Rack Rent.
A rent representing the full letting value of a property.

Raft.
A firm slab, usually made from concrete, designed to spread the weight of a structure on soft ground.

Rafter.
Timbers that form the main part of the roof frame going from the wall plate up to the ridge.

Ranging rod.
A long slender section of timber marked to identify the position of brick and block courses or any other part of the construction. It is basically a measuring stick.

Rebuilding cost.
This is the recommended amount from your property valuation for which you should take out buildings insurance cover.

Redemption.
The final payment of the loan, being principal, interest and costs of the mortgage.

Redemption penalties.
The financial penalties incurred when repaying a mortgage earlier than an agreed date.

Regional lenders.
These are mainly smaller building societies that restrict their lending to within certain regional locations.

Registered Land.
This is land whose title is registered at the HM Land Registry and is guaranteed by them.

Registered Title.
Title or ownership of property that has been registered at HM Land Registry.
Reinforced concrete. A process of installing steel rods inside concrete beams to help them withstand stress along their length without collapsing.

Reject
Materials that do not come up to the required standard, for example, 'reject engineering brick'.

Remaining Term.
The time that is left to run on your mortgage.

Remittance fee.
This is a charge made by the lender for sending the mortgage funds to your solicitor when the purchase is just about to be completed.

Re-mortgaging.
Arranging a new mortgage on your home without moving.

Repayment Mortgage.
A mortgage where some of the original loan is paid back with each interest payment. The outstanding balance reduces to zero over the full mortgage term.

Repossession.
A lender exercises its power of sale and repossesses the property if the borrower has fallen behind significantly in mortgage repayments.

Reserved matters.
The fine detail required, following receipt of outline planning permission, that will turn it, in effect, into a detailed planning application. The aspects include design, layout, access, orientation and landscaping of the dwelling.

Restrictive Covenants.
These are obligations imposed in the deeds on the owner of freehold property.

Retention.
The withholding of part of a mortgage loan should work need to be carried out on the property in question The amount is normally the sum required to carry out the repairs, and it will be withheld until the work has been completed satisfactorily.

Retrospective design.
An interior scheme that reflects the immediate past and uses colours, materials and objects pertinent to that period.

Ridge.
The topmost line of the roof.

Ridge tile.
Preformed angled tile covering the apex of the roof.

Rights.
This is an interest protected by law as opposed to mere permission or licence, which can always be terminated. With house purchase it often amounts to a right for the benefit of one property over another (an easement). There are many types of rights, such as right of light, air, way and drainage.

Roll-over relief.
A way of delaying the payment of capital gains tax by reinvesting profit from the sale of one business asset to another.