Jurisdiction(s):
United Kingdom

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...

Collateral warranties in development finance: contractual links, rights to sue, and step-in protections from contractors, sub-contractors and consultants for lenders and borrowers

Published by a LexisNexis Banking & Finance expert

Practice notes

collateral warranties rank among the key documents in real estate development finance facilities. Issued by the principal members of the project team to both lender and borrower, they forge a contractual connection that would otherwise be absent and often grant significant step-in rights to the relevant party. This Practice Note covers:

what collateral warranties are
how collateral warranties are used in real estate development facilities
the rights conferred by collateral warranties

What is a collateral warranty?

A collateral warranty is a contract that is collateral to, or runs alongside, an underlying agreement. In the context of real estate development facilities, these warranties typically sit next to the key development documents (see Practice Note: Real estate development finance—introduction to the development documentation). The effect is to create a direct contractual link where one would not usually exist, enabling a third party to have a direct contractual relationship with the principal members of the development team...

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Web page updated on 21/05/2026

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