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Deferment Rate
In property valuation, a deferment rate is a discount rate applied to the current price of a property in order to assess the present value of the right to vacant possession of a residential property at the end of a leasehold to which the freehold is subject. The rate is a key component of the calculation used to determine the cost of leasehold enfranchisement. Background The landlord owns a 'reversion', i.e. at the end of the lease, they will have exclusive possession of the property which they can then sell or rent. If the lessee is enfranchised, that is, gets absolute and perpetual possession of the property, the landlord will lose the reversion value. The Leasehold Reform Act 1967 (houses) and the Leasehold Reform, Housing and Urban Development Act 1993 (for flats) aim to ensure that the landlord has fair compensation for this loss of value. Computing the amount of compensation requires estimating the value of deferred possession of the property – the value of the propert ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Estate Appraisal
Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property (usually market value). Real estate transactions often require appraisals because they occur infrequently and every property is unique (especially their condition, a key factor in valuation), unlike corporate stocks, which are traded daily and are identical (thus a centralized Walrasian auction like a stock exchange is unrealistic). The location also plays a key role in valuation. However, since property cannot change location, it is often the upgrades or improvements to the home that can change its value. Appraisal reports form the basis for mortgage loans, settling estates and divorces, taxation, and so on. Sometimes an appraisal report is used to establish a sale price for a property. Besides the mandatory educational grade, which can vary from Finance to Construction Technology, most, but not all, countries require appraisers to have the license fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Leasehold
A leasehold estate is an ownership of a temporary right to hold land or property in which a lessee or a tenant holds rights of real property by some form of title from a lessor or landlord. Although a tenant does hold rights to real property, a leasehold estate is typically considered personal property. Leasehold is a form of land tenure or property tenure where one party buys the right to occupy land or a building for a given length of time. As a lease is a legal estate, leasehold estate can be bought and sold on the open market. A leasehold thus differs from a freehold or fee simple where the ownership of a property is purchased outright and thereafter held for an indeterminate length of time, and also differs from a tenancy where a property is let (rented) on a periodic basis such as weekly or monthly. Terminology and types of leasehold vary from country to country. Sometimes, but not always, a residential tenancy under a lease agreement is colloquially known as renting. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Freehold (law)
In common law jurisdictions such as England and Wales, Australia, Canada, and Ireland, a freehold is the common mode of ownership of real property, or land, and all immovable structures attached to such land. It is in contrast to a leasehold, in which the property reverts to the owner of the land after the lease period expires or otherwise lawfully terminates. For an estate to be a freehold, it must possess two qualities: immobility (property must be land or some interest issuing out of or annexed to land) and ownership of it must be forever ("of an indeterminate duration"). If the time of ownership can be fixed and determined, it cannot be a freehold. It is "An estate in land held in fee simple, fee tail or for term of life." The default position subset is the perpetual freehold, which is "an estate given to a grantee for life, and then successively to the grantee's heirs for life." England and Wales Diversity of freeholds before 1925 In England and Wales, before the Law of P ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Commission (England And Wales)
In England and Wales the Law Commission ( cy, Comisiwn y Gyfraith) is an independent law commission set up by Parliament by the Law Commissions Act 1965 to keep the law of England and Wales under review and to recommend reforms. The organisation is headed by a Chairman (currently Sir Nicholas Green, a judge of the Court of Appeal) and four Law Commissioners. It proposes changes to the law that will make the law simpler, more accessible, fairer, modern and more cost-effective. It consults widely on its proposals and in the light of the responses to public consultation, it presents recommendations to the UK Parliament that, if legislated upon, would implement its law reform recommendations. The commission is part of the Commonwealth Association of Law Reform Agencies. Activities The Law Commissions Act 1965 requires the Law Commission to submit "programmes for the examination of different branches of the law" to the Lord Chancellor for his approval before undertaking ne ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Leasehold Valuation Tribunal
A leasehold valuation tribunal (LVT) was a statutory tribunal in England which determined various types of landlord and tenant dispute involving residential property in the private sector. An LVT consisted of a panel of three; one with a background in property law (generally a solicitor); one with a background in property valuation generally a qualified surveyor; and a layman, although some decisions of an LVT were decided by a single member. LVTs were non-departmental public bodies. The leasehold valuation tribunals were abolished under The Transfer of Tribunal Functions Order 2013 and their functions were transferred to the Property Chamber of the newly created First-tier Tribunal with effect from 1 July 2013. Jurisdiction Leasehold valuation tribunals had a number of jurisdictions including: * Determining the price to be paid by tenants compulsorily acquiring either the freehold of houses or lease extensions of flats or collectively exercising the right to purchase the fr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Leasehold Reform Act 1967
