This type of tenancy gives the tenant, and in some cases their heirs and certain relations, rights to occupy the property for life. A landlord, in virtually all cases, has no right of possession, and this will only happen either by negotiation or the death or vacation of the property by the tenant. Regulated tenancies generally sell at a discount to vacant possession value, and the level of discount will depend on the circumstances of the tenant and the property itself.
Taken out by a borrower to replace a mortgage secured on the same property, in order to free up capital. Often taken out with a different lender to achieve a better interest rate. A bridging loan can often be used whilst the re-mortgaging process is carried out.
A reserve price is the lowest price the vendor will accept. This is agreed between the vendor and the Auctioneer. Most properties entered into the auction have a reserve price. This is confidential and not disclosed to any interested parties.