a formal tenancy which gives permission for a Tenant to reside in a
property for a certain duration of time subject to the terms of the
tenancy being adhered to.
Agents who act for
the freeholders and leaseholds for block of apartments and flats.
Normally will organise internal cleaning, garden maintenance, arrange
the insurance and arrange re-decoration.
referred to as a Release Clause. This is a clause sometimes inserted in a
fixed term tenancy, typically if the initial fixed term is for a year
or more. It will not normally be applicable during the first six months
of an Assured Shorthold Tenancy.
Building insurance policy
Insurance against the damage or destruction of the permanent structure of a property.
Building insurance premiums
The money paid to insurance companies at specified intervals to maintain the building insurance policy.
Buy to let
A term used for a property bought with the intention of letting it out.
Buy to let mortgage
When Buyers intend to purchase a property in order to let it out, this type of mortgage is offered by the Lender.
Check out process
a Tenant vacates a property under any circumstances, the Agent /
Landlord and Tenant must follow certain steps. Usually a written set of
vacation instructions are given to a Tenant prior to the last day of the
tenancy and an appointment is made for a check of the property.
tenancy agreement is constructed of a number of clauses. These are
instructions and promises given by one party to the other which must be
obeyed or fulfilled during the tenancy.
Client monies account
are monies that are paid to an Agent from a Tenant which are due to the
Landlord. These monies do not belong to the Agent. The Agent must keep
these monies separate to their own business trading money. These monies
must be forwarded to the Landlord.
A shared living space, which no-one has sole right over such as the stairwells or gardens.
Let to a bona fide company.
Insurance to cover any loss or damage to your possessions within the property.
A document which is made between two parties and which binds both parties to complete the transaction.
Local authority tax for England, Wales and Scotland. In most cases this will be the responsibility of a tenant to pay.
terms of the tenancy agreement - obligations - "promises" made by
either Landlord or Tenant. When a Landlord sublets their property to a
Tenant, these terms are in the main 'restrictive' meaning things that
you cannot do such as keep pets or hang towels over a balcony.
A search conducted via a specialised company to ascertain if an individual has CCJs or a bad payment history.
Credit referencing fee
A fee charged for the credit reference search process.
When a dispute arises about who is responsible for property damage.
sum of money (usually a minimum of one month's rent in advance) paid to
the landlord (or agent) of the property, which is returned at the end
of the tenancy, subject to the condition of the property.
Any disrepair or damage to a property that the Tenant is responsible for.
A pre-authorised debit on the payer's bank account initiated by the recipient (payee).
When documents presented do not conform to the terms and conditions of an agreement or contract.
When a Tenant asks for permission to end a tenancy before it is due to expire.
Electrical Equipment (Safety) Regulations 1994
Governs the safety of electrical equipment provided by the Landlord to a Tenant.
Energy Performance Certificates (EPCs)
Performance Certificates (EPCs) are a compulsory set of tests which
must be conducted on a property prior to letting in order for the
applicant to see how energy efficient if is. This came into force in
These are the Scottish equivalent to
service and lease charges made in England. They are monies which are
paid for the upkeep of communal areas or parts of a building.
Items usually provided in a letting - curtains, carpets, blinds, light fittings, kitchen units, appliances.
A person, body or company who owns a building and who then leases out parts of the building to another person - a leaseholder.
Fully managed service
service provided by an Agent to a Landlord where the Agent will
undertake many aspects of the lettings process on behalf of the Landlord
to include receiving the rent and being a point of contact for the
Tenant for the duration of the tenancy.
or other items provided by the Landlord at the property when letting.
In the case of some lettings there will beds, chairs, tables and other
items of fixtures and fittings provided. It is advisable to always check
as to what is provided and what is not.
The annual charge to the leaseholder by the freeholder.
who is prepared to guarantee rental payments and other obligations of a
tenancy. The guarantor will be liable for rental payments if a tenant
is unable to pay them, so the guarantor will need to have a regular
income. Normally references and/or credit checks will be carried out.
are the terms of possession provided by a freeholder to a leaseholder.
Certain aspects of this head lease will be applicable in the event of a
leaseholder subletting their part of the building. These are usually the
Houses in Multiple Occupation.
These are properties which are occupied by a number of people which must
then comply to further legislation. www.communities.gov.uk
state benefit within the social security system which is paid to
employed and unemployed people on low incomes to help them pay their
Is protection from loss or damage claims filed by another person.
Inventory and schedule of condition
list detailing every item including fixtures and fittings contained
within a rental property and the condition each listed item is in,
usually checked by all parties on the day the tenant moves in and signed
by all parties.
A tenancy where there are two
or more tenants who all have equal rights and responsibilities during a
tenancy. Joint and several - As joint tenants of a tenancy, the tenants
have joint and several liability. This means that the landlord can
recover the whole amount.
