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...

Key features of LMA English law real estate finance term sheets for investment (senior/mezzanine and intercreditor) and single-property development transactions

Published by a LexisNexis Banking & Finance expert

Practice notes

LMA REF term sheets

The loan Market Association (LMA) has issued two English law term sheet templates for real estate finance (REF) transactions. They are:

the LMA term sheet for a single currency term facility agreement for multi-property investment transactions (the LMA REF Investment Term Sheet), and
the LMA term sheet for a single currency term facility agreement for single property development transactions (the LMA REF Development Term Sheet)

This Practice Note considers the risk-free rate versions of the LMA REF Investment Term Sheet and the LMA REF Development Term Sheet, collectively referred to as the ‘LMA REF Term Sheets’. The LMA REF Term Sheets contain the standard provisions you would anticipate in a loan term sheet. This Practice Note highlights the principal features of the LMA REF Term Sheets that are particular to real estate finance transactions.

For guidance on drafting and negotiating REF term sheets, see Practice Note: How to draft and negotiate a term sheet in a real estate finance transaction. For background on term sheets generally, see:

Practice Note: Term sheets in lending transactions
Practice

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Web page updated on 21/05/2026

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