Glossary

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There are currently 5 names in this directory beginning with the letter F.
Final Completion Certificate
Final Completion Certificate - Certificate issued usually by the architect or lead consultant when the development has been fully completed and after the defects liability period -  usually 6 to 12 months. At this point, outstanding monies owed or due to the contractor is paid in full.  

Finance Lease
Finance Lease - An agreement between legal owner of an asset (leasing company or lessor) and lessee to use an asset for an agreed contract period. The lessee has full ownership of the asset and is usually responsible for the maintenance, repairs and insurance of the asset. At the end of the contract period, the lessee can agree a further extension at a lower cost, sell the asset and keep a share of the proceeds or return the asset to the leasing company. A finance lease is treated as a liability in the balance sheet.

Freehold
Freehold - The property and the land on which it is built are owned outright rather than held on long leases which is fro a predetermined amount of time.

Freehold Reversion
Freehold Reversion - A property reverts back to the freeholder on expiry of the lease term or the lease is purchased by the freeholder.

Full Repairing and Insuring Lease (FRI)
Full Repairing and Insuring Lease (FRI) - Lease offered on an FRI basis place all repairing, inside and out and insuring responsibility on the Tenant for the duration of the lease.