Jargon Breaker
Please use the index below to find an explanation of terms often used in residential letting process
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
A
Administration Charge
When the tenancy is signed the tenant will pay an administration charge, which is equal to one week's rent plus VAT
Assured Shorthold Agreement
This is the normal type of tenancy we use. Which is for a minimum term of six months. The tenant must be an individuals or a group of individuals and the rent must be less than £25,000 per annum
B
Bond (See Deposit)
C
Cleared Funds
Monies paid that do not require to be cleared by a bank, such as a banker's draft, Bank Automated Credit (BACs) or cash payment. Initial monies must be paid by one of these methods.
After which rents should be paid by standing order which will be debited from you account three days prior to the rental due date to allow for clearing into our Client Account
Credit Reference Agency
A company used by letting agents to check information supplied by applicants prior to the landlord accepting an application. The information is confidential and cannot be passed back to an Applicant
D
Deposit for Unfair Wear and Tear
This is an amount of money, usually at least one month's rent equivalent paid by a tenant when signing a tenancy agreement for security against unfair wear and tear, damage caused by the tenant, occupier or guest during the course of the tenancy It will be normally be held by the Agent as Stakeholder
E
Electrical Safety
It is a requirement that the landlord provides the property in a safe condition. To this end an electrical test should be performed by a qualified electrician every five years
Eviction
A word that no one wants to hear. However, if necessary a landlord can apply to a court for Eviction or Possession Order. This will not only result in extra costs, but a County Court judgement recorded against the Tenant
F
Fixtures and Fittings
Referred to any fixtures, such as fitted wardrobes, doors. Fittings would include door handles, blinds, carpets, light fittings, wall coverings etc.
G
Gardens
If the property has a garden, the tenant is normally responsible for keeping tidy and in reasonable condition. Grass should be frequently cut during summer months and paths weeded
Gas Safety Certificates
A gas safety certificate must be given to the tenant prior to occupying the property. This Certificate lasts for 12 months and the landlord is legally obligated to ensure that a gas safety check is carried out every twelve months. Failure to do so is a criminal offence. Should fatality occur the Landlord could face a prison sentence and a fine of £20,000. The safety check can only be performed by a qualified CORGI registered engineer
H
Help Desk
We operate a help desk for tenants to report defects to the property when our office is closed. The tenant should register in order to use the service
HMO
House in Multiple Occupation
A property that is either occupied by three or more individuals, who do not form a single household or a property that has been converted into flats or bedsits There are very complex regulations on this type of property and are detailed under the heading on our main site
I
Initial Payment
Once the application is successful the prospective tenant will be asked to make an appointment to complete the documents and pay the Initial Payment which will include The first month's rent The Damage/Unfair Wear and Tear Deposit The Administration Charge
Inventory
A document which contains the schedule of condition of the property and detailing any fixtures and fittings remaining in the property for use by the tenant during the tenancy. This will also for the basis for the check at the end of the tenancy for unfair wear and tear Therefore it is a very important document as it gives both parties information of how the property was at the beginning of the tenancy
J
Joint and Several Liability
Where the landlord and/or tenant comprises of more than one person, they will each be responsible for complying with their responsibilities both together and individually. E.G. If there are two tenants, then both will be responsible for the payment of the whole rent, not just their proportion. So if one tenant does not pay, or vacates the property, the other is responsible for the whole rent and tenancy obligations
L
Landlord
The Landlord is the legal owner of the property being rented and may be made up of individuals or a company. The Landlord is responsible for keeping the fabric of the property in good order
O
Occupier's Liability
The Occupier is responsible for the safety of others who visit the property. When a tenant is in occupation, they will assume the responsibility to ensure the safety of others
P
Pets
Tenancies will normally contain clauses regarding having animals. Pets or animals that can cause damage to property will not normally be allowed. Dogs and cats in particular The tenancy may also contain a clause regarding cleansing of parasites (fleas) at the end of the tenancy
R
References
References are in two forms:
1. References taken by the landlord for an applicant who wishes to rent his or her property, These are usually made by a Credit Reference Agency
2. References for another agent/mortgage - We charge a tenant for providing a reference to another agent or for mortgage puposes
Rent
Rent is defined as - The consideration paid for the right to use and possess a property. In simple terms an amount of money paid by a tenant to the landlord to use and occupy the property for a given period. The tenancy will specify the amount to be paid and when. If it is not paid, this would give r ise to the landlord seeking possession for arrears as it is a breech of tenancy.
S
Section 21
This is the Notice to a Tenant that the Landlord intends to regain possession of a property let on an Assured Shorthold Tenancy. This Notice must be in a prescribed form and the Notice length must be at least two months. Proceedings cannot commence until the end of a fixed term if using this Notice for possession. After the fixed term has ended , this Notice cannot be served at any time, but must expire after at least two months have elapsed and ending on the last day of a r ental period.
T
Tenant
Means a person or persons named in the Tenancy Agreement who is/are responsible for the payment of rent and other obligations contained in the Tenancy Agreement
Tenancy Agreement
A Legal document that sets out the terms and conditions that a Landlord and Tenant have to abide by during the terms of that agreement. Such as paying Rent, Repairing obligations
Term of Tenancy
This is the entire period that the Tenant remains in occupation of the property or is obligated to remain in the property under the tenancy. It will also refer to any extension or periodic tenancy created
U
Unfair Wear & Tear
Means wilful damage, neglect of the property, fixtures, fittings, cleaning, decoration etc over and above that would have been expected by normal use.
E.G. Allowing a child to draw on walls would be considered unfair wear and tear So would allowing the grass grow uncontrollably