Person who allows use of
his property by another in exchange for rent and subject to conditions
set out in a tenancy agreement or contract.
agreement, in the context of a purchased property, between landlord and
tenant setting out the terms and conditions of occupation.
A tenancy subject to contract has been agreed with the landlord by tenants.
Let as Seen
Means renting the property as it is seen at a viewing.
person or company engaged to perform, on behalf of the landlord, some
or most of his duties to the tenants, in return for payment.
Local housing authority.
See service charge.
A property arranged over more than one floor (ie: a portion of the house).
Assessment of the expected rent which may be achieved for a property.
Sums of money paid by an occupant to the owner of the property where no permission has been given for that occupation.
Data collection from meters which display the amount of usage of a utility such as electric, gas or water.
Properties that are occupied by more than one person and fall into the category of HMO (see HMO).
National Approved Lettings Scheme.
Notification by either party of any events such as notice to end a tenancy.
independent organization that investigates professionals such as
letting agents, or solicitors when complaints are made by their
Option to renew a tenancy usually
written into the original tenancy agreement which allows the Tenant to
continue the tenancy for a further term equal to the initial terms
subject to fulfilment of the terms of the tenancy.
Rental figure, means per calendar month.
A fee or charge for violating terms.
An apartment located on the top floors of a building usually with exclusive access.
Pied a terre
A property kept for occasional or temporary secondary occupation.
The pre set amount you will have to pay if you make a claim on your insurance policy.
The money paid to insurance companies at specified intervals to maintain cover.
A lease where the payment of rent for the full term or majority of the terms is made in advance - usually for a company let.
A website that collates properties from a number of different sources for viewing.
Means the person(s) registered at present as the business owner.
an applicant's suitability as a proposed Tenant, their ability to be
able to pay the rent and also the applicant's track record in earlier
rentals. This often involves contacting previous landlords, the present
employer or accountant if self employed.
Payment made by a tenant at intervals as specified on the tenancy agreement in order to occupy a property.
form of Landlord insurance where, for a relatively small annual fee,
landlords can protect against loss of rent due to a breach of the
tenancy by a Tenant.
Rent receipt service
provided by an Agent to a Landlord where the agent will undertake the
necessary steps to find a suitable Tenant, make arrangements to commence
the tenancy and to ensure that the rent is regularly receipted. The day
to day management of the tenant is the landlord's responsibility.
See Market Appraisal.
yield is the amount of money a landlord receives in rent over the
course of one year, expressed as a percentage of the amount of money
invested in the property.
Renting is an agreement where a payment is made for the temporary use of a property owned by another person.
day-to-day duties carried out at the expense of the Landlord in order
to maintain the Landlord's property only maintenance which is the
responsibility of the Landlord will be carried out at their expense.
Maintenance required due to the negligence.
Schedule of condition
Schedule of Condition is carried out in conjunction with the inventory
in order to determine the condition including cleanliness of a property
prior to a tenancy beginning.
charge to the Leaseholder for the maintenance and repair of commonly
shared internal and external parts of the building / premises.
primary legislation, made by parliament, of the UK. Examples of
statutes are the acts such as Landlord and Tenant Act, Housing Act.
studio flat has one bathroom/shower room and an open-plan living area
that incorporates kitchen, lounge and bedroom facilities.
tenant reassigns part or all of the property they are renting to
another tenant. This terms can also be used for a leaseholder who lets
their property to another person.
The tenancy is the granting of temporary possession of a property to a tenant by a Landlord.
Tenancy administration fee
A fee which is collected by an Agent to a Tenant in order to commence the necessary tasks to create a tenancy.
Tenancy agreement legally identifies the rights of both tenants and
landlords by detailing all the terms and conditions of the rental
arrangements. Statue will always dictate certain rights and
responsibilities regardless of what or whether it is stated within the
Tenancy Deposit Scheme
There are three
tenancy deposit schemes which run in accordance with the Housing Act
2004, Tenancy Deposit Protection. They have been officially appointed by
the government and are the only persons legally able to register and
protect Tenant's deposits.
Tenancy renewal fee
which is payable to by Tenant to the Agent in order to effect a renewal
of the tenancy for a further term. This fee is usually split between the
Landlord and the Tenant.
The Tenant is the person / party legally entitled to temporary possession of a property.
The Housing Act 2004
is an Act of the Parliament of the United Kingdom. It introduced the
tenancy deposit protection scheme and also significantly extended the
regulation of houses in multiple occupation by requiring HMOs to be
licensed by local authorities.
The period of time in which a property is made available to rent.
A compulsory fee paid to the BBC for ownership of a television or radio in a property.
These are normally electricity, gas and water. Under most circumstances the tenant is responsible for paying for these.
An appointment where an agent shows applicants around an available property.
Where a property available for rent remains vacant.
Written assurance that some product or service will be provided or will meet certain specifications.
Wear and tear
The day to day deterioration of a property through normal use.
Usually kitchen and utility appliances, including: washing machine and fridges.
Income from a property calculated as a percentage of its value.