Archives: Glossary Terms
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Agent Fees
This is the remuneration which is payable to a commercial property agent for services performed, usually arising from a disposal or acquisition transaction. A commercial property agent appointed to identify suitable premises or dispose of an interest… Read MoreGlossary Term 19/01/17 Alex Reuben
Asset Valuation
In property terms, an asset valuation is the expression applied to the formal valuation of land, offices and buildings or plant and machinery. The term is generally used to describe an expert opinion of the open market or existing use value of office… Read MoreGlossary Term 19/01/17 Alex Reuben
Assignment
An assignment of a lease takes place when the tenant (assignor) transfers/sells to another person (assignee) their entire interest in the property for the unexpired residue of the lease. Section 52 (1) of the Law of Property Act 1925 requires that fo… Read MoreGlossary Term 19/01/17 Alex Reuben
Auction
An auction is a sale which takes place, usually in public, when an office or property is sold to the highest bidder, provided the amount of money offered reaches the reserve price. The sale process by auction is immediate, with exchange of contracts… Read MoreGlossary Term 19/01/17 Alex Reuben
Break Option
A ‘break option’, ‘break clause’ or ‘option to determine’ is a clause in a lease which gives either the landlord, tenant, or both, a right in specified circumstances to terminate the lease before it’s contractual expiry date. The break option will us… Read MoreGlossary Term 19/01/17 Alex Reuben
Building Insurance
This is an insurance policy which covers the landlord against damage, destruction and loss of rental for their building, against the usual perils. The tenant of a commercial lease is usually responsible for reimbursing the cost of the landlord’s prem… Read MoreGlossary Term 19/01/17 Alex Reuben
Building Survey
A building survey is an examination of a building by a surveyor (which may include specific tests by the surveyor or other experts) in order to produce a report on the structural integrity of a building and the state of repair. Such a report would us… Read MoreGlossary Term 19/01/17 Alex Reuben
Compulsory Purchase
This is an acquisition in accordance with statutory procedures and practice, of interests in land or rights, by a public or private body empowered to do so by an Act of Parliament, and authorised so to do by an appropriate Compulsory Purchase Order…. Read MoreGlossary Term 19/01/17 Alex Reuben
Contaminated Land
This concept is governed by a statutory framework, the most relevant being the introduction of new regulations into Part IIA of the Environmental Protection Act 1990 by the Environment Act 1995. These regulations impose a clean up liability where lan… Read MoreGlossary Term 19/01/17 Alex Reuben
Contents Insurance
This is essentially an insurance policy, which covers the tenant against damage, destruction and loss of their goods and chattels.Glossary Term 19/01/17 Alex Reuben