The market in freehold land, 1300-1509: the evidence of feet of fines

This article provides time series data on the medieval market in freehold land, including the changing social composition of freeholders, level of market activity, size and complexity of landholdings, and shifts in the market value of land. These are subjects hitherto largely ignored due, in part, to the disparate nature of the evidence. It argues that feet of fines, despite archival limitations, if employed with care and an understanding of the underlying changes in the common law of real property, are capable of providing quantifiable evidence spanning hundreds of years and comparable across large areas of England.

Tables for the purchasing of estates, freehold, copyhold, or leasehold annuities, advowsons, &c., and for the renewing of leases ...

Mode of access: Internet.

A treatise on the law of copyholds and of the other tenures (customary and freehold) of lands within manors; with the law of manors and manorial customs generally, and the rules of evidence applicable thereto; including the law of commons or waste lands; and also the jurisdiction of the various manorial courts.

Mode of access: Internet.

The Kerr clan of New Jersey, beginning with Walter Ker of Freehold and including other related lines,

Mode of access: Internet.

Life of the Rev. William Tennent, late pastor of the Presbyterian Church at Freehold, N.J. /

Published anonymously in the Evangelical Intelligencer, 1806.

Valuation and arbitrage

The use of discounted cash flow (DCF) methods in investment valuation and appraisal is argued by many academics as being rational and more rigorous than the traditional capitalisation model. However those advocates of DCF should be cautious in their claims for rationality. The various DCF models all rely upon an all-encompassing equated yield (IRR) within the calculation. This paper will argue that this is a simplification of the risk perception which the investor places on the income profile from property. In determining the long term capital value of a property an 'average' DCF method will produce the 'correct' price, however, the individual short term values of each cash-flow may differ significantly. In the UK property market today, where we are facing a period in which prices are not expected to rise generally at the same rate or with such persistence as hitherto, investors and tenants are increasingly concerned with the down side implications of rental growth and investors may indeed be interested in trading property over a shorter investment horizon than they had originally planned. The purpose of this paper is therefore to bring to the analysis a rigorous framework which can be used to analyse the constituent cash flows within the freehold valuation. We show that the arbitrage analysis lends itself to segregating the capital value of the cash flows in a way which is more appropriate for financial investors

Apartment ownership: the English version needs reforming

In this contribution, the English commonhold system, which enables the development of freehold units in a multi-unit development, is critically re-visited. Provision is made for the development of freehold apartments on land with a registered commonhold title. At the date of registration, a management body for the scheme, the commonhold association, must be in place. Each purchaser of a unit in the relevant building obtains freehold property on purchase. The property and management of the building housing the units and of the common areas of the scheme are, by contrast, withheld from unit holders and vested in the commonhold association, which is a special kind of body corporate. Since the coming into force of the English legislation, a set of defects have been detected. This contribution re-assesses the main problem areas and makes a number of reform suggestions drawing on material from a number of jurisdictions, notably South Africa, France and Germany. Avoidable problems are likely to arise with any conversions to commonhold from the predominant English long lease system, owing to the narrowness of the conversion rules. The manner in which ownership of units and the common parts are regulated, a key aspect in any such system, merits re-assessment. It seems that here the English rules survive comparison. The rules pertaining to constitution of the commonhold association fail to provide sufficient safeguards for unpaid scheme creditors. The rules relating leasing of commonhold units seem inadequately thought out. There is a conspicuous absence of real remedies for non-payment of assessments by unit holders. The effect of these and other aspects may help to explain why commonhold has had a limited numerical impact. The time for a second generation reforming statute may have come.

