Leasehold Definitions - Jargon Buster

17 definitions for letter R:

Rafter filling, beam f., wind f.

Brick infilling between rafters at wall plate level.

Redemption

Redemption describes the point where the mortgage has been repayment in full.

Reinstatement Cost Assessment For Insurance

A survey that estimates the cost of re-construction of a building damaged under an insured risk.

Re-mortgage

Re-mortgaging occurs when a property is used to finance a second mortgage if the property has risen in value since the initial mortgage was agreed. Otherwise, this describes the transfer of an existing mortgage to a new Lender.

Repayment mortgage

Distinct from an interest-only mortgage, this is a mortgage requiring monthly payments that cover both interest and principal so that the amount mortgage gradually reduces until redemption.

Repossession

The lender's assumption of the ownership of a property once the Borrower is deemed unable to pay the outstanding mortgage.

Reserve Fund

Funds collected from Flat Owners over time to finance anticipated Major Works to the property.

Restricted covenant

An obligation restricting the use of land which is binding on subsequent owners, for example not allowed to keep animals on the premises, or a house builder may put a covenant on a property forbidding extension without his approval.

Retention

The holding back of part of the mortgage until repairs or specified works to the property are satisfactorily completed.

Reversion

The term used to describe what happens at the end of the lease when the leaseholder no longer has rights to reside in the property and the flat reverts to the Freeholder

Reversionary interest

The term used to describe the landlords interest once any under leases granted have expired

RICS

The Royal Institution of Chartered Surveyors.

Right to Information Notice - Section 82

A request for information sent to the Landlord by the RTM Company, issued after the RTM Company has been formed but before the Claim Notice is issued

Right to Manage

The right of Owners to take over from the Landlord (or from that Landlord's appointed manager) the management of their units in a property by means of a Right to Manage Company (see RTM Company)

RTM Company

Not to be confused with a Limited Company, an RTM Company (Right to Manage Company) is separately registered at Companies House as a company that it limited by guarantee (rather than by share ownership). This type of company is usually designed to take over the management of a Block of units within a property.

Rent review

The term used to refer to a nominal ground rent which is normally not collected. If a peppercorn ground rent is collected the amount collect is a pound.The term which describes the process for agreeing a new rent to be applied from the date the rent is due to be re-assessed. The frequency set out for rent reviews will be set out in the lease usually 3, 5 or 7 yearly.

Ryde scale

The scale of fees which is often used as a guide or scale in determining the reasonable fees of Surveyors in cases of compulsory purchase or property or land or compensation arising from road, rail, aerodrome development.