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UK Finance

In July 2017, UK Finance became the accredited trade association for the UK lending and banking industry. The Council of Mortgage Lenders, which had represented those lending to homeowners and buyers, has been integrated into UK Finance. The UK Finance Mortgage Lenders Handbook provides comprehensive instructions for conveyancers and property solicitors acting on behalf of […]

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HEADS OF TERMS

A document or memorandum setting out the main terms of a commercial transaction as agreed between the parties. Heads of terms are evidence of intent but will not compel the parties to conclude a transaction on these terms or at all.

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MARKET RENT

The rent that represents the full open market annual rental value (could also be referred to as a rack rent)

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RENT DEPOSIT DEED

Tenants are often required to deposit a sum of money with the landlord as security for performance of the tenant’s obligations under a lease. A rent deposit deed sets out the terms on which the deposit is held by the landlord and the circumstances in which the landlord can make deductions from the deposit.

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RENT FREE PERIOD

A period usually at the beginning of a tenant during which no rent is payable by the tenant. Usually given as an inducement to a tenant to enter into a lease or to allow the tenant a period of time to undertake fit-out works to allow it to start trading from the property

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RENT REVIEW

A periodic review of the rent payable under a lease to ensure that it reflects the current rent payable in the market at that time. In commercial leases it is common to have a rent review every 3 or 5 years. The rent may be reviewed to reflect current market conditions or may be increased […]

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HEADLEASE

A lease held directly from the freeholder and subject to one or more underleases

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AGREEMENT FOR LEASE

An agreement to enter into a lease at a future date. The grant of the lease may be condition upon certain events taking place for example, the grant of planning permission or completion of works to the property by the landlord

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ALIENATION

The disposal of an interest in leasehold property which may be by way of assignment, underletting or charging

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ALIENATION COVENANT

A covenant or term in a lease determining whether the tenant can assign, underlet or part with possession of the property. Alienation may be permitted, absolutely prohibited or may be permitted subject to conditions.

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AUTHORISED GUARANTEE AGREEMENT

A form of guarantee which may be given by an outgoing tenant of its assignee’s obligations under a lease. Usually given as a condition of the landlord’s consent and will only last fro so long as the assignee remains the tenant

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BREAK CLAUSE

A clause giving a party to an agreement the option to determine the agreement before its expiry

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FRI LEASE

A full repairing and insuring lease where all costs of repairs and insurance are borne by the tenant (notwithstanding the fact that the landlord may insure and physically carry out the repairs but will claim the cost of doing so back from the tenant)

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Drainage Survey

A Drainage Survey is a full investigation of the drains serving a property.  Fridaysmove’s panel of surveyors use the very latest keyhole camera technology as part of the process.

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Estate Agent

Think Estate Agncy is money for old rope?  This article may just surprise you as it shows the enormous amount of work the average agent must do to achieve a sale

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Land Registry

The Land Registry is a government department which is responsible for recording the ownership of land and property in England and Wales.

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