Glossary

Glossary of 7847 Property Development Terms

I

I Beam - A steel beam with a cross section resembling the letter I. It is used for long spans as basement beams or over wide wall openings, such as a double garage door, when wall and roof loads bear down on the opening.

I Joist - Manufactured structural building component resembling the letter I. Used as floor joists and rafters. I-joists include two key parts: flanges and webs. The flange or from of the I joist may be made of laminated veneer lumber or dimensional lumber, usually formed into a 1" width. The web or centre of the I-joist is commonly made of plywood or oriented strand board (OSB). Large holes can be cut in the web to accommodate duct work and plumbing waste lines. I-joists are available in lengths up to 60 feet long.

IAQ (Indoor Air Quality) - The purity of indoor air or a lack of polluting gases or particles given off by equipment and furnishings in a space that can affect human health.

Ice Cube Maker Automatic - Refrigerating mechanism designed to automatically produce ice cubes in quantity.

Ice Zero - Trade name for dry ice.

IFA (Independent Financial Advisor) - An accredited financial advisor who is in a position to offer financial advice including advice on mortgages.

IG Units - Two or more lights of glass spaced apart and hermetically sealed to form a single-glazed unit with an air space between each light. (Commonly called IG units.)

IGP (Indemnity Guarantee Premium) - See Additional Security Fee.

Illness Building Related - Diagnosable illness whose symptoms can be identified and whose cause can be directly attributed to airborne building pollutants, for example, Legionnaires disease, and hypersensitivity pneumonitis.

Impact Noise Rating (INR) - A single figure rating which provides an estimate of the impact sound insulating performance of a floor-ceiling assembly.

Impermiable - Not permitting water vapour or other fluid to pass through

Improved Asphalt Upgrade - Subgrade, improved as a working platform

• By the incorporation of granular materials or stabilizers such as asphalt, lime, or portland cement, prepared to support a structure or a pavement system,
• any course or courses of select or improved material placed on the subgrade soil below the pavement structure; subgrade improvement does not affect the design thickness of the pavement structure.

Improvement Grant - Provided by the local authority towards the cost of repairing or improving property. Contact your local council for further information.

Incandescent - Using an electrically heated filament to produce light in a vacuum or inert gas filled bulb.

Incandescent Lamp - A lamp employing an electrically charged metal filament that glows at white heat. A typical light bulb.

Incandescent Lighting - Using an electrically heated filament to produce light in a vacuum or inert gas filled bulb.

Incentives - Sweeteners that are used - such as fitted kitchens and luxury items - by developers of new homes to entice you to buy. The cost of these is often offset elsewhere in the purchase cost. See also "Mortgage incentives".

Incidence Of Angle - The angle that a line or light ray striking a surface makes with the perpendicular at that point, the point of incidence.

Incidence Of Interest Calculation - The frequency that the outstanding interest and ongoing mortgage repayments are calculated. Charging interest on the outstanding balance of your loan at the end of each day means you reap immediate benefits of any repayments you make, since you will be charged interest on a smaller debt each day. As long as you are making payments on time, the more often interest is calculated the better for you. This is a common feature of flexible mortgages, but is not restricted solely to them. When interest is calculated annually, repayments are not updated to include the reduction in capital that arises from the payments you make throughout the year.

Inclusions - Basic fixtures and fittings list negotiated at time of making offer.

Income Accrued - The entry into the asset accounts of income earned, but not received, at a given date.

Income Protection - Insurance designed to protect you if you are unable to continue providing for yourself or others. Income protection will not specifically pay off your mortgage, loans, private medical treatment or special needs that arise through disability. It will provide you with a regular weekly or monthly income if you become unable to work as a result of accident, sickness or disability. The amount of benefit that is paid out it is not linked to your mortgage or other loan payments, but your overall level of income.

Income Support For Mortgage Interest - Help provided by the government to assist people, who are ill, have suffered serious injury or become unemployed and have a mortgage. You will not qualify for state help with your repayments until nine months after you make a claim and then only if you qualify for income support, you have savings less than £8,000 and your partner works less than 24 hours a week. Payments are calculated by taking the average interest rate of the top twenty lenders - if you are getting charged an interest rate higher than that average, and then there will still be a shortfall between the ISMI payment and your mortgage repayment.

Incompatibility - Descriptive of two or more materials which are not suitable to be used together.

Incorporated Society Of Valuer And Auctioneers - A professional body for surveyors which provides a code of practice for its members.

Incumberances - The conditions of Title on a property.

