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Glossary - U
Under Offer – The seller of a property has accepted an offer to sell but contracts have not been finalised and exchanged.
Unfair Terms in Contracts – Generall, contracts will be enforced by the courts when their terms are considered fair and reasonable. Statutory rules on this include Unfair Contract Terms Act 1977 (business) and Unfair Terms in Consumer Contract Regulations 1999
Unfurnished – A term used to describe when a property is being rented without furniture being included.
Uniform Business Rate (UBR) – A multiplier used in England and Wales to decide how much landlords must pay each year in rates. The rate is adjusted for inflation using RPI each year.???
Use Class – The Town and Country Planning (Use Classes) Order 1987 (as amended) puts uses of land and buildings into various categories known as ‘Use Classes’.
User Clause – This is a contractual provision in a commercial lease that specifies the use, or uses to which a property may be put by a tenant and the uses which are prohibited. The formal classification of “Uses” are set out in the Town and Country Planning (Use Classes) Order 1987 as amended, which is a statutory instrument defining various use classes. The greater the restrictions placed on a property’s use, in theory and practice the more this will affect rental values on rent review. These clauses, since April 2011, come under Competition Act 1998 rules, which prohibit the prevention, restriction or distortion of competition.
Utilities – The useful services in a property such as gas, electricity, water and telephone.