Leasehold Definitions - Jargon Buster

4 definitions for letter U:

Under offer

Status of a property indicating that an offer has been made and accepted for a property, subject to contract.

Underpinning

When existing foundations to a building are inadequate, additional strengthening will be added below the existing foundations.

UPVC, unplasticized polyvinyl chloride

A relatively stiff material, sometimes brittle in cold weather, of which sewer pipes or water pipes are made.

Under lease

An underlease would be a lease created from an interest held by a lessee, for example a headlessee may hold an entire building for 125 years and then grant under leases when selling individual units perhaps for a term of 125 years less 5 days as he/she can only grant an under lease, with the landlord/freeholders consent and this must be for a term of less days than his/her own interest.