Indemnification Clause - Provision in a contract in which one party agrees to be financially responsible for specified types of damages, claims, or losses.

Indemnity - Applies to insurance policies and means the insurer will basically make sure you are no better or worse off in the event of a claim, taking into account wear and tear.

Indemnity Guarantee Premium - See Additional Security Fee.

Independent Financial Adviser (IFA) - An accredited financial advisor who is in a position to offer financial advice including advice on mortgages.

Independent Surveyors Report - A survey will tell you exactly what work needs to be done to the building and whether there are any problems with the property you didn't know about. This can help avoid unpleasant and costly surprises after you have moved in. As the buyer, it is your responsibility to find out what you are committing yourself to. The seller has no liability whatsoever once the purchase is complete.

Index - The interest rate or adjustment standard that determines the changes in monthly payments for an adjustable rate loan.

Indirect Heating System - A solar heating or cooling system in which the solar heat is collected exterior to the building and transferred inside using ducts or piping and, usually fans or ducts.

Individual Savings Account (ISA) - A tax-free way of owning shares, a cash savings account of life assurance.

Indoor Air Quality (IAQ) - The purity of indoor air or a lack of polluting gases or particles given off by equipment and furnishings in a space that can affect human health.

Inertia Thermal - The tendency of a building with large quantities of heavy materials to remain at the same temperature or to fluctuate only very slowly; also the overall heat storage capacity of the building.

Infeed - The side of a power tool where a board enters.

Infestation - Infestation in wood/timber in a property by any of various insects, insect larvae, or mollusks that bore into wood.

Infestation Wood - Microscopic plants that live in damp wood and cause mold, stain, and decay.

Infestation Woodborer - Infestation in wood/timber in a property by any of various insects, insect larvae, or mollusks that bore into wood.

Infills Glazing - Glazing set from the exterior of the building.

Infiltration - The passage of air from indoors to outdoors and vice versa; term is usually associated with drafts from cracks, seams or holes in buildings.

Infiltration Air - The amount of air leaking in and out of a building through cracks in walls, windows and doors.

Inflation - The continual aggregate rate of increase in prices.

Infrared Radiation - Electromagnetic radiation from the sun that has wavelengths slightly longer than visible light.

Inheritance - Money, possession or estate received from a friend or relative who has passed away.

Inhibition - A barrier which creditors put on the sale of any property until they are paid back in full.

Initial Guarantee Period - A warranty provided on many new homes which means that the developer is responsible for any major structural problems for the first two years.

Injection Grouting Chemical - Leak repair technique usually used below grade in cracks and joints in concrete walls and floors that involves injection of sealant (usually urethane) that reacts with water to form a seal.

INR (Impact Noise Rating) - A single figure rating which provides an estimate of the impact sound insulating performance of a floor-ceiling assembly.

Insanitary - Contrary to sanitary principles injurious to health.

Inside Corner - The point at which two walls form an internal angle, as in the corner of a room.

Inside Drain - In roofing, a drain positioned on a roof at some location other than the perimeter. It drains surface water inside the building through closed pipes to a drainage system.

Insolation - The total amount of solar radiation direct, diffused and reflected-striking a surface exposed to the sky.

Inspection - The actual review of a property being considered for purchase whereby defects and faults in the property are reviewed prior to negotiation on price.

Inspection Chamber - Used to access a drain and consists of an opening at ground level with the drainage channel at its bottom, also called a man-hole.

Inspector Building - A public official that examines the work in the field to determine compliance with the applicable building laws.

Instalments - Regular part payments towards the total cost of a loan or premium.

Instructing - This is when you employ the services of an estate agent, solicitor or surveyor to act on your behalf.

Insulated Glass - Window or door in which two panes of glass are used with a sealed air space between, also known as Double Glass or Double Glazing.

Insulated Roof Membrane Assembly (IRMA) - Insulated (or Inverted) Roof Membrane Assembly. In this system the roof membrane is laid directly on the roof deck, covered with extruded foam insulation and ballasted with stone, minimum of 1000 lbs. per square

Insulated Screwdriver - Designed for use by electricians, the blade is covered in plastic sheathing with only the tip exposed. Only a protective measure because it should never be used as protection against a flow of electricity.

Insulating Glass - Window or door in which two panes of glass are used with a sealed air space between, also known as Double Glass or Double Glazing.

Insulating Glass Unit - Two or more lights of glass spaced apart and hermetically sealed to form a single-glazed unit with an air space between each light. (Commonly called IG units.)

