Property Interests and Rights
Expert-defined terms from the Professional Certificate in Property Law and Leases (United Kingdom) course at London School of Business and Administration. Free to read, free to share, paired with a professional course.
Absolute Ownership refers to a situation where one person has complete control a… #
Related terms include Freehold, Leasehold, and Fee Simple. In the context of the Professional Certificate in Property Law and Leases, Absolute Ownership is an important concept as it determines the rights and responsibilities of property owners. For example, a person with Absolute Ownership of a property has the right to sell, mortgage, or gift the property without needing to obtain permission from anyone else.
Abstract of Title is a document that summarizes the history of ownership … #
Related terms include Title Deeds, Conveyancing, and Property Register. In practice, an Abstract of Title is used to verify the ownership of a property and to identify any potential issues that may affect the property's value or marketability.
Accommodation Agreement refers to a type of tenancy agreement where a lan… #
Related terms include Assured Shorthold Tenancy, Residential Tenancy, and Licence Agreement. For instance, an Accommodation Agreement may be used in a situation where a landlord allows a tenant to live in a property in exchange for helping with household chores.
Acknowledgement of Service is a document that confirms a tenant has recei… #
Related terms include Notice to Quit, Break Clause, and Tenant Protection. In practice, an Acknowledgement of Service is used to provide proof that a tenant has received a particular document, which can be important in dispute resolution.
Adverse Possession is a concept where a person can gain title to a proper… #
Related terms include Squatter's Rights, Limitation Act, and Prescription. For example, if a person occupies a vacant property without permission for a certain period, they may be able to claim Adverse Possession and gain ownership of the property.
Assured Shorthold Tenancy is a type of tenancy agreement that provides a… #
Related terms include AST, Assured Tenancy, and Shorthold Tenancy. In practice, an Assured Shorthold Tenancy is commonly used for residential lettings, as it provides a balance between the rights of landlords and tenants.
Assignment of Lease refers to the transfer of a leasehold interest… #
Related terms include Subletting, Transfer of Lease, and Novation Agreement. For instance, a tenant may assign their lease to a new tenant if they are unable to continue paying rent or if they need to relocate for work.
Breach of Covenant refers to a situation where a tenant or landlord fails… #
Related terms include Remedy, Damages, and Termination of Lease. In practice, a Breach of Covenant can have serious consequences, such as eviction or financial penalties.
Break Clause is a provision in a lease or tenancy agreement that allows either t… #
Related terms include Notice to Quit, Tenant Protection, and Rent Review. For example, a Break Clause may be used by a tenant who needs to relocate for work or by a landlord who wants to repossess the property.
Building Regulations refer to the rules and standards that govern the … #
Related terms include Planning Permission, Building Control, and Compliance Certificate. In practice, Building Regulations are enforced by local authorities to ensure that buildings are safe and habitable.
Capital Gains Tax is a type of tax that is payable on the profit m… #
Related terms include CGT, Tax Relief, and Exemptions. For instance, a person who sells a rental property may be liable to pay Capital Gains Tax on the profit made from the sale.
Certificate of Lawful Use is a document that confirms a property has been… #
Related terms include CLOUD, Planning Permission, and Building Regulations. In practice, a Certificate of Lawful Use is used to provide assurance that a property has been used in a way that is lawful and compliant with regulations.
Commercial Lease refers to a type of lease agreement that is used for … #
Related terms include Business Tenancy, Lease Agreement, and Rent Review. For example, a company may enter into a Commercial Lease to occupy a office building or retail space.
Commonhold is a type of ownership structure where a group of owners</b… #
Related terms include Freehold, Leasehold, and Shared Ownership. In practice, Commonhold is used to provide a more flexible and collaborative approach to property ownership and management.
Conveyancing is the process of transferring ownership of a property from… #
Related terms include Property Transfer, Conveyancer, and Solicitor. For instance, a person buying a house will typically use a Conveyancer to handle the legal aspects of the transaction.
Covenant is a promise or agreement that is made between two or mor… #
Related terms include Condition, Term, and Agreement. In practice, a Covenant is used to establish the rights and responsibilities of the parties involved in a lease or tenancy agreement.
Deed of Grant is a document that is used to transfer ownership of… #
Related terms include Deed of Assignment, Conveyancing, and Property Transfer. For example, a person may use a Deed of Grant to transfer ownership of a property to a family member or charity.
Deposit is a sum of money that is paid by a tenant to a landlord as se… #
Related terms include Security Deposit, Tenant Protection, and Rent Guarantee. In practice, a Deposit is used to provide assurance that a tenant will comply with their obligations under the lease or tenancy agreement.
