Property Management Software

Glossary - Index "B"

Real Estate Terms and Site Index "B"

• Base Rate, Bank Rate - The rate of interest set by the Bank of England. This minimum lending rate determines the cost of retail money at any one time and is the basis for UK borrowing and lending. It is used as a measurement of investment returns (yields).
• Bailee - Someone who keeps another's (bailor's) goods in safe custody.
• Bailiff - An officer of the court who executes writs and possession orders.
• Bankrupt - An individual whose property is vested in a trustee in bankruptcy and divided among his creditors following a bankruptcy order.
• Bankers Draft - A method of payment of funds which has all the appearances of a cheque, but in effect is a cash payment.
• Beneficial Joint Tenants -
• Buy-to-Let Mortgage - A scheme designed to encourage private individuals to invest in property to let. A large number of mortgage lenders now participate by lending a competitive rates, taking into account the rental income likely to be achieved.
• Bill - A proposal for new legislation which is presented to both Houses of Parliament for consideration. After being passed and receiving Royal Assent the bill becomes an Act of Parliament.
• bona fide - Latin term - In good faith, genuine.
• Breach of Contract - Failure to comply with the terms of an agreement. Gives the aggrieved party the right to claim damages, to rescind the contract or to enforce through specific performance.
• Break Clause - A clause in a lease agreement giving the landlord or tenant or both the right, under specified circumstances, to terminate the agreement, before its normal end date.
  
• Break Even Point at which an investment project recovers its full costs and goes into profit.
• Building Contract - A written contract between the owner or occupier of a property and a builder, setting out in detail the terms of building work to be undertaken - includes specifications, payments and penalties for late completion.
• Building Control - Under the provisions of the Housing & Building Control Act 1984 the supervision and control of building work is carried out by the local authority or an approved inspector. This is to ensure that all building work carried out in England & Wales meets current building codes and regulation requirements.

Landlord Letting Show - Barbican London - 13th -14th Mar 2012