| A1 Use Class | Classification for retail shops including clothes, groceries, and general merchandise. |
| A2 Use Class | Classification for professional and financial services like banks, estate agents, and betting offices. |
| A3 Use Class | Classification for premises where food and drink are consumed on the premises, such as restaurants and cafes. |
| A4 Use Class | Classification for public houses, wine bars, or other drinking establishments. |
| A5 Use Class | Classification for premises used for the sale of hot food for consumption off the premises, such as takeaways. |
| Affordable Housing | Housing designed to be affordable for people on lower incomes, including shared ownership or social rent. |
| Affordable Rent | Rent levels set at up to 80% of local market rents, designed to be affordable for people on lower incomes. |
| Air Rights | The rights to use and develop the space above a property, often sold separately in densely populated urban areas. |
| Amenity Space | Open space within a development that is accessible to residents or the public, like parks or communal areas. |
| Amenity Value | The perceived value of a property based on its amenities, such as parks, schools, and transport links. |
| Anchor Tenant | The primary tenant in a commercial development, often a large chain store or supermarket that attracts additional tenants and customers. |
| Apportionment | The division and distribution of costs or income among various parties, often in the context of service charges in multi-occupancy buildings. |
| Appraisal | A professional assessment of a property's value for sale, mortgage, or insurance purposes. |
| Arbitration | A method of dispute resolution where an impartial third party makes a decision, used as an alternative to court. |
| Arrears | Payments that are overdue, such as unpaid rent or mortgage installments. |
| Asset Management Plan | A strategic plan for managing a property portfolio to maximize its value and performance. |
| Assignment | The transfer of a lease from the current tenant (assignor) to a new tenant (assignee), often requiring landlord approval. |
| Assured Shorthold Tenancy (AST) | A common type of residential tenancy agreement, typically lasting 6-12 months, providing protections for both landlord and tenant. |
| Auction Reserve Price | The minimum price that a seller is willing to accept for a property at auction, not disclosed to bidders. |
| B1 Use Class | Classification for business use, including offices, research and development, and light industry appropriate in a residential area. |
| B2 Use Class | Classification for general industrial use, involving manufacturing processes. |
| B8 Use Class | Classification for storage and distribution, including warehouses and distribution centers. |
| Back to Brick | A renovation approach where all non-structural elements are removed, exposing the original brickwork for a complete rebuild. |
| Back-to-Back Agreement | Sequential property transactions where one sale is dependent on another, often to facilitate complex deals. |
| Bank Valuation | A property valuation conducted by a bank to determine the amount of mortgage it is willing to offer. |
| Base Rent | The minimum rent set out in a lease agreement, typically subject to periodic review or increase. |
| Benchmarking | The process of comparing a property's performance, such as rental income or occupancy rates, against industry standards or similar properties. |
| Bid-Rent Theory | An economic theory explaining how land use and prices vary with distance from a central business district. |
| Biomass Boiler | A heating system that uses organic materials like wood pellets to generate heat, often used for sustainable developments. |
| Blight | A reduction in property value due to external factors like nearby construction projects, environmental issues, or economic decline. |
| Block Management | The management of multiple properties within a single building or development, covering maintenance, repairs, and administration. |
| Break Clause | A clause in a lease agreement allowing either party to terminate the lease early, under specified conditions. |
| BREEAM | A leading sustainability assessment method for buildings, setting standards for best practice in environmental performance. |
| Bridging Loan | A short-term loan used to bridge the gap between the purchase of a new property and the sale of an existing one. |
| Brownfield Site | Previously developed land that may be contaminated but is suitable for redevelopment. |
| Building Code | A set of regulations governing the design, construction, and maintenance of buildings to ensure safety and compliance with standards. |
| Building Regulations | Standards governing the design and construction of buildings to ensure safety, health, and sustainability. |
| Built-Up Area | The portion of land within a property development that is covered by buildings, as opposed to open spaces or amenities. |
| Buy-to-Let | A property investment strategy where individuals purchase properties to rent them out for income rather than living in them. |
| C1 Use Class | Classification for hotels and similar establishments providing overnight accommodation. |
| C2 Use Class | Classification for residential institutions, including hospitals, nursing homes, and residential care homes. |
| C3 Use Class | Classification for standard residential dwellings, including houses, flats, and apartments. |
