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Glossary - B
B1 Business – Use Class: Use for all or any of the following purposes -
(a)as an office other than a use within class A2 (financial and professional services),
(b)for research and development of products or processes, or
(c)for any industrial process, being a use which can be carried out in any residential area without detriment to the amenity of that area by reason of noise, vibration, smell, fumes, smoke, soot, ash, dust or grit.
B2 General Industry – Use Class: Use for the carrying on of an industrial process other than one falling within class B1 or within classes B3 to B7.
B8 (Storage & Distribution) – Use Class: Use for storage (including open air storage) or as a distribution centre.
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 Occupation – A term that can be used to describe a building that is capable of being used for its intended purpose, even though it may have some minor faults.
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.
Biodiversity offsetting – Biodiversity offsets are conservation activities that are designed to give biodiversity benefits to compensate for losses – ensuring that when a development damages nature (and this damage cannot be avoided) new, bigger or better nature sites will be created.
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/Option – 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.
Break Notice – A formal notification that one party wants to exercise its right to conclude the lease. Break notices have to be served correctly including it being served the correct number of months before the break date while also meeting pre-conditions???
BREEAM – (Building Research Establishment Environmental Assessment Method) is one of the most commonly used standards for best practice in sustainable building design, construction and operation and is a widely recognised measure of a building’s environmental performance
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.
Building Insurance – Building insurance covers the landlord against risks such as fire, destruction and loss of rent. The cost of the insurance premium is normally reimbursed by the tenant.
Building Survey – A professional review that will give you a comprehensive report on the structural integrity of a building and its condition.
Business Rates – Business Rates are a tax on business properties such as shops, offices, pubs, warehouses and factories. The tax is set by the government and business rates collected by local authorities are the way that those who occupy non-domestic property contribute towards the cost of local services.