Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Estate definition

What does Estate mean? In practice, “estate” describes either: (1) the nature and duration of a person’s proprietary interest in land; or (2) the aggregate property of a person, commonly on death or bankruptcy. England & Wales and Northern Ireland: An estate in land denotes the time-based interest, not the land itself. Statute and case law limit legal estates primarily to freehold (fee simple absolute in possession) and leasehold (term of years absolute), with other interests (for example, life interests and beneficial interests under a trust) arising in equity. This concept underpins conveyancing, security, priorities and land registration. Ireland: Under the Land and Conveyancing Law Reform...

Real estate development finance: lender requirements for construction contracts, professional appointments, insurance, collateral warranties and planning; procurement, pricing, bonds/guarantees, and HGCRA adjudication/payment issues

Published by a LexisNexis Banking & Finance expert

Practice notes

The development of property can be carried out by different procurement methods.

For further details and context, see Practice Note: Real estate development finance—introductory guide to forms of procurement. The principal procurement routes commonly used to deliver a property development scheme are as follows:

design and build procurement
traditional procurement
management contracting

Across the UK, design and build is the procurement route most often chosen. The selected route shapes both the scope and substance of the development documentation for the scheme. Such documentation is central to any real estate finance deal that entails property development activity. This Practice Note outlines and explains the core development documentation involved, namely the following:

the building contract
parent company guarantees and bonds
the sub-contracts (which may include sub-contracts for design, in design and build procurement)
the professional consultant appointments
the insurances
collateral warranties (or third party rights), and
planning permission

In practice, a lender will commonly require security over the borrower’s rights under the key development documents. For additional guidance, see Practice Note: Real estate finance—taking security over the key development contracts...

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Web page updated on 21/05/2026

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