An arrangement whereby a freeholder or a lessee sells his interest in a property for an agreed sum and takes back a lease on the whole or part of the property from the purchaser, generally either at a rack rent or at some lesser rent related to the price paid.

The sum realised on the disposal of a property, whether offered in a recognised market or not, and probably after negotiation. Cf ASKING PRICE; SELLING PRICE. See MARKET PRICE.

A schedule of charges authorised as appropriate by the relevant profession or other body for specific professional work. Legally, they may no longer be taken as minimum fees, except in certain limited cases. See RYDE'S SCALE.

The additional realisable value of a property in a market where there are more prospective purchasers/tenants than suitable and similar properties, so that its value exceeds what would be achievable if supply and demand were in balance. It is an element which has to be disregarded in assessing rents in two statutory contexts, namely rental determinations, including arbitrations under Schedule 2 to the Agricultural Holdings Act 1986 and the fair rent determinations under the Rent Act 1977.

See SCHEDULES.

A monument which is included in a schedule of monuments compiled and maintained by the appropriate Secretary of State under the Ancient Monuments and Archaeological Areas Act 1979 (section 1(1) and (2)). Cf ANCIENT MONUMENT. See HISTORIC BUILDINGS AND MONUMENTS COMMISSION FOR ENGLAND.

A statement describing the physical state of building; used for instance, where possession is taken and demolition is to be carried out in advance of the assessment of compensation under compulsory purchase.

A list of the requirements of repair and maintenance which a tenant (or landlord) is obliged to make good under the terms of a lease or tenancy of a property. This can be in the form of either an interim schedule prepared and submitted during the lease or tenancy or a terminal (final) schedule on expiry of the lease or tenancy. In the latter case, the tenant's obligation is usually discharged by a cash payment based upon an agreed estimate of the cost of the relevant repairs or, if lower, the loss in value (if any) of the landlord's interest resulting from the disrepair.

Under the Tax Acts, the provisions for basic computations for income taxation of source(s) of income; they are Schedules A to F. The principal property Schedules are A, B and D, Cases I and VI;

Schedule A
The provisions for the assessment of income from leases in the UK and premiums paid to landlords under short leases.

Schedule B
The provisions for the assessment of income from woodlands managed on a commercial basis with a view to the realisation of profit.

Schedule D Case I
The provisions for the assessment of income from a trade, eg that of a housebuilder or a property dealer.

Schedule D Case VI
The provisions for the assessment of income from a number of sources, including furnished lettings, anti-avoidance under section 776 of the Taxes Act and certain holiday lettings.

In compulsory purchase, the physical and actual state of affairs at the valuation date and all incidents then affecting the reference land and other land, both in respect of physical characteristics and planning circumstances, including the existence of the scheme for which the land is acquired. Cf NO-SCHEME WORLD.

A development of an industrial nature suited to accommodate high technology, with supporting amenities, which is associated on site with or is close to a higher educational research establishment to provide cross-fertilisation of ideas between entrepreneurs and researchers for the purpose of enabling academic knowledge to be applied to effective commercial use. Cf BUSINESS PARK. See HI-TECH BUILDING.

For the purposes of capital and income taxation allowances, any activities in the fields of natural or applied science for the extension of knowledge.

A government-sponsored organisation set up in 1976 under the Scottish Development Agency Act 1975. Its objectives are to help build a strong economy and a better quality of life in Scotland. A property development division established in 1984 works in partnership with the private sector to bring to the market industrial, commercial and residential property projects.

Named after a former official referee, a schedule, formerly known as an Official Referee's Schedule, which is required as pleadings from a tenant in an action for damages for breach of covenant to repair heard by the court, in particular in proceedings under section 18 of the Landlord and Tenant Act 1927. The schedule, which is usually prepared by a surveyor, sets out the tenant's answer to each item listed in the landlord's priced schedule of dilapidations, stating whether liability is admitted or denied and his view of the price claimed. The object is to have a single document detailing the issues between the parties, so as to reduce time at the trial and legal costs.

The selling of a variety, but limited range, of goods from one point.

For capital gains tax purposes, briefly, the predictable value, if any, which a wasting asset will have at the end of its predictable life, as known or ascertainable at the time when the asset was acquired or provided by the person making the disposal.

See BONUS ISSUE; CAPITALISATION OF RESERVES.

Originally a waxed seal on which, whilst warm and soft, a design peculiar to each of the signatories was impressed. Its purpose was to prove the authenticity of the document. Deeds still have to be 'signed sealed and delivered'. Nowadays authentication is usually by a red paper wafer affixed by the solicitor and the signature on a deed is sufficient acknowledgement of the seal (the old formal procedure was for a signatory to place a finger on the seal and say: "I deliver this my act and deed"). The "seal" may even be the word "seal" written on the document, usually in a circle.

An offer, usually in the form of a tender, submitted in a sealed package on the understanding that it will be opened simultaneously with other competitive offers at a stated time and place. In some circumstances tenderers are permitted to be present when the bids are opened.

In proceedings before the Lands Tribunal, eg in connection with compulsory purchase or rating appeals, an unconditional offer which having previously been made by one party but rejected by the other party is then put in a sealed cover, sent to the Registrar of the Tribunal and opened after the Tribunal has made its decision. The amount of the sealed offer relative to the award has an important bearing on any decision by the Tribunal on costs.