| C4 Use Class | Classification for houses in multiple occupation (HMOs), where a property is rented by at least three people not forming a single household. |
| Capital Allowances | Tax relief on certain types of capital expenditure, such as machinery or property improvements. |
| Capital Expenditure (CapEx) | Funds used by a property owner or developer to acquire, upgrade, and maintain physical assets like buildings or infrastructure. |
| Capital Gains Tax (CGT) | Tax on the profit made from selling a property that is not your primary residence. |
| Capped Rent | Rent that is limited to a maximum amount by agreement or regulation, often used in affordable housing schemes. |
| Caveat Emptor | A legal principle meaning "let the buyer beware," emphasizing the buyer's responsibility to check the quality and suitability of a property. |
| Certificate of Completion | An official document issued by a local authority confirming that building works have been completed in accordance with regulations. |
| Change of Use | The process of altering the designated use of a property, such as converting offices into residential units, often requiring planning permission. |
| CIL (Community Infrastructure Levy) | A charge levied on new developments to fund local infrastructure projects like roads, schools, and parks. |
| Circumference Rights | The rights to develop the space around a property, often included in large-scale urban developments. |
| Commercial Mortgage | A loan specifically for purchasing, developing, or refinancing commercial property. |
| Commonhold | A form of property ownership where individuals own their units within a building while jointly owning and managing communal areas. |
| Completion Certificate | A certificate confirming that a building project has been completed and complies with building regulations and planning conditions. |
| Completion Date | The date on which the sale of a property is finalized, and ownership is transferred from the seller to the buyer. |
| Compulsory Purchase Order (CPO) | A legal order allowing the government or local authority to acquire property without the owner's consent for public benefit. |
| Conditional Planning Permission | Approval for a development subject to certain conditions being met, such as environmental safeguards or design changes. |
| Conservation Area | An area designated for its historical or architectural significance, where special planning controls are in place to protect its character. |
| Construction Management Plan (CMP) | A detailed plan outlining how construction work will be carried out, including timelines, safety measures, and impact mitigation. |
| Contaminated Land | Land that has been polluted with hazardous substances, often requiring remediation before development. |
| Contract for Deed | An agreement where the buyer takes possession of a property while making payments to the seller, gaining full ownership upon completion of payments. |
| Contract Race | A situation where multiple potential buyers compete to complete the purchase of a property first, often leading to a race to exchange contracts. |
| Conveyancing | The legal process of transferring property ownership from the seller to the buyer, involving solicitors and legal documentation. |
| Cooling-Off Period | A period of time during which a buyer can reconsider and potentially withdraw from a property purchase without penalty. |
| Corporate Real Estate | Property owned or leased by businesses for operational purposes, as opposed to investment or residential use. |
| Cost-Benefit Analysis | An assessment comparing the costs and benefits of a development project to determine its economic viability. |
| Covenant | A binding agreement or restriction in a property deed, often relating to the use of the property or certain obligations. |
| Covenanted Tenant | A tenant whose lease includes specific obligations or covenants, often providing greater security to the landlord. |
| Co-Working Space | Flexible workspaces shared by multiple individuals or companies, often offering communal facilities and short-term leases. |
| Cross-Default Clause | A clause in loan agreements where a default on one loan triggers a default on another, often used to protect lenders. |
| Crossrail | A major rail infrastructure project in London aimed at improving transport links across the city and beyond. |
| Current Yield | The annual income from a property (such as rent) expressed as a percentage of its current value or purchase price. |
| Curtain Wall | A non-structural outer covering of a building, typically made of glass or metal, that protects against weather and provides aesthetic appeal. |
| Curtilage | The land immediately surrounding a property, including gardens and outbuildings, often subject to specific planning controls. |
| Cut and Fill | A construction process involving the cutting of soil or rock from one area and filling it in another to create a level building site. |
| D1 Use Class | Classification for non-residential institutions such as schools, libraries, medical centers, and places of worship. |
| D2 Use Class | Classification for assembly and leisure uses, including cinemas, concert halls, sports halls, and gyms. |
| Decennial Insurance | A ten-year insurance policy covering structural defects in newly built properties, mandatory in some jurisdictions. |
