The managing agent is someone who works for or represents the property owner. Duties include collecting rents and monitoring the tenant's and landlord's compliance with their respective lease covenants.

Market Rent (MR) is the estimated amount for which a property would be leased on the valuation date between a willing lessor and a willing lessee on appropriate lease terms in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgably, prudently and without compulsion.

Market Value (MV) is the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.

The definition of market value with existing use disregards potential alternative uses and any other characteristics or development.

A Material Change in Circumstances (MCC) is a physical change, defined under Schedule 6 of the Local Government Finance Act, that can be cited as a reason to alter any existing assessment in the rating list and which may lead to a change in Rateable Value following a ratepayer proposal or a Valuation Office Notice. An MCC gives rise to fresh/specific grounds of appeal against an entry in the Rating List. Examples would include temporary disruption arising from building or road works in the vicinity, or a permanent change to the accessibility of the premises. For example, a pedestrianization scheme, resulting in a material change to the physical parameters determining their rental (and therefore Rateable) value.

Material compliance is a legal phrase used to describe the extent to which the conditions in a lease must be met.

Mediation is an informal method of resolving disputes in which an independent mediator works with the parties to help them resolve their dispute. The decision they reach is documented formally and then becomes binding upon them. Mediation is encouraged by the courts and has a very high success rate. It is particularly suitable to landlord and tenant, boundary and other disputes where the parties have an ongoing relationship to preserve.

A memorandum of review (or rent review memorandum) documents the outcome of the rent review process, whether the review is settled by agreement or arbitration / independent expert determination. It is a simple legal document identifying the lease, the relevant review provisions and both the original and current parties, which records the amount and effective date of any revised rent. It may either be annexed to the lease or, more typically, retained with each party's deed packet as a separate document.