Leasehold Definitions - Jargon Buster

48 definitions for letter C:

Capital Gains Tax

A tax upon any profit realised on the disposal of an asset. Owner occupied properties are generally exempt from Capital Gains Tax.

Capitalisation rate (sometimes called the yield)

An investment valuation term that represents the perentage rate by which the right to receive either an income or a future capital value is capitalised. Principle rent x yield/capitalisation rate = Value.

Capped mortgage

Is provided by lenders with an upper limit on the interest rate, normally agreed for a fixed period of time.

Cased frame, boxed f. (joi.)

The hollow, fixed parts of a sash window, containing the sash weights and pulleys and bounded by visible boards called the outside lining and inside lining.

CCJ

County Court Judgement, any person who has defaulted on payments or has bad debts could have a CCJ taken out against them by the courts, which could prevent that person from obtaining a mortgage offer.

Chain

If a Buyer can only complete the purchase of a property subject to the completion of the sale of his current property, the purchase is 'chained' to the sale.

Charge

A legal term covering a registered claim against a property as security for money owing.

Chartered Surveyor

A member of the Royal Institution of Chartered Surveyors once qualified to MRICS or FRICS status will be a Chartered Surveyor.

Chemical damp proof course

A form of damp proof course using a chemical compound injected into the brickwork

Chimney breast

The chimney wall which projects into the room and contains the fireplace and flues.

Claim Dispute Reasons

The Landlord has recourse to three reasons for disputing the Clam Notice. In the Counter Claim Notice, he will either claim that the units in the property do not qualify for Right to Manage status, or that the Right to Manage Company does not comply with legislation, or that the Members insufficiently represent the qualifying Flat Owners within the properties.

Claim Notice - Section 79

A notification issued to the Landlord by the Right to Manage Company advising him that the Company is utilising the legal right to manage the units in the Property.

Clerk of works

The representative on a building site of the client. He usually works under the instructions of the architect or engineer, and ensures that the work done is exactly as specified in the contract, keeping records of such work as foundations, which are later covered up. He has a wide knowledge of building construction, which may be confirmed by membership of the Institute of Clerks of Works of Great Britain Incorporated or he may hold the Building Engineer's certificate of the Institution of Municipal Engineers. He is usually an experienced tradesman who has done considerable evening study.

CML

The CML (Council of mortgage lenders) produced the Mortgage Code that ensures customers are treated fairly by lenders.

Commercial Purposes

Commercial Purposes is a general terms explaining the usage of those parts of a property not used for residential purposes.

Commonhold and Leasehold Reform Act 2002

This Act of Parliament permits Flat Owners to assume the responsibility for running their block in a property.

Company Law

Company Law governs the activities of a company.

Company Secretary

A Company Secretary is legally accountable for the Right to Manage Company's adherence to Company Law. He, or she, can also be a director of that company.

Competent Landlord (in the context of Lease Extensions & Freehold Purchase)

The landlord with a sufficiently superior interest in the property as to be able to grant the 90 year extension - that is, an interest over 90 years longer than your present lease. In most cases this will probably be your immediate landlord if he is the freeholder or if he is a headlessee with a lease which is sufficiently long. However, in some cases your immediate landlord may be a headlessee with a lease only a few days, or a few years, longer than yours and therefore you need to identify the landlord with sufficient interest to grant you the new lease. To identify the competent landlord you will need to know the details, especially length of term, of any intermediate landlords who may be between you and the freeholder.

Completion

Legal transfer of ownership of a property to a Buyer only occurs after completion (when all transactions involved in the sale have been completed).

Completion date

The date of payment of the balance of the purchase money, when the buyer is entitled to take possession of the property.

Condensation

The lack of adequate ventilation in a room causes an accumulation of moist air, which when it meets a cold wall or window deposits moisture in the form of condensation. Can easily be cured by an increase in ventilation and improving insulation.

Condensation (1)

Polymerization.

Condensation (2)

Surface condensation is seen as dewdrops or damp patches on indoor surfaces, caused by the release of water from air as it is cooled below its surfaces, caused by the release of water from air as it is cooled below its dewpoint (C). Warm, damp indoor air striking cold surfaces, releases the water it holds as vapour. The other type, interstitial condensation, is ordinarily never seen. The average family gives out 12kg (21 pints) of water daily into the air of their home because of breathing, cooking and washing. Coal fires can draw all this up the chimney. Ideally the structure should be warmed to 10 degrees C. or more throughout the winter. Flueless heaters, burning paraffin or gas, should never be used to heat a house suffering from condensation. They release one volume of water in burning one volume of oil. Gas produces even more water per unit of heat than oil.

Conditions of sale

The details that determine the rights and duties of the buyer and seller.

Contents insurance

Insurance that protects the contents of the property.

Contract

A legally binding written document of agreement between two parties approved by both sides' solicitors, and setting out the agreed terms by which both sides are committed to proceed to completion.

