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.
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Descriptive of a sale at auction or by tender made on the basis that no minimum price has been determined by the vendor.
The capital required in the day-to-day running of a business, eg stock and/or cash.
For banking and financial purposes, any weekday other than a bank holiday.
A building or part of a building in which some industrial activity or craft is carried out.
A place within an office or other work establishment where an employee works at some specialist equipment, eg a computer terminal or a word processor, as opposed to a desk.
A colloquial term sometimes applied as an antonym to betterment and therefore meaning a decrease in the value of property, especially that arising as a result of some action by central or local government or some other body acting under statutory powers. Cf BETTERMENT 1(UK).
A second (junior) or subsequent mortgage with a face value of both the amount it secures and the balance due under the first or prior mortgage(s). In the event of default by the mortgagor, the wrap-around mortgagee has a legal responsibility for the balance of the first or prior mortgage(s) then outstanding.
An order issued by a court in the name of the sovereign directing the addressee to act or forbear from acting in some manner, eg a writ of summons (writ simpliciter) by which an action is begun in the High Court.
hen used in a statute, this includes typing, printing, lithography, photography and other modes of representing or reproducing words in visual form: see the Interpretation Act 1978, Schedule 1.
Reducing the book value of an asset; this may be done annually or on a special occasion, eg after an asset revaluation.
Under the Capital Allowances Act 1968, as amended, an annual deduction from the allowable capital cost (or previous year’s written-down value) of a qualifying asset. See CAPITAL ALLOWANCES.
At a given time, the result of making one or more annual or periodic deductions for depreciation against capital cost or worth.
