The Glossary of Property Terms.

341 Pages·2016·17.563 MB·English

by  Parsons, Geoffrey

THE
GLOSSARY OF
PROPERTY TERMS
Compiled by
Jones Lang LaSalle
in association with
Estates Gazette
Edited by
GEOFF PARSONS
OR Routledge
U
DELT Taylor & Francis Group
G
E
LONDON AND NEW YORK
First published 1989 by Estates Gazette
Second Impression 1990
Third Impression 1990
Fourth Impression 1993
Fifth Impression 1996
Second edition 2004
Published 2015 by Routledge
2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN
711 Third Avenue, New York, NY 10017, USA
Routledge is an imprint of Taylor & Francis Group, an lnforma business
©Jones Lang LaSalle and Taylor & Francis, 2004
All rights reserved. No part of this book may be reprinted or
reproduced or utilised in any form or by any electronic, mechanical, or
other means, now known or hereafter invented, including photocopying
and recording, or in any information storage or retrieval system, without
permission in writing from the publishers.
Notices
Knowledge and best practice in this field are constantly changing.
As new research and experience broaden our understanding,
changes in research methods, professional practices, or medical
treatment may become necessary.
To the fullest extent of the law, neither the Publisher nor
the authors, contributors, or editors, assume any liability for any
injury and/or damage to persons or property as a matter of products
liability, negligence or otherwise, or from any use or operation of any
methods, products, instructions, or ideas contained in the material herein.
ISBN 13: 978-0-7282-0421-8 (pbk)
Typesetting by Amy Boyle, Rochester, Kent
CONTENTS
Foreword ................................................ v
Preface ................................................ vii
Introduction to the First Edition .............................. viii
Introduction to the Second Edition ............................ ix
Editor's Note ............................................ xi
Panels ............................................... xi
Acknowledgements ..................................... xii
Notes on Compilation and Usage ............................ xiii
Terms ............................................... xiii
Changes in Society ..................................... xiii
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xiv
Categories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xiv
Abbreviations ......................................... xiv
Glossary of Property Terms and Abbreviations ................... 1
Appendix - Terms grouped by subject-matter .................. 279
Accounts Housing
Agriculture and fisheries Income and Corporation Taxes
Archaeology Industry, offices and other
Biometrics commercial premises
Building and construction Information technology
Capital allowances Inheritance Tax
Capital Gains Tax Insurance
Case references Investment
Companies and partnerships Land registration
Compulsory purchase Landlord and tenant
Contamination and pollution Latin terms
Conveyancing and transfer of land Law - General
Council Tax Law - Property
Courts, tribunals and arbitrations Leasehold reform
Development Leisure and recreation
Ecclesiastical Licenced premises
Energy Measurement, plans and land surveying
Environment Mining and minerals
Estate agency and auctions Mortgages
European Union Named organisations
Finance Parliament
Forestry Professions, trades etc
Grants, allowances, and Property management
other incentives Rating
Health and safety Rent
Heritage Repairs and dilapidations
Highways Scottish legal and allied terms
CONTENTS
Security Valuation and appraisal
Shopping Value Added Tax
Stock exchange terms Waste management
Taxation- General Water
Time Wills and administration of estates
Town and country planning Yields, rates and returns
Trusts
FOREWORD
Compiling and updating a glossary of this scale and depth is a
mammoth undertaking and I am full of admiration for the team that
has accomplished it.
As in any sector, the property world has evolved its own
language, sometimes descriptive, often arcane and abounding in
abbreviations. I doubt that anyone (except perhaps the editorial
team members) knows the precise meaning of all 4,000 entries
(terms and abbreviations) by heart. Happily, a discreet glance at
the relevant page of this invaluable book will enable those of us
who feel we ought to know, to paper over any embarrassing gaps
in our knowledge.
For those not primarily involved in property professionally, the
Glossary will be particularly appreciated for its full, plain English
definitions that assume no prior knowledge of the subject.
Much has changed in the 14 years since the Glossary first
appeared; this new edition will be widely appreciated.
Nicholas Brooke
RIGS President, November 2003
v
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PREFACE
On any visit to the office of a client or colleague, one cannot help
but notice the row of books usually to be found propped on a shelf,
desk or window-sill. It is extraordinary how often the first edition of
The Glossary of Property Terms is to be found nestling between the
