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Glossaries

Term Definition
Rate Cap
The maximum interest rate that can be charged during the life of the loan. Also can be the limit on the amount the interest rate can be increased each period in an adjustable-rate loan.
Re-Mortgaging
To replace an old mortgage loan with a new mortgage loan, normally increasing the size of the loan or changing lender.
Real Estate
A parcel of land and everything attached to it (US).
Real Estate Investment Trust
A group of individuals who purchase certificates of ownership in a trust. The trust then invests the money in property/real estate and distributes the profits back to the investors free of corporate income tax.
Redemption
Paying off (redeeming) a mortgage, either at the end of the mortgage term or when you move to another property or switch to another lender
References
Check on a potential tenant's suitability to rent a property. Such things as contacting previous landlords, present employer and doing a general
Refinance
To replace an old loan with a new loan, normally to increase the size of the loan and therefore release equity.
Registered Rent
Rent included on the publicly available Rent Register as determined by the Rent Service or Rent Assessment Committee recording the maximum that can be charged until a new determination is agreed or the tenant leaves
Regulated Tenancy
With Regulated tenancy the landlord or tenant can object to the rent assessed by the Rent Service.

If so the case will be passed to a Rent Assessment Committee to decide the Fair rent. Tenants with assured tenancies may also apply to the RAC for a determination of the open market rent they should be paying.

They may also apply if the landlord serves notice of a proposed rent increase. The rents they set will be the legal maximum that can be charged for one year from the date of the decisions, after which an application for an increase can be made. Relevant forms are available from the Rent Service website
Rent
A fixed, periodic payment made by a tenant of a property to the owner for possession and use, usually by prior agreement of the parties.
Rent Assessment Committees
When a landlord or tenant of a Regulated tenancy has objected to the rent assessed by the Rent Service, the case will be passed to a Rent Assessment Committee to decide the Fair rent.

Tenants with assured tenancies may also apply to the RAC for a determination of the open market rent they should be paying. They may also apply if the landlord serves notice of a proposed rent increase. Tenants with assured shorthold tenancies may also apply within the first six months of their tenancy.

Rent assessment committees are made up of two or three people a solicitor, a property valuer and a lay person, all of whom are drawn from panels of people with appropriate expertise.

There are 14 rent assessment panels in England and Wales appointed by the Government. The rents they set will be the legal maximum that can be charged for one year from the date of the decisions, after which an application for an increase can be made. Relevant forms are available from the Rent Service website
Rent Officer
Local authority official responsible for local housing allowance. He or she will usually rely on the local Rent Service to assess whether the rent being asked is reasonable or not, or whether the property is too large for the needs of the claimant
Rent Service
An executive agency of the Department for Work and Pensions which:

  • carries out rental valuations for local housing allowance purposes
  • makes fair rent determinations;
  • advises local authorities about the effects on rent of housing renovation grant applications by landlords;
  • carries out rental valuations
  • provides information, on a more informal basis, for a variety of customers within the public and private sector
Rent To Buy
An arrangement with a private landlord where the tenant is renting with the intention to purchase the property.

Special terms may be established between the landlord and tenant detailing the during in which the right exists, the expected time of purchase by the tenant and also any monthly payments during the rental that are paid to the landlord in order to have the sole right to purchase the property.

It is normal that if extra monthly payments are made to secure the right to buy the property, then this money is in some way deducted from the final purchase price.
Rental Agreement
The tenancy agreement is a contract between you and your tenant. It may be written or oral. The tenancy agreement gives certain rights to both you and the tenant, for example, the tenants right to occupy the accommodation and the your right's to receive rent for letting the accommodation.

You and your tenant may have made arrangements about the tenancy, and these will be part of the tenancy agreement as long as they do not conflict with law. Both you and your tenant have rights and responsibilities given by law. The tenancy agreement can give both you and your tenant more than your statutory rights, but cannot give you less than your statutory rights. If a term in the tenancy agreement gives either you or your tenant less than your statutory rights, that term cannot be enforced.

A tenancy agreement can be made up of:-
  • express terms: These include what is in the written tenancy agreement, if there is one, in the rent book, and/or what was agreed orally -
  • implied terms: These are rights given by law or arrangements established by custom and practice