Backland.
A land-locked site, such as a back garden or an open public space. They are usually found in developed residential areas. |
Balustrade.
A collective term for describing hand rails, baluster rails and sections of steps or balconies upon which they are mounted. |
Bankers Draft.
A cheque drawn on the bank itself. These are normally required in property transactions. |
Barge board.
Timber boards fixed to the gable end of a roof to protect the roof timbers against the weather. |
Base rate.
The floor rate on which banks calculate interest rates. Borrowers pay a premium over base rate. Movements in the base rate are triggered by changes in the rate at which the Bank of England lends to the discount houses. |
Base Rate Tracker Mortgage.
The interest rate of a mortgage that tracks movements in the base rate. |
Base slab.
The large foundation concrete slab underneath a home. |
Bat.
A brick of half the normal length, used to complete a wall course bond. |
Batt.
A slab of insulating material. |
Batten.
A small section of timber, to which sheet materials, slates and tiles may be fixed. |
Block.
A section of masonry designed to make the construction of homes quicker and more efficient. Larger than a normal house brick. |
Blockwork.
A wall built from blocks, widely used by self build land enthusiasts and the home-building industry. |
Bolster.
A hardwood cap attached to the end of a wooden post to increase it capacity to bear loads. |
Borrow Back.
If overpayments have been made, money can be borrowed back without penalty. |
Brownfield Land
Land that is or was occupied by a permanent structure that has become vacant, underused or derelict and has redevelopment potential. |
Buildings Insurance.
This covers the cost of rebuilding or repairing the structure of the property. Lenders insist you have enough buildings insurance before they give you a mortgage. |
Buildings and Contents insurance.
This is combined insurance that may be cheaper than one policy for buildings insurance and another policy for contents insurance. |
Business Assets Taper Relief (BATR)
This is a relief that reduces a chargeable gain by 75% if an asset has been held for at least two years, and has been a qualifying asset throughout that period. The effective rate of tax is reduced to a maximum of 10%. |
Business Property for BATR
This includes assets used in a qualifying business or shares in a qualifying business. Property let to a trading company will qualify unless the tenant is a quoted company, an investment company or not trading (eg a charity). |
Business Property Relief
Where certain conditions are satisfied, relief from inheritance tax is available on the transfer of 'relevant business property'. The relief is a percentage reduction in the value transferred and applies to transfers in life and on death. The reductions may be 50% or 100% depending on the category of the asset. |
Butt.
To push or otherwise fit together. |
Buttress.
An additional bracing wall, often set at right angles to the main wall. It is usually constructed from brick or stone, and tapers towards its summit. |
Buying off-plan.
This occurs when purchasers buy property from architectural plans before building commences. |
Buy to Let.
A mortgage designed for people who buy a property with the intention of letting it out. It is similar to other mortgages, but the maximum loan-to-value (LTV) is usually lower. Other restrictions may also apply, such as minimum letting terms and rental income. |