| Deed of Trust | A legal document transferring property ownership to a trustee as security for a loan, used in some mortgage arrangements. |
| Deed of Variation | A legal document that alters the terms of an existing lease or contract, often used to update or correct agreements. |
| Defects Liability Period | A specified period after construction during which the contractor is obliged to repair any defects that arise. |
| Developer Contributions | Financial or in-kind contributions made by developers to local authorities to fund infrastructure and services, often as part of planning agreements. |
| Development Appraisal | An assessment of the financial feasibility of a proposed development, including cost estimates, revenue projections, and profitability analysis. |
| Development Brief | A document outlining the requirements and guidelines for a proposed development, used to inform and guide the planning process. |
| Development Density | The number of units or floor space per unit of land area, often regulated by local planning policies to control urban growth. |
| Dilapidations | Repairs required at the end of a lease to return the property to its original condition, often subject to negotiation between landlord and tenant. |
| Disposal | The act of selling or transferring property ownership, often involving legal and financial considerations. |
| Dual Agency | A situation where a single estate agent represents both the buyer and the seller in a property transaction, often leading to potential conflicts of interest. |
| Due Diligence | The comprehensive appraisal of a property, including legal, financial, and structural aspects, conducted before finalizing a purchase. |
| Easement | A legal right to use another person's land for a specific purpose, such as a right of way or access to utilities. |
| Easement in Gross | A type of easement that benefits a person or entity rather than a specific property, often used for utilities or access rights. |
| Economic Obsolescence | A decline in property value due to external economic factors, such as changes in market demand or economic downturns. |
| Enabling Development | Development permitted to generate funds for the preservation of a heritage asset that might otherwise be at risk. |
| Encroachment | The unauthorized extension of a structure or use onto another person's land, potentially leading to legal disputes. |
| End of Terrace | A house located at the end of a row of terraced houses, often with additional side windows and more light. |
| Energy Performance Certificate (EPC) | A certificate providing a rating of a property's energy efficiency and recommendations for improvement. |
| Enfranchisement | The process of buying the freehold of a leasehold property, giving the leaseholder full ownership rights. |
| Enhanced Use Lease | A lease allowing the lessee to use the property for a broader range of activities than originally specified, often requiring renegotiation of terms. |
| Enterprise Zone | Designated areas with financial incentives to attract businesses and stimulate economic growth, such as tax breaks and simplified planning processes. |
| Environmental Consultant | A professional specializing in assessing and mitigating the environmental impact of property developments. |
| Environmental Impact Assessment (EIA) | A study required for certain developments to assess their potential environmental effects and propose mitigation measures. |
| Equity Release | Financial products allowing homeowners to access the equity in their property without selling, typically through loans or annuities. |
| Equity Stake | An ownership interest in a property or development project, often represented by shares or units. |
| Estate Agent | A professional who facilitates the sale, letting, or management of property on behalf of clients, typically earning a commission. |
| Estate Service Charge | A fee paid by residents for the maintenance and management of shared facilities and communal areas within a development. |
| Estoppel | A legal principle preventing someone from making assertions or claims contrary to their previous statements or actions. |
| Falling Market | A market condition characterized by declining property prices, often leading to reduced buyer confidence and lower transaction volumes. |
| Feasibility Study | An analysis conducted to determine the viability and potential success of a proposed development or investment. |
| Feasibility Study | An analysis conducted to determine the viability and potential success of a proposed development or investment. |
| First Refusal Rights | A contractual right giving a party the opportunity to purchase a property before the owner offers it to others. |
| Fixed-Rate Mortgage | A mortgage with an interest rate that remains constant for a specified period, providing predictability in repayments. |
| Flexible Tenancy | A type of tenancy agreement offering shorter, more adaptable terms compared to traditional long-term leases. |
| Flood Risk Assessment (FRA) | A study evaluating the risk of flooding to a property or development site, often required as part of the planning process. |
| Fly Tipping | The illegal dumping of waste on land not licensed to receive it, often causing environmental and legal issues for property owners. |
| Forward Funding | A financing arrangement where a developer secures funding for a project in advance, often from an institutional investor, to reduce financial risk. |
