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LETTING JARGON EXPLAINED

A

Additional Person Fee

A charge for every additional person to be included in the tenancy agreement.

ARLA

The Association of Residential Letting Agent, the UK’s foremost professional body for letting agents.

Arrears

Any late or unpaid rent.

Assured Shorthold Tenancy (AST) agreement

The standard tenancy agreement normally used for residential lettings.

B

Buildings Insurance

Insurance against the cost of repair or rebuilding a property from scratch following structural damage, for example by flood, fire or storm.

Buy to Let

An investment where you buy a property – usually with a mortgage – and rent it out.

C

Check out

The process of checking a property after a tenant has vacated. Normally only done when an inventory was carried out at the start of the tenancy. The condition of the property and the contents is checked against the inventory and the report is used as evidence for the settlement of the deposit.

Contents Insurance

Insurance against accidental damage or theft of all moveable contents, including furniture, appliances and soft furnishings.

E

Energy Performance Certificate (EPC)

All properties let for private residential purposes must have an EPC. It is used to report the energy performance of a property.

F

Fixed Term Tenancy

A tenancy with a specified start and end date.

Fully Managed

A service level offered to landlords. This is our comprehensive, hassle free service requiring minimum involvement from you. Whatever is required by you or the tenant, we take care of it.

Furnished

A property that is let with all furnishings a tenant would need to live comfortably.

Furnishings

The contents of the property included as part of the rent.

G

Gas Safety Check

Landlords are required to arrange of a gas safety check to take place annually on rented properties. This must be carried out be a registered engineer.

Gas Safety Record (GSR)

A document which shows that gas appliances (including a gas meter) has had an annual gas safety check carried out by a registered engineer. Landlords are legally required to have a GSR produced annually.

Guarantor

Someone chosen to guarantee the payments of rent for the tenant should they fall into arrears.

H

House in Multiple Occupation (HMO)

A term applied to a property which has three or more tenants who are not a family unit.

Housing Association

A non-profit making body which lets you buy a percentage of the property and pay rent on the rest.

I

Inventory

An inventory is conducted before the tenancy starts to provide an accurate list of the rental property’s contents and their condition.

L

Landlord

A person who owns a property and allows a tenant to live there in exchange for monthly rent.

Letting Agent

An agent who assists the landlord and tenant with the let. Service levels will vary and will be agreed between the landlord and the letting agent.

M

Managing agent

A letting agent who manages the day to day running of the property on behalf of the landlord. The landlord remains legally responsible for the property and repairs but the agent works on the landlord’s behalf.

N

Non- Resident Landlord (NRL) scheme

The scheme that sets the rules for how overseas landlords pay tax.

Notice

A declaration given by either a landlord or tenant that the tenancy agreement is coming to an end.

P

Part-furnished

A property let with some furnishings, usually white goods.

Portable appliance test

A test carried out on electrical appliances. The test is not legally required, although the landlord is responsible for ensuring any appliances provided are safe to use.

Portfolio

When a landlord lets more than one property, this is called a ‘portfolio’.

R

Reference

A process by which an applicant (ie. the tenant) is credit checked, as well as checks on their current employer and residence.

Rent

A fee (usually monthly) paid in exchange for accommodation.

Rent Collect

A service level offered to landlords. As well as finding you a tenant we’ll also take care of collecting monthly payments on your behalf; this leaves you to organise other tenant matters, the property maintenance and adherence to legislation.

S

Security Deposit

A sum of money taken from the tenant at the beginning of the tenancy held against non-payment of the rent and any damage to the property (above and beyond reasonable wear and tear).

Set up fee

A charge for setting up a new tenancy. The cost covers referencing the tenant, drafting the tenancy agreement and registering the deposit with a Tenancy Deposit Scheme.

Subject to Conclusion of Missives

Words used to indicate that an agreement is not yet legally binding.

Subject to Contract

Words used to indicate that an agreement is not yet legally Binding.

T

Tenancy Deposit Scheme (TDS)

A landlord is legally required to register the tenant’s security deposit in a Tenancy Deposit Scheme which protects the money for the tenant and will assist with any disputes at the end of the tenancy.

Tenant

A person who lives in a property owned by a landlord in exchange for a monthly rent.

Tenant Find

A service level offered to landlords. We find you a tenant and organise a tenancy agreement, leaving you with the day to day running of the let.

Tenants

People living in a property owned by someone else.

TPO

An independent body to which landlords can refer any complaint should the agent fail to address it to their satisfaction. We are founder TPO members.

U

Unfurnished

A property let with no furnishings.

Y

Yield

The amount of money a landlord receives from in rent as a proportion of the amount of money invested in the property.

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