Lettings Jargon
Landlord
Someone owning an interest in the property for rent, whether
freehold or leasehold, entitling them to take possession upon either the termination or expiry of a Tenancy.
Tenant
Includes anybody who has rented a property from a Landlord
who is entitled to possession of a property as defined in a
Tenancy Agreement.
AST (Assured Shorthold Tenancy)
A tenancy that is either under £100,000 or above £1,925.00 per week in annual rent, is the Tenants only or principle home, where the Landlord does not reside at the same address and is not a company let.
Break Clause
A contractually agreed point in the tenancy agreement where
either party may break the contract without penalty.
Tenancy Deposit Scheme
A scheme that helps protect a Tenants deposit from any unfair deductions. Introduced by the government in May 2007.
Deposit
Usually amounting to six weeks rent, paid by the Tenant and held in account against the property during the course of the tenancy.
Holding Deposit
Usually two weeks rent paid to ‘secure’ a property.
References
References are taken up by Robinson Marsh using a regulated agency in order to determine an applicant’s suitability for a property. These will include confirmation of income levels, credit check, previous Landlord details etc.
Inventory
An inventory is an accurate list of everything contained
within a property and the condition.
Check-in/out
Check-in and check-outs are undertaken at the start and
at the end of tenancies. Typically they involve the
handover of keys, checking of meter readings etc.
Buy to Let Mortgage
Specialist mortgage product used by Landlords and
Investors.
Contents Insurance
Insurance to cover any loss or damage to your
possessions within the property.
Dilapidations
Any disrepair or damage to a rented property.
Guarantor
A UK homeowner who can guarantee the rent of a Tenant
who is not in a financial position to do so.
HMO
A house in multiple occupation. The guidelines of which
can be found on the relevant local council website.
Company Let
A tenancy that is taken out under a company name, rather
than as a private individual. Automatically a non-housing
act tenancy.