| Freehold | Ownership of a property and the land it stands on indefinitely, as opposed to leasehold, where ownership is for a specified period. |
| Full Repairing and Insuring Lease (FRI) | A lease agreement where the tenant is responsible for all repairs and insurance costs for the property, typically used in commercial leases. |
| Full Vacant Possession | The requirement for a property to be empty and free of occupants and belongings at the time of sale or lease completion. |
| Funding Agreement | A contract outlining the terms and conditions of funding provided for a development project, including repayment schedules and interest rates. |
| Gearing | The ratio of debt to equity in a property investment, indicating the level of financial leverage used. |
| Geotechnical Report | An investigation of soil, rock, and groundwater conditions at a site to inform foundation design and assess potential construction issues. |
| Geotechnical Survey | An investigation of soil, rock, and groundwater conditions at a site to inform foundation design and assess potential construction issues. |
| Green Belt | Areas of open land around cities and towns where development is restricted to preserve the natural environment and prevent urban sprawl. |
| Green Lease | A lease agreement incorporating sustainability and environmental performance clauses, often requiring energy efficiency measures and waste reduction. |
| Greenfield Site | Undeveloped land, typically in a rural area, that has not been previously built on and is often targeted for new development. |
| Gross Development Value (GDV) | The estimated total market value of a development project upon completion, used to assess its financial viability. |
| Gross Internal Area (GIA) | The total floor area of a building measured to the internal face of the external walls, including all usable space. |
| Ground Rent | A regular payment made by the leaseholder to the freeholder for the use of the land on which the property is built. |
| Hard Costs | Direct construction costs, such as materials, labor, and equipment, as opposed to soft costs like design and legal fees. |
| Heads of Terms | A preliminary document outlining the main terms and conditions of a property deal, serving as a basis for the final contract. |
| Heads of Terms | A preliminary document outlining the main terms and conditions of a property deal, serving as a basis for the final contract. |
| Heritage Asset | A building, monument, site, place, or landscape of historical or cultural significance, often subject to special protection and conservation. |
| Holding Deposit | A sum of money paid to demonstrate a buyer's or tenant's commitment to a property, often reserving it while formalities are completed. |
| Homebuyer Report | A mid-level property survey providing an overview of the property's condition, often highlighting potential issues but less detailed than a full structural survey. |
| House in Multiple Occupation (HMO) | A property rented by multiple tenants who share facilities like kitchens and bathrooms, often subject to specific regulations and licensing. |
| House Price Index (HPI) | A statistical measure tracking changes in the prices of residential properties over time, often used to analyze market trends. |
| Housing Association | A non-profit organization providing affordable housing, often supported by government funding and regulated to ensure quality and affordability. |
| Hybrid Planning Application | A planning application combining aspects of both outline and detailed planning permissions, allowing for flexibility in the development process. |
| Incidental Costs | Additional expenses incurred during a property transaction or development project, such as legal fees, taxes, and insurance. |
| Independent Surveyor | A surveyor not affiliated with any party in a property transaction, providing unbiased assessments and valuations. |
| Infrastructure Levy | A charge imposed on new developments to fund essential infrastructure like roads, schools, and utilities. |
| Insolvency Practitioner | A licensed professional who administers insolvency proceedings, including bankruptcy, liquidation, and restructuring. |
| Interest-Only Mortgage | A mortgage where only the interest is paid during the term, with the principal repaid at the end, often used for investment properties. |
| Interim Certificate | A temporary certificate issued during construction, often related to progress payments or partial occupancy. |
| Joint and Several Liability | A legal concept where multiple parties are individually and collectively responsible for fulfilling an obligation, often used in partnership agreements. |
| Joint Venture (JV) | A business arrangement where two or more parties collaborate on a property development project, sharing risks, rewards, and resources. |
| Key Worker Housing | Affordable housing schemes aimed at essential public sector workers like nurses, teachers, and police officers. |
| Land Registry | The official body responsible for recording property ownership and interests in land, providing legal proof of title. |
| Landlord and Tenant Act 1954 | Key legislation governing commercial leases, including provisions for lease renewal and security of tenure for tenants. |
| Lease Surrender | The voluntary termination of a lease agreement before its expiration, often involving negotiations and financial settlements. |
