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Applicant
An individual person applying to rent a property.

ARLA
The Association of Residential Letting Agents.

Assured Shorthold Tenancy (AST)
Is a formal tenancy which gives permission for a Tenant to reside in a property for certain duration of time subject to the terms of the tenancy being adhered to.

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.

Clause
A 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.

Communal Area
A shared living space, which no-one has sole right over such as the stairwells or gardens.

Company Let
Let to a bona fide company.

Contents Insurance
Insurance to cover any loss or damage to your possessions within the property.

Contract
A document which is made between two parties and which binds both parties to complete the transaction.

Council Tax
Local authority tax for England, Wales and Scotland. In most cases this will be the responsibility of the tenant to pay.

Credit Reference
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 (£75.00 per applicant).

Damage Disputes
When a dispute arises about who is responsible for property damage.

Deposit
A 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 condition of the property.

Direct Debit
A pre-authorised debit on the payer’s bank account initiated by the recipient (payee).

DPS
Deposit Protection Service: www.depositprotection.com. The custodial tenancy deposit protection scheme.