Lettings jargon buster
Get clarity on the jargon of the lettings market
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.
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.
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.
A shared living room, generally found in an HMO, in a property.
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.
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.
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.
A House in Multiple Occupancy is a property shared by several inhabitants who share common spaces such as a kitchen or toilet.
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.
A person who rents land, property, or accommodation.
The letting agent promotes the renting of a property contract between a landlord and a tenant.
A letting agent who, on behalf of the landlord, also manages the property.
The landlord or tenant can give this official confirmation that the tenancy is coming to an end.
A property where partial furnishings are included, these generally include white goods.
A Portable Appliance Test guarantees secure use of plug-in electrical equipment.
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.
This is generally a monthly fee paid in return for housing by a landlord to a tenant.
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.
The Tenancy Deposit Scheme is a government system established throughout their tenancy to safeguard the deposit of a 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.
This is a property that is rented to the tenant without furnishing during their residency.