Terms Flashcards
What is PII
Professional Indemnity insurance
Provides financial cover in the event a client suffers financial loss as a result of a breach of professional duty.
i.e negligence
What is due diligence
The process of systematic review, analysis, discovery and gathering information about the characteristics of land or property.
What are statutory matters?
Matters that are related to or set by law.
What is a special assumption
An assumption that assumes facts differ from actual facts existing at the valuation date.
Must be a reasonable assumption
Freehold and leasehold?
Freehold
Owner owns the property outright and land its built on. Permanent absolute tenure.
Leasehold
Ownership of the property for a fixed period of time. Legal agreement with the freeholder/landlord in the form of a lease.
Ransom Strip?
A ransom strip is a small piece of land that has been retained when a larger piece has been sold. Can be used as ransom against an adjoining landowner.
Stokes v Cambridge Corp (1961) is widely quoted as having established the principle that a ransom strip was worth a third of the increase in value of the benefitting land
Right of Way?
A right of way is a legal right to travel over land belonging to someone else in order to get from a defined point to a defined point, typically from a point on the public highway to some other point, over a defined route.
Easement?
Having an easement on your property means that a third party (an individual or a utility company for example) has a right to use your property for a particular purpose. This could be passing by foot or with vehicles over your property, or a right to pass service media for utilities on, over or under your property.
Goodwill?
the established reputation of a business regarded as a quantifiable asset
Adverse Possession?
Adverse Possession claims over registered and unregistered land. If you have used, or looked after, a piece of land that you do not own, there is a possibility that you could claim adverse ownership
What is an Affidavit?
An affidavit is a written statement from an individual which is sworn to be true.
An oath that what they are saying is the truth and is often used in court statements.
Report on Title?
The report on title is the document produced by ‘purchasers solicitors after they have done all the searches and checks against the property and contains all the relevant information surrounding a title such as confirmation of what is being bought charges on the land and any benefits or burdens.
Breeam (Building Research Establishment Environmental Assessment Method) ?
BREEAM assessment evaluates the procurement, design, construction and operation of a development against a range of targets based on performance benchmark with a focus on sustainability.
