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.
Early Release
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)
Energy 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 it is. This came into force in October 2008.
Fire Safety Regulations
These specify certain acts which must be undertaken by a Landlord or a Tenant.
www.communities.gov.uk/fire/firesafety/firesafetylaw
Fixtures and Fittings
Items usually provided in a letting – curtains, carpets, blinds, light fittings, kitchen units, appliances, etc.
Freeholder
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
A 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.
Furnishings
Furniture or other items provided by the Landlord at the property when letting. In the case of some lettings there will be beds, chairs, tables and other items of fixtures and fittings provided.
Gas Safety Regulations
This governs the safety of gas appliances and associated pipe work. www.opsi.gov.uk/si/si1998/19982451.htm
Guarantor
A person 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.
HMRC
Her Majesty’s Revenue and Customs: www.hmrc.gov.uk
Housing Benefit
A state benefit within the social security system which is paid to employed and unemployed people on low incomes to help them pay their rent.
Inventory and schedule of condition
A list detailing every item including fixtures and fittings contained within a rental property and the condition of each listed item is in usually checked by all parties on the day and the tenant moves in and signed by all parties.
Joint Tenancy
A tenancy where there are two or more Tenants who all have equal rights and responsibilities during tenancy. Joint and several – As joint Tenants of a tenancy, the Tenants have joint and several liability.
Landlord
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.
Let Agreed
A tenancy subject to contract has been agreed with the landlord and tenant.
Letting Agent
A person or company engaged to perform, on behalf of the landlord, some or most of his duties to the tenants, in return for payment.
Maisonette
A property arranged over more than one floor (i.e. a portion of the house).
Market Appraisal
Assessment of the expected rent which may be achieved for a property.
Meter Readings
Data collection from meters which display the amount of usage of a utility such as electric, gas or water.
Notice
Notification by either party of any events such as notice to end a tenancy.
Ombudsman
An independent organisation that investigates professionals such as lettings agents, or solicitors when complaints are made of their customers.
PCM
Rental figure, means per calendar month.
Penalties
A fee or charge for violating terms.
Penthouse
An apartment located on the top floors of a building usually with exclusive access.
Property Portal
A website that collates properties from a number of different sources for viewing.
Reference
Checking 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 and employment.
Rent
Payment made by a tenant at intervals as specified on the tenancy agreement in order to occupy a property.
Rent Guarantee
A 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. This is included on all our Fully Managed Properties.
Smoke Detectors Act 1991
This act governs the necessity for hard wired smoke detectors to be installed into all newly built properties since 1991.
Studio Flat
A studio flat has one bathroom/shower room and an open-plan living area that incorporates kitchen, lounge and bedroom facilities.
Tenancy
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
The Tenancy agreement legally identifies the rights of both tenants and landlords by detailing all the terms and conditions of the rental arrangements.
Tenancy Renewal Fee
A fee which is payable by the Tenant to the Agent in order to effect a renewal of the tenancy for a further term.
Tenant
The Tenant is the person/party legally entitled to temporary possession of a property.
Utility Bills
These are normally electricity, gas and water. Under most circumstances the tenant is responsible for paying for these.
Viewing
An appointment where an agent shows applicants around an available property.
Void Periods
Where a property available for rent remains vacant.
Wear and Tear
The day to day deterioration of a property through normal use.
