Financial Resource

capital value. It is therefore a measure of an investor’s opinion about the prospects and risks attached to that investment. The better the prospects and lower the risks, the lower the expected yield and thus the greater the capital value. The required yield from an investment is estimated in the light of such factors as:
a) the security in real terms of the capital invested;
b) the security in real terms and regularity of income;
c) the ability to adjust the income to reflect market conditions;
d) the complexity and cost of management;
e) the ease and likely cost of realizing the capital;
f) the tax position
Internal rate of return (IRR):
1. The rate of interest (expressed as a percentage) at which all-future cash flows (positive and negative) must be discounted in order that the net present value of those cash flows should be equal to zero. It is found by trial and error by applying present values at different rates of interest in turn to the net cash flow. It is something called the discounted cash flow rate of return.
2. An alternative explanation might be: the highest rate of interest (expressed as a percentage) at which funded f cash flow generated is to be sufficient to repay the original outlay at the end of the project life.

J

Joint agent:
One or two or more agents jointly instructed by a principal to act on his behalf. In the case of estate agents this is normally on the basis that if any one of the agents effect the sale, letting or other joint agent(s) will share the remuneration in agreed proportions. None of these agents would be entitled to a commission if the transaction is concluded as a result of someone else’s introduction.
Joint sole agent:
One of two or more agents jointly instructed as the only agents entitled to represent the principal. It is customary for the joint agents to share any commission earned on an agreed basis, irrespective of which agent effects the sale or letting.

K

Kiosk:
A small enclosed retailed outlet, normally without toilet facilities and in the retail area, frequently located in a public concourse or other place where it may remain open place where it may remain open only during peak times and be closed securely when there are no customers. Kiosks are now sometimes included in managed shopping schemes.

L

Land assembly:
The process of forming a single site from a number of land, usually for eventual development or redevelopment. This will include acquisition of individual interest the eventual development or redevelopment. This will include acquisition of the individual interests, removal or discharge of any restrictive covenants or other encumbrances and obtaining physical possession, when required, from occupiers.
Landlord:
The owner of an interest in land who, in consideration of a rent or other payment (e.g. A premium), grants the right to exclusive possession of the whole or part of their land to another person for a specific or determinable period by way of a lease or tenancy.
Lease agreement:
An agreement, usually written, between the lessor and the lessee, which allows for the conveyance of property to the tenant under a contract, and confers usage and control rights to the tenant for the duration of lease. Apart from financial terms and conditions, several clauses describing the other binding terms and conditions of the agreement are also documented.
License:
The lawful grant of a right to do something, which would otherwise be illegal or wrongful. It may be gratuitous, contractual or coupled with an interest in land. The grantor of license is the licensor and the grantee is the licensee. A gratuitous (“Mere” or “bare”) license can always be revoked (i.e.. Cancelled), but revocability of a contractual license depends on the terms of the contract. A license coupled with an interest in land may be irrevocable and unlike the other two categories, may be binding on successors in title of the licensor. One example of license is permission, usually required in writing, given specifically by an owner to a tenant, enabling something to be done which otherwise would be in breach of a term of the lease. A license does not itself transfer any interest in the land but may authorise the licensee to enter the licensor’s land for some specific purposes of the license; the licensor may enter the land and use it in any way not inconsistent with the rights of the licensee. However, a landlord may authorise by license some act or omission by a tenant, which would otherwise be a breach of the terms of the lease.
Load bearing:
The capacity of an element in a building structure to support a weight in addition to its own, whether vertically or laterally. Thus a load-bearing wall is one, which supports part of the structure in addition to its own weight.

M

Maintenance in property parlance:
The keeping of a building, structure or other physical feature in a specified e.g. Wind and weather tight, condition. The approved cost of maintenance may be deductible for income taxation.
Mattha:
Frontage of a building with the main road.
Mortgage:
The conveyance of a legal or equitable interest in freehold or leasehold property as security for a loan and with provision for redemption on repayment of the loan. The lender (mortgagee) has powers of recovery in the event of default by the borrower (mortgagor). A mortgage is a form of land charge and can be either legal or equitable.

N

Negotiation:
Discussion, written or otherwise, between two or more parties no different sides, the aim being to reach a common agreement.
Non-confirming use:
The use of a property, which does not conform to the allocation of the area for planning purposes. Such a property may have been built in conformity with the planning requirement at the time and a policy change ensued; more usually, the property was constructed before planning control was introduced.
Net present value method (NPV):
A method used in discounted cash flow analysis to find the sum of money representing the difference between the present value of all inflows and outflows of cash associated with the project by discounting each at a target yield.

O

Open market value:
1. The best price which might reasonably be expected to be obtained at arms’ length for an interest in a property at the date of valuation, subject to any statutory assumptions which may be required.
2. For the purpose of asset valuations this is defined by the Royal Institute of Chartered Surveyors (UK) as the best price which might reasonably be expected to be obtained for an interest in a property at the date of valuation assuming:
-a willing seller
-a reasonable period in which to negotiate the sale
-that values will remain static during that period
-that the property will be freely exposed to the market; and
-that no account will be taken of any higher price that might be paid by a person with a special interest.
-Outgoings Costs incurred by the owner of an interest in property, usually calculated on a yearly basis. e.g. management, repairs, rates, insurance and rent payable to the holder of a superior interest, as appropriate to his contractual or other liabilities. It is prudent to make annual provision for future items involving expenditure at intervals of more than one year.

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