Leasehold Definitions - Jargon Buster

29 definitions for letter F:

Failed valuation survey

The Lender may reject a mortgage application if the surveyor's valuation report shows that the property is worth less than the mortgage sought.

Financial Obligations

Financial Obligations identify those obligations to be paid on behalf of all the Owner(s) in a property, and typically covers maintenance, insurance, and repairs.

Fixed rate mortgage

A fixed rate mortgage fixes the rate of interest for a given period of time.

Fixtures & fittings

All non-structural items included in the purchase of a property.

Fixtures and fittings

All non-structural items included in the purchase of a property.

Flash (1)

To make a weathertight joint, called a flashing.

Flash (2)

Mould mark In any casting, a narrow strip of surface metal, indicating leakage from the mould, projecting along a line that was the boundary between the two halves of the mould. It usually removed by fettling.

Flashing

Thin sheets of lead or similar material used to form a waterproof join at the point where two structures of differing angles meet, normally on a roof. In Victorian times these were often made with cement, and generally need to be replaced.

Flashing (1)

A strip of impervious usually flexible metal such as zinc 0.8 mm thick or copper 0.56 mm thick or lead 1.8 mm thick, or asbestos-bitumen which is even thicker) that excludes water from the junction between a roof covering and another surface (usually vertical). Flashings, at their upper end, are usually wedged tightly into mortar joints raked out to receive them. See also apron flashing, cover flashing, raking flashing, stepped flashing.

Flashing (2)

Burning bricks alternatively with too much and too little air to give them varied colours.

Flashing (3) (pai.)

The defect of glossier patches in a finish, particularly at joints or laps.

Flat Owner

The Flat Owner owns the lease of the flat.

Flat varnish (pai.)

A varnish, lacquer, or enamel with its gloss reduced by adding wax, soap, pigment, or filler.

Flatting down, rubbing (pai.)

Sanding with powdered pumice and felt, cuttle fish, glass paper, or other abrasives.

Flexible mortgage

A mortgage that allows for agreed increases or decreases in the repayments to be made.

Floor varnish (pai.)

A varnish put on floorboards must be quick drying, tough, abrasion-resistent, washable, and must take wax polish.

Flue

A passage for smoke either in a chimney or leading to it. The 230 x 230mm (9 x 9 in.) square pargetted brick flue has been superseded by clay flue linings which, for an open fire may have an equally large flueway, or for a gas fire which may be much smaller. Except for gas fires, each flue serves one fire only.

Flue block

See flue lining and illus.

Flying freehold

This can occur when first floor accommodation forming part of one freehold is located over ground floor accommodation forming part of another freehold. The first floor freeholder does not own the land beneath the property, and is then said to own a "flying freehold"

Forced sale value

A price one would expect to obtain for a property on the open market without delay, assuming that a normal or reasonable amount of time is not available in which to market that property.

Freehold

Where, the ownership of the property by the owner has no time limit.

Freeholder

A person who grants the lease (i.e. the landlord).

FRICS

Fellow of the Royal Institution of Chartered Surveyors.

Frontage

The front boundary of a property.

Frost in houses

There may be a risk of boiler explosion when the cold feed to a hot water system is blocked by ice. Water from an open reservoir or filter beds may be not much above 0 degrees C. when delivered into the supply mains in winter. To ensure the main does not freeze, it should be covered by at least 750 mm (2 ft 6 in.) of earth. In Sweden, 2 m (6 ft. 6 in.) is usual. Water mains should therefore rise into the house well inside the outer walls. Overflow pipes from roof cold water cisterns should have obstructions to the inward flow of cold air. One of the best ways of doing this inside the building is to put a right-angle downward bend on the entrance to the overflow pipe, submerging it in the cistern. This obstructs the overflow, so it may sometimes be preferable to put the bend (or a tee) at the outside end of the overflow pipe (BSCP 99). (Illus. p. 69).

Freehold purchase

The term used to describe the clubbing together of leaseholders to exercise their statutory rights granted by the Leasehold Reform (Housing & Urban Development) Act 1993 to dispossess the freeholder of their interest in a block of flats, to buy the freehold. This being a right in law subject to certain qualification criteria as opposed to a voluntary sale to the lessees by the freeholder.

Freehold enfranchisement

The term used to describe the clubbing together of leaseholders to exercise their statutory rights granted by the Leasehold Reform (Housing & Urban Development) Act 1993 to dispossess the freeholder of their interest in a block of flats, to buy the freehold. This being a right in law subject to certain qualification criteria as opposed to a voluntary sale to the lessees by the freeholder.

Fascia Board

A fascia board is the name given to a board often wood or uPVC that is fitted to a building in order to provide secure fixings for guttering or downpipe brackets.

FENSA Regulations

FENSA stands for the Fenestration Self-Assessment Scheme. It has been set up by the Glass and Glazing Federation (GGF), at the request of the Office of the Deputy Prime Minister in response to the current Building Regulations for England and Wales All replacement glazing in homes comes within the scope of the Building Regulations. Anyone who installs replacement windows or doors has to comply with current thermal performance standards.

When having windows and doors replaced homeowners must ensure that they get a certificate of compliance. This may be obtained from FENSA or from Local Authority Building Control.

A consideration in contractor selection will therefore be whether the contractor you wish to appoint is FENSA approved as if so they will usually take responsibility for obtaining for you the relevant certification.