Dilapidations refer to the state of disrepair or damage to… #
Related terms include Disrepair, Damage, and Repair Obligations. For instance, a landlord may claim compensation from a tenant for Dilapidations if the property is damaged or neglected during the tenancy.
Easement is a right or privilege that is granted to a person or pr… #
Related terms include Right of Way, Easement Agreement, and Covenant. In practice, an Easement is used to provide access or utility services to a property, such as a footpath or drainage system.
Encumbrance is a claim or interest that is registered against a pr… #
Related terms include Charge, Lien, and Restriction. For example, a property with an Encumbrance may be less attractive to buyers or lenders due to the risk or uncertainty associated with the claim.
Equity is the value of a property that is owned by the owner, ofte… #
Related terms include Share of Equity, Equity Release, and Property Value. In practice, Equity is used to provide security for a loan or mortgage, or to release funds for retirement or other purposes.
Eviction is the process of removing a tenant from a property, often due t… #
Related terms include Notice to Quit, Tenant Protection, and Repossession. For instance, a landlord may seek to Evict a tenant who has failed to pay rent or has damaged the property.
Fixed Term refers to a specific period of time that is agreed upon… #
Related terms include Notice Period, Tenant Protection, and Break Clause. In practice, a Fixed Term is used to provide certainty and stability for both landlords and tenants.
Freehold is a type of ownership structure where a person or organization… #
Related terms include Leasehold, Commonhold, and Shared Ownership. For example, a person who owns a house on a Freehold basis has complete control over the property and can sell or transfer it as they wish.
Gazumping is the practice of a seller accepting a higher offer fro… #
Related terms include Gazundering, Subject to Contract, and Exchange of Contracts. In practice, Gazumping can be frustrating and costly for buyers who have already invested time and money in the purchase process.
Ground Rent is a type of rent that is paid by a leaseholder to a f… #
Related terms include Service Charge, Maintenance Costs, and Lease Agreement. For instance, a leaseholder may pay Ground Rent to the freeholder as part of their lease agreement.
Head Lease refers to the main lease agreement between a landlord and a te… #
Related terms include Sublease, Underlease, and Master Lease. In practice, a Head Lease is used to establish the primary relationship between the landlord and tenant, and to govern the terms of the lease.
Indemnity is a promise or agreement to compensate someone f… #
Related terms include Guarantee, Warranty, and Insurance. For example, a tenant may be required to provide an Indemnity to a landlord in respect of any damages or losses that they may cause to the property.
Insurance is a type of contract that provides protection against <… #
Related terms include Policy, Premium, and Claim. In practice, Insurance is used to provide peace of mind and financial protection for property owners and tenants.
Joint Tenancy refers to a type of tenancy agreement where two or more peo… #
Related terms include Joint Ownership, Tenancy in Common, and Shared Tenancy. For instance, a group of friends may enter into a Joint Tenancy agreement to rent a house together.
Land Registry is a government agency that is responsible for registeri… #
Related terms include Land Register, Property Search, and Title Deeds. In practice, the Land Registry is used to provide assurance and certainty about the ownership of a property.
Landlord is a person or organization that owns a property and rents</i… #
Related terms include Tenant, Lease Agreement, and Rent Payment. For example, a person who owns a house and rents it to a tenant is a Landlord.
Lease is a type of agreement that gives a tenant the right to occu… #
Related terms include Tenancy, Leasehold, and Rent Payment. In practice, a Lease is used to establish the terms and conditions of the rental or commercial arrangement.
Leasehold is a type of ownership structure where a person or organization… #
Related terms include Freehold, Commonhold, and Shared Ownership. For example, a person who has a Leasehold on a flat has the right to occupy the property for a fixed period, but does not own the property outright.
Licence is a type of agreement that gives a person the right to oc… #
Related terms include Tenancy, Lease Agreement, and Permit. In practice, a Licence is used to provide flexibility and convenience for both landlords and tenants.
Maintenance is the process of keeping a property in good condition… #
Related terms include Repair, Upkeep, and Renovation. For example, a landlord may be responsible for Maintenance of a property, including repairs and upkeep.
Mortgage is a type of loan that is secured on a property, often used to <… #
Related terms include Loan, Mortgagee, and Secured Loan. In practice, a Mortgage is used to provide financing for property purchases, and to secure the loan against the value of the property.
Negotiation is the process of discussing and agreeing on the terms… #
Related terms include Mediation, Arbitration, and Dispute Resolution. For example, a landlord and tenant may engage in Negotiation to agree on the terms of a lease or tenancy agreement.
Notice is a formal document that is used to inform someone of a pa… #
Related terms include Notification, Warning, and Termination. In practice, a Notice is used to provide formal notice of a particular event or circumstance, such as the termination of a lease or tenancy agreement.
