Agricultural Limitation (also referred to as a farming Link) This is a term used to describe a condition imposed by a Planning Authority when granting planning consent for the building of usually a dwelling. Usually the application is for an agricultural worker’s dwelling. A typical wording might be “the occupation of the dwelling shall be limited to a person solely or mainly employed or last employed in the locality in agriculture as defined in section 290(i) of the Town and Country Planning Act 1971, or in forestry, or a widow or widower of such a person (including and dependents of such a person, residing with them).” The effect of such a restriction is to limit the number of persons who are entitled to occupy the property and therefore this limits the market to which the property may be sold. See our article on this subject. (note for Hento – possible Link)
Arrears Where a payment due in respect of any form of credit is missed these are arrears. However, with most of the lenders we deal with the only missed payments taken into account and which will affect the terms offered will be arrears on any other mortgages or secured loans. The only exception to this is where an applicant currently lives in a rented property where arrears of rent will also have an impact on the terms offered. Where you think you are about to miss any payment it is important that you contact the lender just as soon as possible. There is no substitute for talking to your creditors if you cannot meet a payment.
For example, the new Apr getting a loan provider charging interest in progress would-be higher than a loan provider battery charging need for arrears
Annual percentage rate (APR) The yardstick by which you can compare the cost of one finance deal with another. This is the true cost of borrowing, in percentage terms and takes into account the cost of obtaining the credit. It is usually higher than the charging rate of interest because it takes into account the total cost of your borrowing over the full term of the loan. See also Interest Rate
You should always bear in mind that how a lender charges the attract features an effect on it
Asset Loans This is finance used for the purchase or lease of plant and equipment, machinery or vehicles. Other names for this are Lease purchase finance, Hire purchase, or leasing. With most purchase type agreements, the credit provider will retain ownership of the goods until and option to purchase fee has been paid at the end of any agreement, though the Consumer Credit Agreement 1974 affords certain rights to those agreements where the credit involved is ?25,000 or less. There are two types of lease arrangements one being an Operating lease and a Finance lease. One important term online payday loans michigan is sale and lease back which is where an asset is sold to a credit provider and then leased back to the previous owner.
Equilibrium Sheet This might be a file that displays the state of things away from a business at any offered area of your time no matter if usually on year end. The original area listing the businesses property. Repaired Assets is often real otherwise intangible possessions. Real Fixed Assets was actual things such as structures, house, plant, devices gizmos and automobile. Intangible Repaired Assets aren’t real some thing however they are items that has actually an admiration so you’re able to a business such as for example goodwill otherwise brand name names. Intangible Fixed Property are discover merely regarding the Balance Sheet sets away from higher organizations and you can where item has been ordered. Such as for example, when Nestles bought Rowntrees, that was a reputable brand name that has been browsing has already been purchased within the speed taken care of the new whole providers which was recognised due to the fact a keen Intangible Repaired Resource for the Nestles Balance Sheet.
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