Glossary - Index "A"
Real Estate Terms and Site Index "A"
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Abandonment - The surrender of a legal right, particularly that of an interest in (tenancy) of land and property. Tenants sometimes leave their accommodation empty for long periods or vacate early before the end of the term certain. Landlords cannot automatically assume that their tenants have abandoned their tenancy rights.
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Accelerated Possession - A procedure where landlords can regain possession of properties let on Assured Shorthold Tenancies, providing all necessary procedures have been complied with, purely on the basis of documentation and a written submission to the court. There is usually no need for a formal county court hearing.
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Accommodation Agency - Provides details of properties to let, usually looking to prospective tenants for a fee. Governed by the Accommodation Agencies Act 1953
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Adverse Possession - more commonly know as "Squatter's Rights" Squatters who occupy land and property for a period of at least 12 years without the owner's consent may acquire legal title. In any event, squatters have certain legal rights. See LandlordZONE FAQ
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Agent - One who acts on behalf of another and can form legally binging agreements on the principal's behalf: Estate Agent, Letting Agent, Managing Agent, Commercial Property Agent, Insurance Agent - property sales, lettings, management and insurance.
- Alienation - The transfer of an interest in real estate to another, such as the sale of a freehold or the grant or assignment of a lease. Commonly applied to lands or property, as to alien (that is, to convey) land in fee, in mortmain. Alienations by deed may be made by primary conveyances where the benefit or estate is created; or by derivative ( secondary) conveyances, where the benefit or estate originally created, is enlarged, restrained, transferred, or terminated.
- Alternative Dispute Resolution (ADR)- There are various methods by which legal conflicts and disputes can be resolved through negotiation, conciliation, mediation and many types of arbitration. ADR is less formal than a court process and can include the appointment of a third-party to preside over a hearing between the parties. ADR is private, costs less and is quicker than court litigation. However, it does result in compromise and both parties must agree to abide by its outcome.
- Amortisation - The gradual reduction of a debt or liability, especially by means of the payment of a mortgage loan (equal peroidic payments) over a period of time. In total these payments are sufficient to extinguish the capital debt and the interest payments on the loan.
- Apportionment - The division of a liability or benefit in proportion to the interests of the parties. Tenants in a multi occupancy property may be charged rates or service charges in proportion to the floor area occupied, for example Apportionment Acts 1834, 1870
- Arbitration - A means of resolving disputes using an independent arbitrator as opposed to a court of law - RICS provide such a service. Often used for lease contract disputes, rent reviews etc. The Small Claims procedure in the County Courts is an arbitration service See LandlordZONE.co.uk/FAQ
- Assignment- Transfer of an interest in property. Usually when a tenant (assignor) transfers a lease, with the landlord's consent, not to be unreasonably withheld, to another tenant (assignee) before the original term expires - mainly commercial property.
- Assured Tenancy - Most residential tenancies now come into this category. The landlord can charge a market rent and can regain possession of the property under certain grounds or conditions - as laid down in the Housing Act 1988 and the Housing Act 1996.
- Assured Shorthold Tenancy - A form of assured tenancy which gives landlords an absolute right to repossession after a fixed term under the "shorthold" ground. New residential tenancies now automatically become ASTs unless otherwise stated.
- APR - Annual Percentage Rate- An overall figure of loan interest which allows comparison of actual interest paid between different types of loan.
Never rely totally on this information which relates primarily to England & Wales. Before taking action or not, seek expert advice with the full facts of your case and all documents to hand.
