Real Estate / Business Glossary
"G" Dictionary Definition - What is a :
Government Valuation (GV)
See Rateable Valuation.
A lease whereby the tenant pays a gross rent and the lessor pays out of that the operating expenses incurred through ownership. In such a lease the lessor bears the risk that the expenses may increase over the period of the lease.
A ground lease is a specialist form of tenure in which the lessor (the fee simple owner of the land) grants occupancy of the underlying land to a lessee. The main feature that differentiates ground leases from conventional leases is that the lessee normally has the right to construct or upgrade buildings on the land. If the lessee does not renew the lease, the rights of the lessee revert to the lessor including all the improvements to the land with no compensation paid to the lessee.
The annual fee a leaseholder pays a freeholder.
Stands for Goods and Services Tax.