Can valuation factors be prescribed? The case of collective enfranchisement and leasehold extension of flats in England and Wales

Recent concerns over the valuation process in collective leasehold enfranchisement and lease extension cases have culminated in new legislation. To underpin this, the Government (Department of Environment Transport and the Regions (DETR)) commissioned new research, which examined whether the valuation of the freehold in such cases could be simplified through the prescription of either yield or marriage value/relativity. This paper, which is based on that research, examines whether it is possible or desirable to prescribe such factors in the valuation process. Market, settlement and Local Valuation Tribunal (LVT) decisions are analysed, and the basis of 'relativity charts' used in practice is critically examined. Ultimately the imperfect nature of the market in freehold investment sales and leasehold vacant possession sales means that recommendations must rest on an analysis of LVT data. New relativity curves are developed from this data and used in conjunction with an alternative approach to valuation yields (based on other investment assets). However, the paper concludes that although the prescription of yields and relativity is possible, it is not fully defensible because of problems in determining risk premia; that the evidential basis for relativity consists of LVT decisions; and that a formula approach would tend to 'lead' the market as a whole.

Arid rangeland production systems of Southern Africa

This paper analyses and describes the semi-arid rangelands of southern Africa. These rangelands are found in the grassland, savanna and thicket biomes and comprise all the remaining land which does not support commercial rainfed agriculture, in extent some 778221 km2 (66% of South Africa). Although production is primarily driven by rainfall, rangeland management systems have been developed to cope with the uncertain climate and to ameliorate the impact of inter-annual variation in production. We describe the rangeland types that occur, provide an insight into their management and examine some constraints on livestock production which the socio-economic environment presents. We describe the grazing management systems which apply under the two land tenure systems, namely freehold and leasehold tenure, and discuss how each of these systems effects livestock production, management and resource condition.

Relative values: residential leasehold reform in England and Wales - valuation of lease extension and enfranchisement

This research report was commissioned by the DETR and examines valuation issues relating to leasehold enfanchisement and lease extension - the right for flat owners to collectively purchase the freehold or buy a longer lease. The two factors examined examined in detail are the yield to be applied when capitalising the ground rent and the relative value of leases with a relatively short period left to run as against the value of the freehold or a new long lease, which determines the level of 'marriage level'. The research report will be of interest to all those involved in the valuation of residential leasehold property and those with an interest in legislative proposals for leasehold reform.

New York, N.Y. and vicinity, 1961 : Sandy Hook, N.J.-N.Y. (8 Sheet Set) (Raster Image)

This layer is a georeferenced raster image of the United States Geological Survey 7.5 minute topographic sheet map entitled: New York and vicinity : Sandy Hook, N.J.-N.Y., 1954. It is part of an 8 sheet map set covering the metropolitan New York City area. It was published in 1961. Scale 1:24,000. The source map was prepared by the Geological Survey from 1:24,000-scale maps of Sandy Hook, Keyport, Marlboro, and Long Branch 1954 7.5 minute quadrangles compiled by the Army Map Service. Culture revised by the Geological Survey. Hydrography compiled from USC&GS charts 286, 369, and 824. The image inside the map neatline is georeferenced to the surface of the earth and fit to the Universal Transverse Mercator (UTM) Zone 18N NAD27 projection. All map collar and inset information is also available as part of the raster image, including any inset maps, profiles, statistical tables, directories, text, illustrations, index maps, legends, or other information associated with the principal map. USGS maps are typical topographic maps portraying both natural and manmade features. They show and name works of nature, such as mountains, valleys, lakes, rivers, vegetation, etc. They also identify the principal works of humans, such as roads, railroads, boundaries, transmission lines, major buildings, etc. Relief is shown with standard contour intervals of 10 and 20 feet; depths are shown with contours and soundings. Please pay close attention to map collar information on projections, spheroid, sources, dates, and keys to grid numbering and other numbers which appear inside the neatline. This layer is part of a selection of digitally scanned and georeferenced historic maps from The Harvard Map Collection as part of the Imaging the Urban Environment project. Maps selected for this project represent major urban areas and cities of the world, at various time periods. These maps typically portray both natural and manmade features at a large scale. The selection represents a range of regions, originators, ground condition dates, scales, and purposes.