Sale and leaseback
An arrangement whereby a property is sold, with the vendor simultaneously being granted a lease on the property by the purchaser.
Sex Discrimination Act 1975 – prohibits discrimination based on gender or marital status in employment or when making an offer of employment.
Property which is defective in one (or possibly two) of the characteristics of prime property.
A creditor with specific rights over some or all of the debtor’s assets in the event of insolvency. In essence he is paid first from the secured assets.
The conversion of assets into tradeable securities.
A charge or mortgage over assets taken to secure payment of a debt. If the debt is not paid, the lender has a right to sell the charged assets. The most common example is a mortgage over a property.
Security of tenure
The right of a tenant to continue to occupy until the landlord obtains a court order for possession or the tenant terminates of the agreement.
A document setting out agreed terms for a separation without involving court proceedings.
The process by which court documents are formally sent to the recipient party (usually via their solicitor).
The amount a tenant pays for services the landlord provides.
A person who is not formally appointed as a director, but in accordance with whose directions or instructions the directors of a company are accustomed to act.
Terms agreed separately by landlord and tenant, or by buyer and seller, which do not form part of the lease or contract of sale.
A senior barrister sometimes referred to as a leader or leading counsel (also see QC).
Small Claims Track
The track that defended claims with a value of up to £5,000 (non injury) and £1,000 (injury) are allocated to in the Court system and which is then governed by certain specific procedural rules.
Statutory Maternity Pay – an employer must pay SMP to any employee who is eligible.
Fixed and quantifiable losses associated with a claim for personal injury damages such as loss of earnings, vehicle damage, etc.
Special Purpose Vehicle (SPV)
An SPV is any entity established for the purpose of undertaking a single property transaction. There are many types of SPVs and each has its own tax status.
Specific issue order
An order determining a specific issue relating to a child, such as a dispute regarding education or medical treatment.
Statutory Sick Pay.
Stamp Duty Land Tax (SDLT)
This is a tax charged by the government on land transactions and is chargeable at rates between 1% and 5% on the VAT inclusive purchase price and rent.
Statement of arrangements
The form that must to be sent to the court with the petition if children are involved, setting out the proposed arrangements for those children when the divorce takes place.
Statement of Particulars
A written statement outlining the terms, duties and responsibilities of a particular job.
Statement of Truth
The signature at the end of a Statement of Case, application or other document verifying that the contents of that document are true.
Statements of Case
Documents setting out the claim/defence of the parties involved in the proceedings.
A formal notice requiring payment of a debt exceeding £750 within 21 days, in default of which bankruptcy or liquidation proceedings may be commenced without further notice.
Any privilege recognised and protected by law.
A legally qualified and salaried Magistrate now called a District Judge.
In the course of trial – whilst a Court case is under consideration proceedings are sub-judice and details cannot be disclosed.
Subject to contract
Wording of any agreement before exchange of contracts which allows either party to withdraw without incurring any penalty.
Where the tenant lets part or all of the premises to a subtenant, as permitted by the terms of the lease. It differs from assignment in that the head lessee remains responsible to the landlord for the payment of rent and fulfilment of other obligations.
The percentage of basic charges added to the legal bill under a Conditional Fee Agreement if a person’s claim for damages is successful.
A criminal offence which can only be tried by a Magistrates’ Court.
An order to appear or to produce evidence to a Court.
The person appointed to supervise the implementation of the IVA or CVA.
A person’s undertaking to be liable for another’s non-attendance at Court.
A report carried out by a surveyor on the physical condition of the property being purchased.
A custodial sentence which will not take effect unless there is a subsequent offence within a specified period.