Contract race

This occurs when two parties have made an offer on the same house, usually at the same price. The vendor will sell to whichever party exchanges contracts first.

Conveyance

Is either taken to mean the act of transferring ownership of a property, or alternatively the legal document which effects the transfer.

Conveyancer

A Conveyancer is a qualified advisor of the legal requirements of buying or selling a property.

Conveyancing

The legal work involved in buying or selling of a property.

Coping stones

Generally a "flat" stone used to cap the top of parapet walls or garden walls.

Cornice

A moulded at the top of an outside wall, overhanging it to throw the drips away from the wall, or where an inside wall joins the ceiling.

Counter Notice - Section 84

A Counter Notice responds to the Right to Manage Company. It is issued by the Landlord and either conceding or contesting the entitlement sought by the Claim Notice.

Covenant

A binding promise in a deed to do or not to do something i.e., maintenance of a fence, or restrictions to trading from a premises.

Covenants

Covenants are rules and regulations relating to the property, which are contained in its lease or title deeds.

Contents insurance Insurance that protects the contents of the property.

Conditions of Sale are list all rights and obligations due to the Buyer and the Seller, and are usually determined by law or by industry regulations or both.

Companies House

The organisation that is the register of companies incorporated in England & Wales. All companies each year have to submit a return of Officers (Directors & Company Secretary) and periodically shareholders to Companies House and register any changes to the structure of the company and other transactions also.

Client account

A bank account in which Client money is held by a third party such as a Solicitor or Surveyor. The designation Client account denotes that creditors of the Solicitor/Surveyor’s practice who is holding the money cannot use the money to off-set against any debts of the company by virtue of the account being designated a Client account

Contract Administration

The term used for the job a Surveyor/Architect or Building Engineer does when administrating a building works project. As opposed to Project Co-ordination which implies co-ordination of various contractors/consultants and Project Management which implies the day to day running on site of a building works project. Contract Administration concerns itself with all stages of the job from writing the specification, running the tender process & analysing tenders for risk, dealing with the pre-start checks on the nominated contractor (references, insurance, health & safety policy, Corgi/NICEIC certificates etc...), agreeing the programme of works as well as attending site on an agreed frequency (perhaps weekly) to certificate works done and issue contract directions or variations should work either not be up to standard or alternative works need substituting.

CORGI registration

Corgi is the initials used to refer to the National Watchdog for Gas Safety inthe UK. The Gas Safety (Installation & Use) Regulations 1988 places specific duties on gas users, installers, suppliers and landlords for example; anyone carrying out work on gas appliances or fittings as part of their business must be copmetent and registered with CORGI. www.corgi-gas-safety.com

CIS schemes

The term used as an abbreviation for the ????? scheme

Compliance certificate

The term used for the certificate that may be required by the Land Registry to enable a new buyer to register a change of ownership of title in a property. Certificates of Compliance are not required for all property transfers only those where when the lease or transfer document was first created a restriction against asignment was entered into the title register at Land Registry.

CPO - Compulsory Purchase Order

The term used to describe the papers that may be served to compulsorily purchase, ie, dispossess and buy a property or land. A compulsory purchase order must be applied for to governemnt and be passed as an Act of parliament and list the properties to be acquired in it. Schemes that typically give rise to such orders include road, rail, aerodrome schemes or estate improvement or shopping centre development schemes.

CCJ - County Court Judgment

The decision issued by a County Court having considered a case put before it

Caution

A legal term given to a notice called a caution that an interested party registers on the title of a property. The body who control title deeds being the Land Registry.

Conservation Areas

Conservation areas are present in most Local Authorities nationally, they vary greatly in age, size, character and style. Better-known conservation areas include the historic stuccoed terraces circling Regent's Park designed by Nash's. However, some innovative nineteenth and twentieth century housing estates may also be conservation areas.
A conservation area is an area of special architectural or historic interest, the character or appearance of which it is desirable to preserve or enhance.
Conservation areas are very much part of the familiar and cherished local scene. It is the area as a whole rather than the specific buildings that is of special interest.

Criteria for Listing

The following are the main criteria, which the DCMS uses in deciding which buildings to include on the statutory list:

• architectural design, decoration and craftsmanship; also important examples of particular building types and techniques and significant plan forms
• illustrations of important aspects of the nation's social, economic, cultural or military history
• close historical association with nationally important people or events
• group value especially where buildings comprise an important architectural or historic group or a fine example of planning e.g. squares, terraces or model villages

The older a building is, and the fewer the surviving examples of its kind, the more likely it is to have historic importance. All buildings built before 1700 which survive in anything like their original condition are listed and most buildings built between 1700 and 1840 are listed.
There is a greater selection of buildings erected after 1840 to identify the best examples of particular building types and only buildings of definite quality and character are listed. Buildings that are less than 30 years old, are normally listed only if they are of outstanding quality and under threat. Buildings are not listed until they are at least 10 years old.