Archives: Glossary Terms Page 2
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Fit Out Costs
These are costs which are usually incurred by a lessee prior to being able to occupy any new or alternative accommodation. Fit out items will include a range of goods from the erection of partitioning, installation of electrical or telecommunications… Read MoreGlossary Term 19/01/17 Alex Reuben
Fixtures and Fittings
A fixture is usually an item that has been annexed to a property to such an extent that it becomes part of it, i.e. the article cannot be removed without significant damage to the land or building. A fitting is more commonly regarded as an item that… Read MoreGlossary Term 19/01/17 Alex Reuben
Freehold
The term freehold is used as shorthand for the tenure of an estate in land which exists in “fee simple absolute in possession” and identifies the ultimate owner of a property. Such ownership usually includes not only the surface land or building, but… Read MoreGlossary Term 19/01/17 Alex Reuben
Ground Lease
This is usually a long lease, granted at a ground rent but subject to an initial premium payment. A ground lease can vary in length from 30 years up to 999 years. The principle of a ground lease is that the rent paid relates to the value of the land… Read MoreGlossary Term 19/01/17 Alex Reuben
Incentive
An incentive is a payment or concession that often arises when a lease is first granted or subsequently assigned during the course of its term. A common example might be where a landlord pays a new tenant a sum of money to take on a new leasehold con… Read MoreGlossary Term 19/01/17 Alex Reuben
Incentive Fee
An ‘incentive fee’ or ‘contingency fee’ is a charge related to the degree of success achieved in the task for which it is payable. A client may agree an incentive based fee for property instructions with their appointed commercial property agent or s… Read MoreGlossary Term 19/01/17 Alex Reuben
Landlord and Tenant Acts
These are a statutory framework for the occupation of a building or land where a landlord and tenant relationship exists. Business tenancies were first given protection and an entitlement to compensation by the Landlord and Tenant Act 1927. This act… Read MoreGlossary Term 19/01/17 Alex Reuben
Lease Expiry Renewal
The Landlord & Tenant Act 1954 limits the way in which a business tenancy may come to an end. Thus a tenancy or lease that falls within the provisions of the Act, will not come to an end unless it is terminated in accordance with the provisions set o… Read MoreGlossary Term 19/01/17 Alex Reuben
Leasehold
The Law of Property Act 1925 simplified the conveyancing process by creating two “estates” or interests in Land. One is leasehold. One is freehold. The freehold estate or “fee simple absolute in possession” and the Leasehold estate, or “term of years… Read MoreGlossary Term 19/01/17 Alex Reuben
Legal Costs
These are the legal costs incurred by both a purchaser and vendor of a property, or in connection with the sale or grant of a new lease by a landlord and a tenant. Such costs can include conveyancing fees, litigation advice, counsel’s opinion, stamp… Read MoreGlossary Term 19/01/17 Alex Reuben