Option is a type of agreement that gives a person the right to pur… #
Related terms include Right of First Refusal, Purchase Option, and Lease Option. For example, a tenant may have an Option to purchase the property they are renting at a later date.
Partnership is a type of business structure where two or more people s… #
Related terms include Company, LLP, and Sole Trader. In practice, a Partnership is used to provide flexibility and tax benefits for business owners.
Planning Permission is a type of permission that is required for <… #
Related terms include Building Regulations, Permit, and Approval. For example, a developer may need to obtain Planning Permission before starting a construction project.
Possession is the state of having control or occupation of… #
Related terms include Occupation, Ownership, and Control. In practice, Possession is used to determine the rights and responsibilities of the parties involved in a lease or tenancy agreement.
Property is a type of asset that includes land , buildings ,… #
Related terms include Real Estate, Assets, and Investment. For example, a person may own a Property as an investment or as their primary residence.
Repossession is the process of taking back control of a property,… #
Related terms include Eviction, Foreclosure, and Recovery. In practice, Repossession is used to enforce the rights of a landlord or lender, and to recover possession of a property.
Rent is a type of payment that is made by a tenant to a landlord in excha… #
Related terms include Rent Payment, Lease Agreement, and Tenant Obligations. For example, a tenant may pay Rent to a landlord on a monthly or quarterly basis.
Repair is the process of fixing or restoring a property to a go… #
Related terms include Maintenance, Upkeep, and Renovation. In practice, Repair is used to maintain the condition of a property, and to ensure that it remains safe and habitable.
Restrictive Covenant is a type of agreement that restricts … #
Related terms include Positive Covenant, Negative Covenant, and Restriction. For example, a restrictive covenant may prohibit the use of a property for commercial purposes.
Sale is the process of transferring ownership of a property from one pers… #
Related terms include Conveyancing, Transfer of Ownership, and Completion. In practice, Sale is used to transfer ownership of a property, and to complete the purchase or sale agreement.
Search is a type of investigation that is used to verify the ow… #
Related terms include Property Search, Land Registry, and Title Deeds. For example, a buyer may conduct a Search to verify the ownership of a property before completing the purchase.
Security is a type of asset or collateral that is used to secur… #
Related terms include Mortgage, Charge, and Guarantee. In practice, Security is used to protect the interests of a lender or landlord, and to secure the loan or mortgage.
Service Charge is a type of payment that is made by a tenant to a… #
Related terms include Ground Rent, Maintenance Costs, and Repair Obligations. For example, a tenant may pay a Service Charge to a landlord to cover the costs of maintenance and repairs to the property.
Sublet is a type of agreement where a tenant rents out a property… #
Related terms include Assignment, Transfer of Lease, and Sublease. In practice, Sublet is used to allow a tenant to rent out a property to another person, often with the permission of the landlord.
Tax is a type of payment that is made to the government, often used in si… #
Related terms include VAT, Stamp Duty, and Capital Gains Tax. For example, a landlord may be required to pay Tax on the income they receive from a property.
Tenant is a person or organization that rents a property from a landlord,… #
Related terms include Landlord, Lease Agreement, and Rent Payment. In practice, a Tenant is used to occupy a property, and to make payments to the landlord in exchange for the right to do so.
Tenancy is a type of agreement that gives a tenant the right to oc… #
Related terms include Lease, Tenant, and Rent Payment. For example, a person may enter into a Tenancy agreement to rent a property from a landlord.
Termination is the process of ending a lease or tenancy agr… #
Related terms include Notice to Quit, Eviction, and Repossession. In practice, Termination is used to bring an end to a lease or tenancy agreement, and to restore possession of the property to the landlord.
Title is the legal right to own a property, often used in s… #
Related terms include Deeds, Property Register, and Land Registry. For example, a person may have title to a property, which gives them the right to own and occupy the property.
Transfer is the process of moving ownership of a property from one person… #
Related terms include Conveyancing, Assignment, and Deed of Transfer. In practice, Transfer is used to complete the purchase or sale of a property, and to register the new owner with the Land Registry.
Valuation is the process of determining the value of a property, o… #
Related terms include Appraisal, Assessment, and Survey. For example, a valuer may conduct a Valuation to determine the value of a property for taxation or insurance purposes.
VAT is a type of tax that is payable on the supply of goods … #
Related terms include Tax, VAT Registration, and Exemption. In practice, VAT is used to tax the supply of goods and services, and to raise revenue for the government.
Warranty is a type of guarantee or promise that is made by a selle… #
Related terms include Guarantee, Indemnity, and Contract. For example, a seller may provide a Warranty to a buyer to guarantee the condition of a property.
Yield is the return on investment that is generated by a property,… #
Yield is the return on investment that is generated by a property, often used in situations where there is a lease or tenancy agreement involved.