Land and property - commonly used terminology

By Tolley
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The following Value Added Tax guidance note by Tolley provides comprehensive and up to date tax information covering:

  • Land and property - commonly used terminology

The following list, while not exhaustive, provides an overview of the meanings of commonly used terms that a business and / or its adviser may encounter when dealing with a land and property transaction:

TermDefinition
Alienation clauseClause restricting the tenants right to assign a lease or sublet a property
Beneficial occupationThe occupation of land to the benefit or advantage of the occupier
Beneficial ownerA party that has title to the land for their own benefit
Charge certificateThis is the certificate issued by the Land Registry to the mortgage lender showing the charge on the Land Registry
ChargeThis is an interest in land which secures payment of a debt

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