the verbatim judgment. (A list of the principal published reports concerning property matters is contained in Appendix III.)

See HARDCORE METHOD.

1. The external and/or internal arrangement of a building or group of buildings or other structures.

2. The plans (drawings) showing such an arrangement, possibly including roads, paths and other physical features.

A calendar year of 366 days occurring once every four years (except for the last year in each centry, eg the year 2000).

1. The grant, subject to consideration, of a right to the exclusive possession of land for a definite period (or one capable of definition) which is less than that held by the grantor.

2. The right so granted, ie the leasehold estate.

3. The document granting the right. In practice, the term “lease” is usually reserved for a lease under seal (a statutory requirement for a term of more than three years from the date of the grant). Cf LICENCE. See TENANCY AGREEMENT.

See OCCUPATIONAL LEASE.

See SIDE BY SIDE LEASE.

See SALE AND LEASEBACK.

A lease under which land is held for the life of the lessee or another. See LIFE TENANCY.

An estate in land held for a “term certain” or on a periodic tenancy. See LEASE.

1. The act of a lessee in acquiring one or more superior interests, principally the freehold estate.

2. The statutory power of a qualified residential lessee under the Leasehold Reform Act 1967 to acquire the freehold and intermediate interests in the house occupied.

Improvements made by the lessee. See TENANT'S IMPROVEMENTS.

This term includes the statutory right of a qualified lessee both to enfranchisement and to an extended lease at a modern ground rent under the Leasehold Reform Act 1967. See LEASEHOLD ENFRANCHISEMENT 2.

This term includes the statutory right of a qualified lessee both to enfranchisement and to an extended lease at a modern ground rent under the Leasehold Reform Act 1967. See LEASEHOLD ENFRANCHISEMENT 2.