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.
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
1. The par or face value, as distinct from the market value of an asset, eg of a share in a company.
2. A negligible capital sum paid for an asset, eg £1, or a negligible annual sum for rent, ie a peppercorn rent.
A group of fortuitous events which may result in damage to property – by storm, tempest, flood, bursting or overflowing of water tanks, apparatus or pipes, or impact by any road vehicle, horses or cattle. In consideration of the payment of an appropriate premium an insurance company may, under the contract, subject to special conditions, extend the cover under a policy to include such destruction or damage. Cf CATASTROPHIC PERILS.
The use of a property which does not conform to the allocation of the area for planning purposes. Such a property may have been built in conformity with the planning requirement at the time and a policy change ensued; more usually, the property was constructed before planning control was introduced.
Failure to perform a legal duty. Cf MALFEASANCE; MISFEASANCE.
A type of loan where the terms provide that the lender’s only security is the property offered to support the loan.
Expenditure, usually of a nature which is unlikely to be repeated, such as works needed to comply with a statutory requirement, eg installation of a fire escape.
Insurance companies which are not members of the Fire Offices Committee.
See FAIR WEAR AND TEAR.
A sign on a plan or map denoting the direction of either geographic or, less usually, magnetic north.
In compulsory purchase, the state of affairs which would have subsisted at the valuation date with respect to the land being acquired and other land if the scheme had not existed, so that no development would have been or would be carried out thereunder and the planning background would not have been affected by it.
A formal notice, issued by a rating or precepting authority, indicating that they accept the rate capping restraints place upon them by the Secretary of State for the Environment.
A notice served on the owner and occupier(s) of a property by an authority possessing compulsory purchase powers requiring possession to be given by a date prescribed in the notice. A minimum of 14 days’ notice must be given. See NOTICE TO TREAT.
Notice served by a vendor on a purchaser or vice versa requiring the other party to complete the transaction by a given date. Cf COMPLETION NOTICE; PRACTICAL COMPLETION CERTIFICATE.
A certain and reasonable notice required by law, custom, special agreement or statute, enabling either the landlord or the tenant or the assignees or representatives of either of them, without the consent of the other, to determine a tenancy from year to year or other periodic tenancy. Cf NOTICE TO TERMINATE.
A formal notice served by the competent landlord on a tenant of business premises under section 25 of the Landlord and Tenant Act 1954 terminating the current tenancy as from the date stated on the notice. Cf NOTICE TO QUIT.
A notice served on owners, lessees and mortgagees by an authority with compulsory purchase powers to acquire land. The notice gives particulars of the property to be acquired, demands details of the recipient’s interest in the land and his claim for compensation and states that the authority are willing to treat for the purchase of the land. See COMPULSORY PURCAHSE ORDER; NOTICE OF ENTRY.
A use of property which interferes with the lawful rights of and enjoyment by the occupier(s) of other property or members of the public, eg by excessive noise, odours, fumes or other harmful or unpleasant emissions. See PRIVATE NUISANCE; PUBLIC NUISANCE.
The UK equivalent of an incubator building in the USA. See INCUBATOR BUILDING 2.
