|
A |
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. |
| |
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. |
|
|
Accommodation
Agency -
Provides details of properties
to let, usually looking to prospective
tenants for a fee. Governed by the
Accommodation Agencies Act 1953 |
| |
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. |
| |
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 |
|
|
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. |
| |
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 |
|
|
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. |
| |
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. |
|
|
APR
- Annual Percentage Rate -
An
overall figure of loan interest which allows
comparison of actual interest paid between
different types of loan. |