| Leasehold | A type of property ownership where the owner has the right to occupy the property for a specified period, after which it reverts to the freeholder. |
| Lender’s Valuation | A property valuation conducted by or on behalf of a mortgage lender to assess the property's market value and suitability as loan security. |
| Light Industrial | A classification of commercial property used for manufacturing, assembly, and storage that does not produce significant pollution or noise. |
| Listed Building | A building of special architectural or historical interest included on a national register, subject to strict regulations on alterations and demolition. |
| Listed Building Consent | Official permission required for any alterations or demolitions to a listed building, ensuring preservation of its historical and architectural significance. |
| Loan-to-Value Ratio (LTV) | The ratio of a loan amount to the appraised value of the property, used by lenders to assess risk and determine mortgage terms. |
| Local Authority Search | An investigation conducted as part of the conveyancing process to uncover any local issues affecting a property, such as planning permissions or restrictions. |
| Local Plan | A document prepared by a local council outlining policies and proposals for land use and development within its area. |
| Lock-Up Shop | A small retail unit typically without residential accommodation, often found in shopping parades or high streets. |
| Mansion Tax | A proposed tax on high-value residential properties, typically those valued above a certain threshold, aimed at addressing wealth inequality. |
| Market Rent | The estimated rental value of a property based on current market conditions, often used as a benchmark for setting or reviewing rents. |
| Masterplan | A comprehensive plan outlining the development of a large area or site, including land use, infrastructure, and design guidelines. |
| Mezzanine Financing | A hybrid form of financing that combines debt and equity, often used in property development to bridge funding gaps with flexible repayment terms. |
| Mixed-Use Development | A development project combining different uses, such as residential, commercial, and recreational spaces, to create a vibrant, multifunctional area. |
| Mixed-Use Development | A development that combines residential, commercial, and/or industrial uses within a single project or area. |
| Mortgage Agreement in Principle (AIP) | A preliminary approval from a lender indicating how much they might be willing to lend based on an initial assessment. |
| Mortgage in Possession | A situation where a lender takes possession of a property after the borrower defaults on their mortgage payments. |
| Mortgage Offer | A formal document from a lender confirming the terms and conditions of a mortgage loan available to a borrower. |
| Negative Equity | A situation where the outstanding mortgage balance exceeds the current market value of the property, often resulting from falling property prices. |
| Net Internal Area (NIA) | The usable area within a building measured to the internal face of the perimeter walls, excluding common areas and non-usable spaces. |
| NIMBY | An acronym for "Not In My Back Yard," describing opposition by residents to new developments near their homes, often due to perceived negative impacts. |
| Notice to Complete | A formal notice served by one party in a property transaction to the other, requiring completion of the transaction within a specified period. |
| Notice to Quit | A formal notice given by a landlord or tenant to terminate a tenancy agreement, specifying the end date and required actions. |
| Occupancy Certificate | A certificate issued by a local authority confirming that a building is suitable for occupation, often required before it can be legally occupied. |
| Offer in Compromise | A proposal to settle a debt for less than the full amount owed, often used in negotiations with creditors or tax authorities. |
| Off-Plan Purchase | Buying a property before it has been built, often based on architectural plans and renderings, typically at a lower price with potential risks. |
| Open Market Value (OMV) | The price a property would likely achieve if sold on the open market, considering current market conditions and demand. |
| Option Agreement | A contract giving a party the right, but not the obligation, to purchase property at a future date, often used in land acquisition. |
| Option Agreement | A contract giving a party the right, but not the obligation, to purchase a property within a specified time frame and on agreed terms. |
| Overage Agreement | An agreement requiring a buyer to pay additional sums to the seller if certain conditions are met, such as achieving a higher-than-expected sale price. |
| Overage Clause | A provision in a property sale contract requiring additional payments if the property's value increases significantly, often linked to planning gains. |
| Part Exchange | A transaction where a buyer trades in their existing property as part payment for a new one, often used by developers to facilitate sales. |
| Party Wall | A shared wall between two adjoining properties, subject to specific regulations regarding alterations and maintenance. |
| Party Wall Agreement | A legal agreement between neighbors on the construction or alteration of a shared wall, ensuring that both parties' interests are protected. |
