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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1. In land surveying, the point in the heavens vertically above the observer's head.
2. The greatest height, the opposite, or lowest, point being the nadir.
An intensive feeding system for cattle whereby the fodder is brought to the animals at one place, eg to a yard or byre; it may be employed, for instance, as protection from the climate, for animal security or because the farm's lands are dispersed or are devoted to growing crops.
For value added tax, a supply of goods or services where tax is charged at nil rate but which is otherwise treated as taxable supply, eg for the recovery of input tax. Cf EXEMPT SUPPLY; STANDARD-RATED SUPPLY.
A procedure for modifying the net premium reserve method of valuing a long-term insurance policy by increasing the part of the future premiums for which credit is taken so as to allow for initial expenses: See Regulation 3 of the Insurance Companies Regulations 1981 (SI 1981 No 1654).
A defined area of land or part of a building which is allocated for a particular purpose, eg development plans may allocate areas of land for different uses or valuers of property may distinguish between areas of floorspace of a building and ascribe different values to them. See CENTRAL ACTIVITIES ZONE; CLEAN-AIR ZONE; ENTERPRISE ZONE; PLANNING ZONE; SIMPLIFIED PLANNING ZONE; TWILIGHT ZONE.
See HALVING BACK; ZONING METHOD
In the zoning method, the unit of comparison for rental purposes attributed to the frontal zone of retail premises, eg £x per sq ft. See HALVING BACK; ZONING METHOD.
1. In planning terms, the dividing of an area by a local planning authority into zones for particular uses or activities. See PLANNING ZONE.
2. See ZONING METHOD.
A method of arriving at the rental value of retail space (usually on the ground floor) by dividing it into strips parallel with the main frontage. A different value per unit of space is attributed within each strip corresponding to its relative ability to achieve sales /profit, the most valuable space normally being towards the front. In standard shops the current (1988) practice in the central London shop market is to use a zone 30 ft deep as zone A, ie maximum value, and in outer London and the provinces a zone 20 ft deep. It is usual for zone A to have a value per sq ft (or m2) twice that of zone B.
See HALVING BACK; ZONE A VALUE.
