Holiday home glossary – definitions property terms-E

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Easement:(UK) A right appurtenant to a parcel of land entitling a dominant owner to use the land of the servient owner in a particular manner, or constraining the legal rights otherwise enjoyed by the servient owner, eg. A right of way, right to light, right to support. Strictly speaking, easements cannot exist “in gross”, ie personal and unattached to the ownership of land, but rights similar to easements can be created by statute, usually for the benefit of public utility undertakings, and these are commonly referred to as “statutory easements”.

Effective rent:The gross rent payable per month by the occupiers which includes the base rent, maintenance charges, imputed costs of loss of interest on security deposit and rental advance. The effective rent indicates the total cash outflow of an occupier every month on account of leasing any property.

Equity linked mortgage: A mortgage whereby the interest on the principal in part or in whole is calculated, usually yearly, by reference on the security, eg. It may reflect annual increase or possible decreases, in the annual return on, or the value of, the property in which the mortgage is secured.

Escalation clause: Specified in lease agreements wherein renewals of lease period are built in. It involves an increment in the base rent at every renewal of a lease agreement and is generally a percentage rate that is either pre agreed or negotiated before the renewal of the lease agreement.

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