Insulation -

• Generally, any material which slows down or retards the flow or transfer of heat. Building insulation types are classified according to form as loose fill, flexible, rigid, reflective, and foamed-in-place. All types are rated according to their ability to resist heat flow (R-Value).
• In electrical contracting, rubber, thermoplastic, or asbestos wire covering. The thickness of insulation varies with wire size and type of material, application or other code limitations.

Insulation Attic - Treated shreds of cellulose material that are blown into attic spaces or fiberglass rolls that are rolled out between ceiling joists to aid in weatherproofing a building or facility.

Insulation Batt - Strips of insulation, usually fiberglass that fit between studs or other framing.

Insulation Blanket - Thermal insulating material made of fibrous glass or mineral wool, sometimes with paper or foil surfacing, formed in batts or rolls.

Insulation Blankets - Fibreglass or rock-wool insulation that comes in long rolls 15 or 23 inches wide.

Insulation Blow - Fibre insulation in loose form and used to insulate attics and existing walls when framing members are not exposed.

Insulation Blown In - Loose cellulose insulation that is blown into an attic, crawl space, or walls by a blowing machine.

Insulation Board - A rigid structural building board made of coarse wood or cane fiber in ½- and 25/32-inch thickness It can be obtained in various size sheets, in various densities, and with several treatments.

Insulation Board Rigid - A structural building board made of coarse wood or cane fibre in 1/2 and 25/32-inch thickness. It can be obtained in various size sheets and densities.

Insulation Calcium - A type of insulation, made of hydrated calcium silicate, that can withstand 1200° Fahrenheit and is not affected by moisture.

Insulation Ceiling - Loose, blown in material or fiberglass rolls that are in installed at the ceiling plane.

Insulation Cellulose - Ground up newspaper that is treated with a fire retardant.

Insulation Fasteners - Any of several specialized mechanical fasteners designed to hold insulation down to a steel or a nailable deck.

Insulation Fibre - Fibre insulation in loose form and used to insulate attics and existing walls when framing members are not exposed.

Insulation Fill Type - Loose insulating material which is applied by hand or blown into wall spaces mechanically.

Insulation Reflective - Sheet material with one or both sun faces of comparatively low heat emissivity, such as aluminum foil. When used in building construction the surfaces face air spaces, reducing the radiation across the air space.

Insulation Thermal - Any material high in resistance to heat transmission that, when placed in the walls, ceiling, or floors of a structure, will reduce the rate of heat flow.

Insulation Wall - Material placed in wall cavities for the rction of fire hazard or for protection from heat and cold.

Insulator Ceramic - A device made of ceramic non conductive material which is used in electrical installations.

Insurance Building - Insurance to cover any structural damage to your house.

Insurance Buildings And Contents - Buildings and contents insurance can often be purchased together protecting both the building structure and your belongings and possessions inside.

Insurance Certificate - A certificate provided by the general contractor verifying that he has obtained the required insurance for the project; the certificate is issued by the insurance company or its agent and confirms the existence of the insurance, the coverage, and its expiration date.

Insurance Contents - Insurance to cover any loss or damage to your possessions.

Insurance Hazard - Protection against damage caused by fire, windstorms, or other common hazards. Many lenders require borrowers to carry it in an amount at least equal to the mortgage.

Intangible Assets - Brands, patents, intellectual property rights and the like which a company may possess. Such assets are non-monetary and without physical form but represent a reasonable claim to future benefit.

Interceptor - A device designed and installed so as to separate and retain deleterious, hazardous, or undesirable matter from normal wastes and permit normal sewage or liquid wastes to discharge into the drainage system by gravity.

Interest - The cost paid to a lender for borrowed money.

Interest Accrued - Interest that has been earned but not yet paid.

Interest And Capital Mortgage - The monthly payment of your mortgage which is made up of principal and interest payments.

Interest Equitable - Legal rights in a property that do not include the right to sell its legal title. This may apply to a mortgage lender.

Interest Only Mortgage - The monthly payment of your mortgage that is made up of only interest payments.

Interest Rate - The percentage of your loan that a lender charges you each year for the privilege of borrowing money. The prevailing level of interest charged by lenders depends largely on the economy and the Bank of England base rate. If the Governor of the Bank of England and the Monetary Policy Committee are worried about the economy overheating and causing inflationary pressure, they may raise interest rates. This makes it more expensive to borrow money and therefore the overall demand for borrowing is reduced. Since this is one of the most commonly used instruments for managing the economy, we are subject to fairly frequent changes in interest rate.

