Leasehold Definitions - Jargon Buster

25 definitions for letter P:

Parapet

The wall which projects above the level of the roof.

Party wall

A wall which separates the properties of two adjoining owners, each of whom have certain rights over the wall.

Payment break

A Payment break is a window in flexible mortgage repayments that allows Borrowers to suspend payments for a fixed period of time.

Penalties

Penalty charges are incurred by Borrowers when they either transfer mortgages to different Lenders or fully repay the loan before the end of the term.

Peppercorn ground rent

A basic (and usually annual) rent the Freeholder charges to the leaseholder

Peppercorn rent

A nominal rent where the landlord does not receive an annual payment in cash. When the owner of land or property wishes to grant a lease, he must charge a rent as an acknowledgement of the existence of the lease. Where the owner does not want to charge any rent but simply wishes to establish the lease exists, he can ask for a peppercorn each year as a token payment. In practise, this is not generally handed over!

Pied a terre

A property kept for temporary, secondary, or occasional occupation

Pied-a-terre

A property kept for occasional or temporary secondary occupation.

Pitch-epoxy glue

A glue suitable for fixing expanded polystyrene.

Plywood (tim.)

Structural board, stronger and more dimensionally stable than wood, because it is glued from an old number of sheets of veneer with the grain of adjacent sheets at right angles to each other. Three-ply is the commonest and cheapest but multi-ply is also much used. Plywood was used by the joiners of Europe, particularly France, in furniture-making some centuries ago, and probably also by the ancient Romans and Egyptians. Plywood, as we know it now, was used by the American piano industry in 1830 for the planks which held the pins to which piano cords are attached. It was then made of sawn veneer. At this time, obviously piano makers understood its superiority over wood in strength and stability in varying conditions of dampness. Blackboard desk tops were made in 1883 and plywood panels for doors in 1890, flush doors following much later. Plywood was known in USA as 'veneered stock' until 1919 when, to avoid the ignorant but widespread prejudice against veneer, the old Veneer Association changed its name to the Plywood Manufacturers' Association of USA. It differs from laminated wood, in which the plies have parellel grain. See also balanced construction, composite board, cross band, moulded plywood, rotary cutting, sliced veneer, synthetic resin.

Power of attorney

A document granting power to some person to act in the name of another. Normally left with a solicitor to enable a purchase to proceed in the absence of either the vendor or purchaser.

Pre-boring for nails

Boring a hole for each nail enables more nails to be driven into each joint because they can safely be closer than when no hole is drilled. Therefore joints can be stronger. The drill bit should be slightly thinner than the nail - about two thirds to four fifths of the nail diameter. The least distance of wire nails from the end of the wood should be 20 times the nail diameter (D) if the holes are not bored and 10D if they are. Similar dimensions apply for the spacing of nails along the grain. The side spacing between lines of nails is 10D for unbored holes and 3D for bored holes. The edge distance is 5D in both instances.

Preliminary enquiries

The initial enquiries made to the Seller about a property. The Seller must fully answers these before any exchange of contracts.

Preliminary or pre-contract enquiries

These are enquiries made by the purchaser's solicitors, requesting information on a property prior to exchange. It is at this stage that fixtures and fittings to be left or taken are agreed.

Premium

The monthly payment on an insurance policy is the Premium.

Premium lease

A lump sum paid up front as rental payment for a property. Most normally used by City firms for corporate lets.

Present Value

An investment valuation term used to calculate the current value of a future interest. For example, the freeholders interest in a building on which sub-leases have been granted is significant but only when the leases have expired. The 'present value' of this interest is a mathematically derived value of what that interest is worth today, put simply the future value, postponed by the term of years until the lease expires.

Principal

The basic loan upon which interest is calculated

Probate

A document which is issued by a court to an executor, to show that the will of a deceased has been proved and that the executor can distribute the assets.

Property Misdescriptions Act 1991

Brought in to ensure agents' descriptions of properties, either written or oral, and room measurements were accurate, and to ensure that agents carry out due diligence at all times.

Public liability insurance

Insurance which covers injury to, or death of anyone on or around a property.

Purchaser

The Purchase is the Buyer of a property.

Purlin

A horizontal beam used in roof construction and placed at right angles to the rafters or trusses

Purpose built flats

These are properties which have specifically been designed and built as individual flats, as opposed to flats which are created by conversion of an existing building, such as a large Victorian house.

Peppercorn rents

www.niceic.org.uk