Legal process by which a mortgaged property may be sold to pay off a mortgage loan that is in default.
|Residential Property Tribunal Service||
An independent body which aims to provide a fair and accessible tribunal service to help landlords, tenants and leaseholders settle disputes about rents and about leasehold property.
It's remit covers England and comprises five regional Rent Assessment Panels, each covering a different geographical part of the country - London; Southern England; Northern England; the Midlands; and Eastern England.
Rent Assessment Panels do not have the power to deal with all types of dispute about rents and leasehold matters.
|Retail Price Index|
An amount of money held back from the initial loan and not paid by the lender until specific repairs or improvements have been carried out by the purchaser.
|Return On Capital Employed|
|Return On Investment||
How much you get out of an investment in comparison to how much you have put into it. Normally on a yearly basis and expressed as a percentage.
A special property purchase. An agreement with the vendor that they can still continue to live there for a specified time, normally until they die or some other significant agreed event happens.
The price a RICS surveyor values a property for on the open market.
Usually calculated by comparative valuation with surrounding properties of a similar specification + visit to a property.
|Right Of Way||
A legal right to use any particular part of a property so as to gain access to their own property.
|Right To Buy||
When a tenant living in a council-owned (or other social housing owned) property, can purchase the property at a discount.
Generally the size of the discount depends on the length of their tenancy. These days the discount is often capped.
|Royal Institution Of Chartered Surveyors||
A professional body of the property sector. 110,000 members globally and represents, regulates and promotes the work of property professionals throughout 120 countries.