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RENT REVIEW

A periodic review of the rent payable under a lease to ensure that it reflects the current rent payable in the market at that time. In commercial leases it is common to have a rent review every 3 or 5 years. The rent may be reviewed to reflect current market conditions or may be increased to...

RENT FREE PERIOD

A period usually at the beginning of a tenant during which no rent is payable by the tenant. Usually given as an inducement to a tenant to enter into a lease or to allow the tenant a period of time to undertake fit-out works to allow it to start trading from the...

RENT DEPOSIT DEED

Tenants are often required to deposit a sum of money with the landlord as security for performance of the tenant’s obligations under a lease. A rent deposit deed sets out the terms on which the deposit is held by the landlord and the circumstances in which the landlord can make deductions from...

Repayments of Principal

Repayments of Principal refers to the level of mortgage borrowing for a residential application that is paid back to the lender over a period of time. In Repayments of Principal, homeowners may make repayments via full redemptions, which is when a loan matures before the full amount is repaid. This...

Redeeming a Mortgage

When an owner of a property repays their mortgage, this is known as redeeming a mortgage. The owner will need to obtain a statement detailing the total amount of money that is owed. This can be found on a Redemption Statement. It should also be noted that repaying back the mortgage loan earlier...

Redemption Settlement

A redemption settlement refers to the fee that you will need to pay if you decide to complete your mortgage early. This includes the total sum the lender is still owed, in addition to an 'early payback' penalty. This penalty charge is essentially a compensation payment to your lender that pays for...

Retention

A retention is usually a part of the purchase money which is held back on completion and retained by one of the party’s lawyers until some further action is completed.

Roll Number

What is a Roll Number?During a property sale or purchase, your Conveyancing Solicitor may ask for your Mortgage Lender's Roll Number. These are used by some building societies to identify an account. The number will be unique to each individual, and may be referred to as a 'customer reference' or...

Relievable Property

This is property to which business relief or agricultural relief...

Rescind

To rescind means to restore the parties to their former position, i.e. before they entered into the contract. Rescission is an ‘equitable remedy. ’Under the Standard Conditions of Sale the right to rescind the contract is available in the following situations: Where the risk in the...