The Leasehold Reform Act 1967c 88 is an Act of Parliament of the United Kingdom, which concerns English land law and compulsory purchase. A government bill, the law remains largely intact. It was passed by both Houses and had been tabled by ministers of the Labour government, 1964–1970. Provisions and subsequent amendments The Act grants the right to long leaseholders of houses let at low and moderately low rents to buy their homes compulsorily from their landlords at a fair price. Initially the 1967 Act applied only to homes below these rateable values: £400 in London and £200 p.a. elsewhere (thus targeting low-to-middle income homeowners); the reform coincided with lower wages becoming less of a bar to access to loans from major mortgage lenders. The Act has been amended many times to expand these rights, to homeowners having higher rateable values. Background English law and lending eschews the concept of flying freehold entire properties, such as flats. The solution ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Leasehold Reform, Housing And Urban Development Act 1993
A leasehold estate is an ownership of a temporary right to hold land or property in which a lessee or a tenant holds rights of real property by some form of title from a lessor or landlord. Although a tenant does hold rights to real property, a leasehold estate is typically considered personal property. Leasehold is a form of land tenure or property tenure where one party buys the right to occupy land or a building for a given length of time. As a lease is a legal estate, leasehold estate can be bought and sold on the open market. A leasehold thus differs from a freehold or fee simple where the ownership of a property is purchased outright and thereafter held for an indeterminate length of time, and also differs from a tenancy where a property is let (rented) on a periodic basis such as weekly or monthly. Terminology and types of leasehold vary from country to country. Sometimes, but not always, a residential tenancy under a lease agreement is colloquially known as renting. The l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Local Government And Housing Act 1989
Local may refer to: Geography and transportation * Local (train), a train serving local traffic demand * Local, Missouri, a community in the United States * Local government, a form of public administration, usually the lowest tier of administration * Local news, coverage of events in a local context which would not normally be of interest to those of other localities * Local union, a locally based trade union organization which forms part of a larger union Arts, entertainment, and media * ''Local'' (comics), a limited series comic book by Brian Wood and Ryan Kelly * ''Local'' (novel), a 2001 novel by Jaideep Varma * Local TV LLC, an American television broadcasting company * Locast, a non-profit streaming service offering local, over-the-air television * ''The Local'' (film), a 2008 action-drama film * '' The Local'', English-language news websites in several European countries Computing * .local, a network address component * Local variable, a variable that is given l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jam Tomorrow
Jam tomorrow (or the older spelling jam to-morrow) is an expression for a never-fulfilled promise, or for some pleasant event in the future, which is never likely to materialize. Originating from a bit of wordplay involving Lewis Carroll's Alice, it has been referenced in discussions of philosophy, economics, and politics. Origin The expression originates from Lewis Carroll's 1871 book '' Through the Looking Glass and What Alice Found There''. This is a pun on a mnemonic for the usage of the Latin word ''iam'' (formerly often written and pronounced ''jam''), which means "at this time", but only in the future or past tense, not in the present (which is instead ''nunc'' "now"). In the book, the White Queen offers Alice "jam every other day" as an inducement to work for her: "I'm sure I'll take you with pleasure!" the Queen said. "Two pence a week, and jam every other day."Alice couldn't help laughing, as she said, "I don't want you to hire ''me'' – and I don't care for jam.""It' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Estates Gazette Law Reports
Case citation is a system used by legal professionals to identify past court case decisions, either in series of books called reporters or law reports, or in a neutral style that identifies a decision regardless of where it is reported. Case citations are formatted differently in different jurisdictions, but generally contain the same key information. A legal citation is a "reference to a legal precedent or authority, such as a case, statute, or treatise, that either substantiates or contradicts a given position." Where cases are published on paper, the citation usually contains the following information: * Court that issued the decision * Report title * Volume number * Page, section, or paragraph number * Publication year In some report series, for example in England, Australia and some in Canada, volumes are not numbered independently of the year: thus the year and volume number (usually no greater than 4) are required to identify which book of the series has the case reporte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lands Tribunal (England, Wales And Northern Ireland)
The Lands Tribunal was a tribunal in the United Kingdom created by the Lands Tribunal Act 1949 that had jurisdiction in England and Wales and Northern Ireland, although in the Northern Ireland context the term Lands Tribunal normally refers to a different body, the Lands Tribunal for Northern Ireland. The Lands Tribunal was unusual in having both first instance and appellate jurisdiction. The functions of the Lands Tribunal were transferred to the Upper Tribunal in June 2009 by the Transfer of Tribunal Functions (Lands Tribunal and Miscellaneous Amendments) Order 2009. Jurisdiction The Lands Tribunal was established to replace the panel of official arbitrators which had previously determined disputes as to compensation payable to the owners and occupiers of land affected by compulsory purchase. It additionally acted as the appellate tribunal hearing rating appeals from the valuation tribunals and had jurisdiction in relation to ordering the discharge or modification of restrictive ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John C
John is a common English name and surname: * John (given name) * John (surname) John may also refer to: New Testament Works * Gospel of John, a title often shortened to John * First Epistle of John, often shortened to 1 John * Second Epistle of John, often shortened to 2 John * Third Epistle of John, often shortened to 3 John People * John the Baptist (died c. AD 30), regarded as a prophet and the forerunner of Jesus Christ * John the Apostle (lived c. AD 30), one of the twelve apostles of Jesus * John the Evangelist, assigned author of the Fourth Gospel, once identified with the Apostle * John of Patmos, also known as John the Divine or John the Revelator, the author of the Book of Revelation, once identified with the Apostle * John the Presbyter, a figure either identified with or distinguished from the Apostle, the Evangelist and John of Patmos Other people with the given name Religious figures * John, father of Andrew the Apostle and Saint Peter * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
