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.
Where notice for the relevant rent review may be served after the date specified in the lease, even though no action has been taken at the “due” date. The date to which the calculation of rent is then related and the date from which it becomes payable will depend on the terms of the lease.
In a book, article or other written matter, a second or further reference to a work which has been previously referred to or cited.
Evidence by a witness of his opinion, as distinct from evidence of fact(s) of which he has personal knowledge. Although generally inadmissible in a court of law, there are numerous exceptions, eg expert witnesses may give evidence of their opinion on questions within their particular field.
The return or other benefit forgone in pursuing one particular investment opportunity rather than another. This enables a comparative judgment to be made with knowledge of their relative advantages or disadvantages.
A type of criterion rate, based upon the cost of money, used in the net present value method. It may be one of the following: the marginal rate, target rate or weighted rate. Cf INTERNAL RATE OF RETURN.
A unilateral right, created by contract, enabling one of the parties, if he so wishes and if the circumstances are covered by the terms of the contract, to exercise a right to do something or require the other party to do (or refrain from doing) something in the future. Cf MUTUAL OPTION.
Evidence spoken by a witness in court, normally on oath or affirmation. Cf DOCUMENTARY EVIDENCE (WRITTEN EVIDENCE).
The risk-bearing share in a corporate body, ie the ordinary shareholders collectively own the equity capital in a company. See EQUITY CAPITAL.
Founded in 1791 to produce maps for military purposes, its first offices were in the Tower of London. It is now a Civil Service department of 2,000 people based in Southampton. Ordnance Survey is responsible for surveying and topographic mapping in Britain, including geodetic surveys and scientific work. There are also about 1,000 local surveyors in offices around the country. The main national commitment is to update and publish maps at three different scales: for mountain and moorland areas the largest scale maps published are those to 1:10,000 (approx 6 in to 1 mile), the largest scale plans for other rural areas are 1:2,500 (approx 25 in to 1 mile) and for urban areas 1:1,250 (approx 50 in to 1 mile).
1. A statement by a witness in court as proof of a fact in issue. Cf HEARSAY EVIDENCE.
2. Testimony by a witness that he was aware of a fact in issue through one of his senses, or a statement that he was in some particular mental or physical state. Cf CIRCUMSTANTIAL EVIDENCE.
3. Evidence of a statement made by someone other than the witness but offered to prove the statement was made (rather than to verify it). Cf HEARSAY EVIDENCE.
See TENANT’S FIXTURES.
Costs incurred by the owner of an interest in property, usually calculated on a yearly basis, eg management, repairs, rates, insurance and rent payable to the holder of a superior interest, as appropriate to his contractual or other liabilities. It is prudent to make annual provision for future items involving expenditure at intervals of more than one year. See EQUALISATION FUND.
Application for outline planning permission.
Formal consent in principle to a proposed development of a property, subject to subsequent approval of “reserved matters”. NB This applies only to development comprising building and/or engineering works, not to a material change of use.
A shopping centre located away from an urban area. The principal features for success include ready access to a good road system, a large catchment area of potential shoppers and substantial car parking facilities. Cf HYPERMARKET.
For value added tax, the tax charged on goods or services supplied by a taxable person. Cf INPUT TAX.
That part of the income receivable in excess of a base rent and calculated by a formula, such as one related to turnover and/or profit. (The term is derived from practice in the US, where this method of rent calculation was first used.) See OVERRIDE 2: PERCENTAGE LEASE; PERCENTAGE RENT.
A generic term for the internal rate of return, whether or not calculated as an equated or equivalent yield.
In the conveyance of land held on trust, to transfer a beneficiary’s rights from the land to the proceeds of sale, enabling the land to be sold free from the trust.
1. To invalidate some legal right.
2. (USA) A form of overage calculated by reference to the quantity of goods sold by a tenant, eg the number of gallons of gasoline sold from a petrol station.