spines of larger glossier volumes. Since it was first produced in
1989, it has become something of an industry standard in itself-
the 'benchmark' the then RIGS president David Yorke envisaged in
his foreword to that original edition.
Jones Lang LaSalle is proud to continue to support this core
reference tool, particularly as the first edition was put together by
the combined efforts of the panel, including Sir Jack Hughes and
Michael Michaels, both now retired partners from the firm. The
book is as useful to the property veteran as to the newcomer or
casual browser. I for one, freely admit to occasionally looking
through its pages at random - it is packed with interesting snippets
and enlightening summaries. For this edition, just as the real estate
sector itself has become increasingly global in its outlook, the
editors have introduced a helpful array of cross border terms and
definitions.
This updated volume picks up exactly where its predecessor left
off, bringing clarity and consistency to the occasionally obscure
lexicon we have developed for ourselves across the property
sector. It makes life easier for all of us and is, in itself, a simple idea
done very well. My congratulations to the editorial panel and all
contributors. I expect I will not have to look too far around the
offices I visit to find copies of this new edition of a thoroughly
useful little book!
Robin Broadhurst CBE
European Chairman - Jones Lang LaSalle
vii
INTRODUCTION TO THE FIRST EDITION
This book has been prepared by Jones Lang Wootton, chartered
surveyors, in conjunction with "Estates Gazette" and the South
Bank Polytechnic to provide a reference work for those practising
in public or private offices as surveyors, developers, lawyers,
public authority officers and others who find it necessary to refresh
their memories or confirm their understanding of specific words
and phrases concerning property matters.
The work is a thoroughly revised and much enlarged version of
the JLW Glossary of Property Terms which was published in 38
instalments in "Estates Gazette" betweeen 1983 and 1987.
It is hoped that it will be particularly helpful to those who are not
property professionals but whose work and interests necessitate
some understanding of property terms.
During the time it has taken to compile this work it has become
clear that many words are loosely, even wrongly, used in everyday
dealings. Clearly this is undesirable and can only lead to mis-
understandings. Great care has therefore been taken to ensure
that, as far as possible, accurate, authoritative definitions are
given. In instances where it might be a matter of opinion as to
whether one meaning or another is the correct one, both the
derivation and the most generally accepted terminology have been
considered in selecting a particular meaning.
Certain Scottish and American expressions have been included
where it was thought they would be helpful, especially where the
same word may have different meanings because of the difference
in legal systems or because of variations in common usage.
However, the list of such expressions is not exhaustive, since the
prospective American range of words alone would fill a large
separate volume.
Although every possible care and attention has been exercised
to ensure that all the definitions provided in this Glossary are
accurate, no responsibility can be accepted for inadvertent errors
or omissions (neither should this book be used or relied upon as
evidence in legal proceedings).
viii
INTRODUCTION TO THE SECOND EDITION
This second edition of the Glossary has been compiled by Jones
Lang LaSalle together with the Estates Gazette. The first edition
provided its users with a source of confirmation of understood
meanings of words and phrases and a challenge where
understood meanings are not confirmed. This new edition updates
and extends the earlier version with many newly defined terms and
abbreviations.
Although the Glossary is intended for those live and work in the
property world, it is known to be of interest others who are not so
closely associated with "land". It is hoped that the many
references to legislation within the definitions and cross-references
to other terms will continue to give readers many useful, and
sometimes fascinating insights into the subject-matter. For the
non-specialist reader, particularly the general researcher and the
student who are intent on extending and deepening their range of
property terms, the 3,200 or so definitions and about 750
abbreviations offer, both clarity and authority.
Both Scottish and American terms were included in the first
edition; in this volume a measure of Irish terms have been
included. Of course, the reader who wishes to cover the three
countries adequately would need to refer to a pertinent reference
book for an exhaustive treatment.
Much care and attention has been taken to compile each
definition in the Glossary accurately and authoritatively;
nevertheless no responsibility can be taken for inadvertent errors
or omissions (neither should the book be used or relied upon as
evidence in legal proceedings).
ix