| Permitted Development Rights | Rights allowing certain minor changes to properties without the need for planning permission, such as small extensions or changes of use. |
| Perpetuity | An indefinite period, often used in the context of property rights or restrictions that last forever. |
| Planning Appeal | A process allowing developers to challenge a local authority's decision to refuse planning permission, potentially leading to a review by an independent inspector. |
| Planning Gain | Benefits offered by developers to the community, such as affordable housing or infrastructure improvements, often as part of securing planning permission. |
| Planning Gain | The increase in property value resulting from the granting of planning permission for development, often shared with the community through planning obligations. |
| Planning Permission | Official approval from a local authority allowing a proposed development to proceed, subject to compliance with regulations and conditions. |
| Plot Ratio | A measure of the density of development on a site, calculated as the ratio of the building's floor area to the area of the land. |
| Possession Order | A court order granting a landlord the right to regain possession of a property from a tenant, typically used in eviction cases. |
| Pre-emption Right | A right granting a party the first opportunity to purchase a property before it is offered to others, often found in partnership or shareholder agreements. |
| Pre-Emption Right | A right giving existing shareholders or tenants the first opportunity to purchase additional shares or property before it is offered to others. |
| Pre-let Agreement | An agreement to lease a property before it is completed, often used to secure tenants for new developments and facilitate financing. |
| Pre-Let Agreement | An agreement where a tenant commits to leasing a property before it has been constructed or refurbished, providing security to the developer. |
| Prime Yield | The expected return on investment from top-quality, well-located property, often used as a benchmark for market performance. |
| Principal Residence | A property that serves as an individual's main home, often qualifying for certain tax exemptions or reliefs. |
| Private Treaty | The standard method of selling property through negotiation between buyer and seller, as opposed to auction or sealed bids. |
| Prohibited Area | An area where certain types of development or activities are restricted or prohibited by planning regulations. |
| Property Management | The administration and operation of real estate on behalf of the owner, including tasks like rent collection, maintenance, and tenant relations. |
| Provisional Sum | An estimated cost included in a construction contract for work that cannot be precisely priced at the time of contract signing. |
| Provisional Sum | An estimated amount included in a construction contract for work that cannot be precisely defined at the time of contract signing. |
| Prudent Investor Rule | A guideline for managing investments with a focus on balancing risk and return, often used in the context of managing property portfolios. |
| Public Inquiry | A formal investigation conducted by a public body into matters of public concern, often related to major planning or infrastructure projects. |
| Purchase Order | A document issued by a buyer to a seller indicating the types, quantities, and agreed prices for products or services. |
| Purchaser’s Price | The price a buyer is willing to pay for a property, often determined through negotiation or bidding. |
| Quasi-Estate | A legal concept referring to rights that are similar to ownership but do not include full legal title, such as certain leasehold interests. |
| Quiet Enjoyment | A tenant's right to use and enjoy a rented property without interference from the landlord or other parties, typically included in lease agreements. |
| Rateable Value | The value assigned to a property for business rates purposes, based on its rental value on a specific date. |
| Real Estate Investment Trust (REIT) | A company that owns, operates, or finances income-producing real estate, offering investors the opportunity to invest in large-scale property assets. |
| Red Book Valuation | A property valuation conducted in accordance with the Royal Institution of Chartered Surveyors (RICS) standards, ensuring consistency and accuracy. |
| Redevelopment Grant | Financial assistance provided by the government or local authorities to support the redevelopment of underutilized or derelict sites. |
| Registered Social Landlord (RSL) | A non-profit organization that provides affordable housing, regulated by government agencies. |
| Rent Review | A process outlined in a lease agreement where the rent is periodically adjusted, typically to reflect current market conditions. |
| Rental Yield | The return on investment from rental income, calculated as a percentage of the property's purchase price. |
| Rent-Free Period | An incentive offered by landlords where tenants do not have to pay rent for a certain period at the start of a lease. |
| Residential Development | The construction and sale of housing units, including single-family homes, apartments, and condominiums. |
| Restrictive Covenant | A binding legal obligation written into the deed of a property, restricting the use or activities that can take place on the land. |