Interim Statement - This is an additional statement of your mortgage account. You are usually charged by your lender when you request a copy of an annual statement previously issued or when you request a statement outside of the normal annual statement period.

Interior Decoration - The trade of planning and execution of the layout, decoration, and furnishing of an architectural interior. Also called interior design.

Interior Decorator - A professional who specialises in the planning and execution of the layout, decoration, and furnishing of an architectural interior. Also called an interior designer.

Interior Design - The trade of planning the layout and furnishings of an architectural interior.

Interior Designer - A professional who specialises in planning the layout and furnishings of an architectural interior.

Interior Door Jamb - The surrounding case into which and out of which a door closes and opens. It consists of two upright pieces, called side jambs, and a horizontal head jamb.

Interior Doorjamb - The surrounding case into which and out of which a door closes and opens. It consists of two upright pieces, called side jambs, and a horizontal head jamb.

Interior Finish - Material used to cover the interior framed areas of walls and ceilings.

Interior Glazed - Glazing infills set from the interior of the building.

Interior Trim - The finish materials in a building, such as mouldings applied around openings (window trim, door trim) or at the floor and ceiling of rooms (baseboard, cornice, and other mouldings). Also, the physical work of installing interior doors and interior woodwork, to include all handrails, guardrails, stair way balustrades, mantles, light boxes, base, door casings, cabinets, countertops, shelves, window sills and aprons, etc.

Interlayer - In glazing, any material used to bond two lights of glass and/or plastic together to form a laminate.

Intermediary - Someone acting as a broker of middle man between the buyer and seller.

International System Of Units (SI) - Reference information on the International System of Units.

Interply - Between two layers of roofing felts that have been laminated together.

Interval Branch - This is the vertical distance, generally a floor or story in height, but never less than 8 feet, within which the horizontal branches from one floor of the building are connected to the main DWV stack.

Inverted Roof Membrane (IRMA) - Insulated (or Inverted) Roof Membrane Assembly. In this system the roof membrane is laid directly on the roof deck, covered with extruded foam insulation and ballasted with stone, minimum of 1000 lbs. per square

Investment Vehicle - The investment method chosen with the intent to repay an interest only mortgage.

IOM (Interest Only Mortgage) - The monthly payment of your mortgage that is made up of only interest payments.

Ionic - The type of Greek column characterized by scroll-like decorations.

IRMA (Insulated Roof Membrane Assembly) - Insulated (or Inverted) Roof Membrane Assembly. In this system the roof membrane is laid directly on the roof deck, covered with extruded foam insulation and ballasted with stone, minimum of 1000 lbs. per square

Iron Angle - A piece of iron that forms a right angle and is used to span openings and support masonry at the openings. In brick veneer, they are used to secure the veneer to the foundation. Also known as shelf angle.

Iron Angle - A rolled steel structural member with an L-shaped section; used to support brickwork over doors and windows and is sometimes used as main runners in lieu of channels to support plaster.

Iron Branding - A tool for burning a name or logo on to wood, electric or flame heated.

Iron Cast - Iron with a high carbon content, which cannot, because of the percentage of carbon, be classified as steel.

Irrigation - The process of bringing water into an area that does not have and needs water.

ISA (Individual Savings Account) - A tax-free way of owning shares, a cash savings account of life assurance.

ISA Mortgages - Interest only mortgage where you pay interest on the full amount of the loan for the full duration of the term. You also pay an agreed monthly sum in addition to your interest repayments. With this type of mortgage, your payments go into the tax-free ISA savings vehicle which was brought in to replace PEPs. They take a variety of formats: including cash, life assurance policies such as endowments, stock market investments such as shares, unit trusts, investment trusts and investment bonds, or even a combination of the different holdings. The value of your investment hopefully accumulates over time and any growth is added to your balance free of tax. ISA mortgage are fairly flexible and usually allow you to overpay, thereby hopefully reducing your mortgage term.

ISMI - Help provided by the government to assist people, who are ill, have suffered serious injury or become unemployed and have a mortgage. You will not qualify for state help with your repayments until nine months after you make a claim and then only if you qualify for income support, you have savings less than £8,000 and your partner works less than 24 hours a week. Payments are calculated by taking the average interest rate of the top twenty lenders - if you are getting charged an interest rate higher than that average, and then there will still be a shortfall between the ISMI payment and your mortgage repayment.

Isolation C Switch - A switch intended for isolating an electric circuit from the source of power. It has no interrupting rating and is intended to be operated only after the circuit has been opened by some other means.

ISVA - The professional body for surveyors which sets a code of practice for its members.

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