An individual person applying to rent a property.
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 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.
Also 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
When 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
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.
Client Monies Account
These 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.
The 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 towe
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
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 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
Deposit Protection Service: www.depositprotection.com. The custodial tenancy deposit protection scheme.
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 if is. This came into force in October 2008.
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.
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,
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.
Furniture 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 not
Gas Safety Regulations
This governs the safety of gas appliances and associated pipework. www.opsi.gov.uk/si/si1998/19982451.htm
The annual charge to the leaseholder by the freeholder
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. Normally references and/or cre
These 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 restrictive covenants.
Houses in Multiple Occupation. These are properties which are occupied by a number of people which must then comply to further legislation. www.communities.go
Her Majesty's Revenue and Customs: www.hmrc.gov.uk
Referencing agency and insurance provider www.homeletuk.com
Housing (Scotland) Act 2006
housing legislation governing Scotland: www.opsi.gov.uk/.../scotland/acts2006/asp_20060001_en_1
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.
Is protection from loss or damage claims filed by another person.
Inventory and schedule of condition
a 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 wh
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.
Landlord and Tenant Act 1985
This act covers items such as information to be given to the Tenant and repairing obligations. www.opsi.gov.uk/ACTS/acts1995/ukpga_19950030_en_1
An agreement, in the context of a purchased property, between landlord and tenant setting out the terms and conditions of occupation. Often confused with tenancy agreement, this is normally a long lease on an apartment (see Superior Lease) where as the ag
A tenancy subject to contract has been agreed with the landlord by tenants
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.
Local Housing Authority
local housing allowance which is a payment of money for use as rent by the local authority to those persons who are on a low income. This replaced the housing benefit payment for all new claimants from April 2009.
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.
An independent organization that investigates professionals such as letting agents, or solicitors when complaints are made by their customers.
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.
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. This often involves contacting previous landlords, the present employer or accountant if self empl
Payment made by a tenant at intervals as specified on the tenancy agreement in order to occupy a property.
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.
Rent Receipt Service
A 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 tenan
See Market Appraisal
Rental 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.
Royal Institute of Chartered Surveyors - www.rics.org
Includes 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 negligenc
Schedule of Condition
A 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.
A charge to the Leaseholder for the maintenance and repair of commonly shared internal and external parts of the building / premises.
see Multiple Occupancy or Joint Tenancy
Smoke Detectors Act 1991
This act governs the necessity for hard wired smoke detectors to be installed into all newly built properties since 1991. www.opsi.gov.uk/acts/acts1991/Ukpga_19910037_en_1
The primary legislation, made by parliament, of the UK. Examples of statutes are the acts such as Landlord and Tenant Act, Housing Act.
A studio flat has one bathroom/shower room and an open-plan living area that incorporates kitchen, lounge and bedroom facilities.
A 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.
The 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 stat
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. T
Tenancy Renewal Fee
A 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
(c.34) 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.
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.