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Lettings jargon buster

Get clarity on the jargon of the lettings market

Applicant

The person who applies to rent the property

Additional Person Fee

This is a charge that is added to the tenancy agreement for each extra individual to be included.

Safe Agent

Is a letting agent accreditation scheme for lettings & management agents operating in the private rented sector.

Buy To Let

Bought an investment property for the purpose of letting it out.

Check Out

This is the inspection method that a property passes at the end of the tenancy before returning the deposit to a tenant. If the property requires repairs that were caused by the tenant and are not general wear and tear, any charges from the deposit will be deducted.

Communal Area

A shared living room, generally found in an HMO, in a property.

EPC

An Energy Performance Certificate (EPC) is used to rate a property’s energy efficiency. This is achieved by examining the quantity of energy the property utilises together with the carbon dioxide it emits.

Fixed Term Tenancy

This is a tenancy with a particular date of commencement and end.

Furnished

This relates to a property that will be rented out with furniture included for use in the property until a tenancy is terminated.

Gas Safety Certificate

A legal check performed by a registered Gas Safe engineer every twelve months to ensure that the gas supply to the property is safe.

Guarantor

A third party that is not recorded as a tenant and if the tenant falls into arrears, agrees to maintain rental payments and damages cost.

HMO

A House in Multiple Occupancy is a property shared by several inhabitants who share common spaces such as a kitchen or toilet.

Inventory

A check to officially document the content and condition of a property prior to the commencement of a tenancy. In the checkout process, this is often referred to to ensure that the condition has not changed.

Landlord

A person who rents land, property, or accommodation.

Letting Agent

The letting agent promotes the renting of a property contract between a landlord and a tenant.

Managing Agent

A letting agent who, on behalf of the landlord, also manages the property.

Notice

The landlord or tenant can give this official confirmation that the tenancy is coming to an end.

Part-furnished

A property where partial furnishings are included, these generally include white goods.

Pat Test

A Portable Appliance Test guarantees secure use of plug-in electrical equipment.

Reference

A reference includes a sequence of controls performed on a tenant, including job inspections, credit rating and inspections with the present landlord of a tenant.

Rent

This is generally a monthly fee paid in return for housing by a landlord to a tenant.

Security Deposit

This is money that the tenant paid before the tenancy starts. This is done as a safety precaution if the tenant fails to pay the rent or causes any damage during the tenant’s moment.

TDS

The Tenancy Deposit Scheme is a government system established throughout their tenancy to safeguard the deposit of a tenant.

Tenant

The individual who lives in the rented property.

The Property Ombudsman

This is a system that has been established to enable a mediator to enter where a conflict occurs between a tenant and a landlord.

Unfurnished

This is a property that is rented to the tenant without furnishing during their residency.

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