R

Rack rent

The best market rent obtainable.

Re-entry

A landlord may exercise his right to regain possession of premises by peaceable re-entry where there has been a breach of covenant by the tenant.

Real Estate Investment Trusts (REITs)

Close ended companies or trusts that hold, manage and maintain real estate for investment purposes which is leased to tenants.

Realisation

Converting estate assets into cash.

Reasonable Doubt

The standard of proof in criminal courts in the UK is that the case is proved ‘beyond reasonable doubt’. The Crown Prosecutor must prove ‘beyond reasonable doubt’ that the defendant committed the offence.

Redemption

The repayment of a mortgage loan.

Redundancy

Termination of employment because a job no longer exists.

Remand (in Custody)

The accused person (defendant) is kept in custody or placed on bail pending further Court appearance(s).

Remortgage

A mortgage which is a replacement loan for another mortgage.

Remuneration

Reward or pay for service.

Renouncing probate

The act whereby a named executor signs a legal document which cancels his/her appointment.

Rent

An agreed charge for the use of a capital asset, typically property.

Rent review

Leases generally contain clauses providing for a periodical review of the rent, say at five yearly intervals. The lease will generally specify what the basis of the review is to be: eg the open market rent prevailing at the time of the review.

Rental value

The rent that a property might reasonably be expected to command in the open market at a given time, subject to the terms of the lease.

Repudiatory breach

A fundamental breach of contract by either the employer or the employee that entitles the other party to terminate the relationship without providing notice.

Request for directions

An application to the court for a decree nisi.

Reservation of Title or Retention of Title Agreement

An agreement for the sale of goods to a company under which, if the seller is not paid and the company is wound up, the seller will have priority over all other creditors of the company in respect to the goods.

Residence order

An order determining where a child is to live.

Residue

The remainder of the estate after the payment of all debts, taxes, administration expenses, legacies and bequests under the will.

Respondent

The person against whom relief is sought by the applicant.

Restrictive covenant

A covenant in a lease restricting the tenant in some respect.

Restrictive covenant in employment

A term in the employment contract restricting the employee’s activities either during the term of the contact or after termination.

Reverse premium

On assignment, the payment of a sum of money by the assignor to the assignee a sum of money to reflect unfavourable lease terms.

Reversion

The return of property to the landlord on the expiry of a lease.

Reversionary Interest

Interest in trust property after the expiry of a life interest.

Revocation

Cancellation by an act, event or order of court.

Right of Audience

The entitlement to appear before a Court and speak on behalf of a party to the proceedings.

Royalty

A sum payable by a third party to the rightsholder for the right to use their property for the purpose of gain. Royalties are paid generally for the licensing of intellectual property.

RRA

Race Relations Act 1976 – prohibits discrimination based on colour, race, nationality or ethnic or national origin.