A trust where the trustees have a duty to sell the trust property and hold the proceeds of sale in trust for the beneficiaries, usually with a discretionary power to postpone the sale.

A deed vesting property in trustees to hold on trust for the benefit of beneficiaries.

A right, being a profit à prendre, to dig and remove peat or turf from another’s land for use as a fuel.

The practice, sometimes carried on by property dealers, of buying a property and as soon as possible thereafter reselling it at an enhanced price in order to provide both the amount of the original purchase price and a profit on the deal. The term is applied particularly where the purchaser resells the property between the exchange of contracts and completion. See BADGES OF TRADE.

An arrangement in which a vendor or lessor provides a building completely fitted out for immediate occupation (so that the occupier can simply turn the key and move in).

The aggregate of receipts from the sales and takings of a business, ie before the deduction of any financial liability of the business for the cost of purchases, payroll, working expenses, rent, rates, or other outgoings necessarily incurred to enable the business to carry on. In turnover rent calculations the procedure for calculating turnover may be defined to exclude, for example, value added tax, other imposts such as tobacco tax, the apparent shortfall of income due to sales to staff at reduced prices, and discounts to certain customers.

A lease, especially of retail property, in which the rent is an agreed percentage of the annual turnover. See PERCENTAGE LEASE.

See PERCENTAGE RENT

An area of town or city, generally situated between the centre and the suburbs, which is characterised by the deteerioration of existing buildings and infrastructure. Such zones are associated with relative deprivation in economic, social, cultural and recreational matters.