| Retention Bond | A financial guarantee provided by a contractor to cover any defects or incomplete work identified after the completion of a construction project. |
| Return on Investment (ROI) | A measure of the profitability of an investment, calculated as the ratio of net profit to the initial investment cost. |
| Right of First Refusal | A contractual right giving a party the opportunity to purchase a property before the owner offers it to others. |
| Right to Buy | A government scheme allowing tenants of council housing to purchase their homes at a discount. |
| Section 106 Agreement | A legal agreement between a developer and a local authority as part of the planning permission process, often requiring the developer to contribute to community infrastructure. |
| Section 278 Agreement | An agreement under the Highways Act 1980 between a developer and a local authority for improvements to existing public highways as part of a development project. |
| Section 38 Agreement | An agreement under the Highways Act 1980 between a developer and a local authority for the adoption of new roads within a development. |
| Service Charge | A fee paid by tenants for the upkeep and maintenance of communal areas and services in a property. |
| Shared Ownership | A scheme allowing buyers to purchase a share of a property and pay rent on the remaining portion, often used to make homeownership more affordable. |
| Site Assembly | The process of acquiring and preparing land for development, often involving the purchase of multiple adjoining parcels. |
| Site of Special Scientific Interest (SSSI) | A protected area designated for its unique flora, fauna, or geological features. |
| Snagging List | A list of defects or unfinished work in a new property that need to be addressed before the completion of the sale. |
| Social Housing | Affordable housing provided by the government or non-profit organizations for people on low incomes. |
| Sole Agency | An agreement where a single estate agent is given the exclusive right to sell a property. |
| Stamp Duty Land Tax (SDLT) | A tax paid on the purchase of property or land in the UK, with rates varying based on the purchase price and type of property. |
| Statutory Notice | A legal notice required by law to inform individuals or the public about certain actions or decisions, often related to property or planning matters. |
| Strategic Land | Land identified for long-term development potential, often requiring significant planning and investment. |
| Structural Survey | A comprehensive inspection of a property's structural condition, often conducted before purchase to identify any major issues. |
| Subletting | The act of a tenant renting out part or all of their rented property to another person, subject to the terms of the original lease. |
| Supplementary Planning Document (SPD) | Additional guidance provided by local authorities to supplement the policies in their Local Plan. |
| Sustainable Development | Development that meets current needs without compromising the ability of future generations to meet their own needs, often involving environmentally friendly practices. |
| Tax Increment Financing (TIF) | A public financing method used to fund infrastructure and development projects by capturing future increases in property tax revenue. |
| Tenant Improvement Allowance | Funds provided by a landlord to a tenant for making improvements or customizations to the leased space. |
| Tenure | The terms and conditions under which land or property is held, including freehold, leasehold, and commonhold. |
| Title Deeds | Legal documents proving ownership of a property, including details of any mortgages, covenants, or easements. |
| Town and Country Planning Act 1990 | Key legislation governing land use and development control in the UK. |
| Underlease | A lease granted by a tenant to a subtenant, often with terms mirroring the original lease. |
| Underpinning | The process of strengthening and stabilizing the foundations of a building, often required for older properties or those on unstable ground. |
| Urban Regeneration | The redevelopment and revitalization of urban areas, often involving the improvement of infrastructure, housing, and amenities. |
| Vacant Possession | The requirement for a property to be empty and free of occupants and belongings at the time of sale or lease completion. |
| Valuation Office Agency (VOA) | The government body responsible for valuing properties for business rates and council tax purposes in the UK. |
| Vendor | The seller of a property or piece of land. |
| Wayleave | A legal agreement granting permission for utility companies to install and maintain services such as electricity, water, or telecommunications on private land. |
| Without Prejudice | A legal term indicating that statements or negotiations cannot be used as evidence in court if they are part of settlement discussions. |
| Yield Compression | The reduction in property yields due to increasing property values or decreasing rental income, often indicating a highly competitive market. |
| Zone A | The area within a retail property that commands the highest rental value, typically the front part of the ground floor with the most foot traffic. |
| Zoning | The division of land into areas with specific regulations regarding the types of buildings and activities allowed, used to control urban development. |
