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Similarly, if town councils wish to develop a town centre, they may issue compulsory purchase orders. CPOs can also be used to acquire historic buildings in order to preserve them from neglect. Compensation rights usually include the value of the property, costs of acquiring and moving to a new property, and sometimes additional payments.
Compulsory purchase is the power to purchase or take rights over an estate in English land law, or to buy that estate outright, without the current owner's consent, in exchange for payment of compensation. In England and Wales, Parliament has granted several different kinds of compulsory purchase power, which are exercisable by various bodies ...
The other important kinds of charge that had to be registered are restrictive covenants and equitable easements, [70] a right from the Family Law Act 1996 Part IV, [71] and an "estate contract" (i.e. either a future right to buy a property, or an option to buy). [72] Without registration, those charges would be void, but once registered those ...
The successful sale of another house may be needed to finance the purchase of a new one. Appraisal contingency – Purchase of the real estate is contingent upon the contract price being at or below a fair market value determined by an appraisal. Lenders will often not lend more than a certain percentage (fraction) of the appraised value, so ...
Land law, or the law of "real" property, is the most significant area of property law that is typically compulsory on university courses. Although capital, often held in corporations and trusts, has displaced land as the dominant repository of social wealth, land law still determines the quality and cost of people's home life, where businesses and industry can be run, and where agriculture ...
The term 'property chain' is common in real estate, especially in the UK.The chain is the line of people buying and selling. For example, there might be a first-time buyer trying to purchase a small flat, another person waiting to move from the flat to a small house, another person waiting to move from the small house to a larger house, and so on.
Easements in English law are certain rights in English land law that a person has over another's land. Rights recognised as easements range from very widespread forms of rights of way, most rights to use service conduits such as telecommunications cables, power supply lines, supply pipes and drains, rights to use communal gardens and rights of light to more strained and novel forms.
Domestic real estate represented the largest non-financial asset in the UK, with a net worth of £5.1trillion (2014). [3] Foreign investment plays a substantial role in the UK's real estate market, particularly in London, and foreign companies and individuals invested around £20billion in UK real estate in 2012. [4] [needs update]