F

Family Proceedings Court

The division of the Magistrates Court that deals with family law matters.

Fast Track

The track that defended claims with a value of between £5,000 to £25,000 are allocated to in the Court system and which is then governed by certain specific procedural rules.

Fiduciary relationship

A relationship of trust and confidence, as between principal and agent, trustee and beneficiary, attorney and client, director and company.

Financial Remedy

Formerly known as anciallary relief – the powers of the court to make an order redistributing the income and capital assets of parties to divorce proceedings.

Fixed Charge

A fixed charge is a form of security granted over specific assets, preventing the debtor dealing with those assets without the consent of the secured creditor. It gives the secured creditor a first claim on the proceeds of sale, and the creditor can usually appoint a receiver to realise the assets in the event of default.

Fixtures, Fittings and Contents Form

This is a list of the items at the property stating whether they are included or excluded from the agreed price.

Floating Charge

A floating charge is a form of security granted to a creditor over general assets of a company which may change from time to time in the normal course of business (e.g. stock). The company can continue to use the assets in its business until an event of default occurs and the charge becomes a fixed charge over the assets.

Force majeure

An event or effect beyond the control of the parties involved. It includes ‘acts of God’, such as extreme weather. Specific provision is made for the exclusion of payment for damage or injury arising from force majeure in many contracts.

Forfeiture

Forfeiture of a lease occurs when the landlord exercises his right to regain possession against the wishes of the tenant, where there is a breach.

Form E

A sworn statement containing financial information.

Fraudulent Trading

Where a company has carried on business with intent to defraud creditors, or for any fraudulent purpose. It is a criminal offence and those involved can be made personally liable for the company’s liabilities.

Freehold

An owners interest in land where both the property and the land on which it stands belong to their owner indefinitely ie the outright ownership of a property.

Freeholder

One holding the freehold.

Frustration

An unexpected and unintentional event that makes it impossible to fulfil the terms of a contract.

Full repairing and insuring (FRI) lease

An FRI lease requires the tenant to pay all running costs, eg maintenance, rates and insurance.