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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). |
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Bailee
- Someone who keeps another's (bailor's)
goods in safe custody. |
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Bailiff
- An officer of the court who executes
writs and possession orders. |
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Bankrupt
- An individual whose property is vested in
a trustee in bankruptcy and divided among
his creditors following a bankruptcy order. |
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Bankers
Draft -
A method of payment of funds
which has all the appearances of a cheque,
but in effect is a cash payment. |
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Beneficial
Joint Tenants - |
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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. |
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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. |
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bona
fide - Latin term - In good faith, genuine. |
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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. |
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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. |
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Break-even
- Point at which an investment project
recovers its full costs and goes into
profit. |
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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. |
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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. |
