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Company let - Let to a bona fide company. Covenants - The terms of the tenancy agreement;
obligations and ‘promises’ made by either the landlord or the tenant.
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guarantor will be liable for rental payments if a tenant is unable to pay them, so the guarantor will need to have a regular income. Guarantors should be referenced just as a potential tenant would be.
Holding fee – An amount paid by the tenant to
packed this step-by-step temporarily secure the property, giving them time to Deposit (security deposit) – An amount of money held to lettings guide return all the information required for their tenancy by the landlord or agent for security against damage and unpaid rent. This is usually an amount equivalent to five weeks rent and is payable before moving in. At the end of the tenancy the tenant has to be notified of any proposed deductions within a given timeframe.
with lots of
Deposit scheme – All deposits paid by a tenant for an
application.
HMO - House in Multiple Occupation – A property
and useful information
occupied by a number of individuals who share facilities, or do not have exclusive occupation of the whole property.
Assured Shorthold Tenancy must be registered with a Inventory – In its most basic form, an inventory is a list of government-recognised deposit protection scheme within to help you to achieve the contents of a property. Most will also include a schedule 14 days. These schemes offer protection to the tenant and your property’s of condition and photographs. It is essential that an a way of dispute resolution for all parties. inventory covers all areas of the property that the tenants use, such as garages, outhouses, sheds, gardens etc. Dilapidations – Any disrepair or damage to a rented property. The cost of the dilapidations is usually recovered Joint and several liability - Where there is to be from the deposit, where a tenant is found to have caused more than one (adult) person living in the property, the the delapidations tenancy will say they are ‘jointly and severally’ responsible. This means that any one person within the tenancy is Draft contract – A preliminary version of the contract. responsible for fulfilling ALL the terms i.e. each individual tenant is responsible for the whole rental payment, not just their share of it, and if one person breaches a term in Energy Performance Certificate (EPC) – An EPC the tenancy ALL tenants have breached and are equally measures the property’s energy efficiency and carbon liable. output using a scale of A - G. It is a legal requirement and the landlord’s responsibility to provide a valid EPC when marketing a property to let. Landlord - A person, persons, company or body with
maximum potential.
Guarantor - A person who is prepared to guarantee
a formal interest in the premises and the right to let the property.
rental payments and other obligations of a tenancy. The
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Landlord reference – A reference given by a previous
landlord, which confirms the applicant’s history of payment of rent and their previous conduct as a tenant.
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Premium lease – Where the rent for the property is paid in full up front.
1 rent Letting with Blue Sky - Checking a tenant’s ability to pay the References agreement or contract. A formal legal document between and their track record in earlier rentals. This often involves 2 The letting process a landlord and tenant that reflects the negotiations contacting previous landlords and present employers (or Lease agreement – Also referred to as the tenancy
between them. It constitutes the entire agreement accountants if theproperty tenant is self-employed) and carrying Step 1) Assessing the rental value of your 3 between them and sets out their basic legal rights. out credit and imigration checks. Step 2) Choosing the right level of service 4 Step 3) Marketing your property 5 Step 4) Choosing your letting agent 6 Office of Fair Trading – The Office of Fair Trading Renewal of contracts – When a tenancy agreement has Step 5) Presenting your property 7 offers advice on all consumer matters. They aim to protect expired or will shortly expire, you and the tenant sign new Step Getting start of a tenancy 8 consumers, explain their rights, and try to6) ensure thatready for the contracts and create a new fixed term agreement to carry Step 7) Successful viewings 9 businesses compete and operate fairly. They have useful on the let. Step 8) Securing a tenancy 10 guides to consumer rights and the law. The OFT does not 9) Referencing your tenants 11 take up cases on behalf of individualStep consumers. Step 10) Completion Sitting tenant – A person occupying a property12who is Step 11) Looking after your tenancy 13 legally protected against being moved. Ombudsman - An independent organisation that investigates professionals such as estate agents or Subject to contract – An agreement that is not yet solicitors when complaints are made by their customers. legally binding, as it is subject to the terms of the contract being agreed and all parties signing to commit themselves Offer – The sum of money that a tenant offers to rent a to its terms. property.
PCM - Per calendar month.
Our services to you
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Financial & legal elements
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FAQ’s
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Superior landlord - People or person to whom the
a property might revert at a later stage. Estate agency ownership terms ofexplained 26
Periodic Tenancy - This is a tenancy which runs from
month to month or less commonly week to week. At the end of an initial fixed term AST unless you renew for a further fixed term or vacate the property, your tenancy will automatically role into a periodic tenancy.
Superior lease or head lease – Where a property is
leasehold the landlord will be governed by the freeholder, otherwise known as the head lease, and the lease agreement between the landlord and the freeholder will place certain responsibilities and obligations/covenants on the landlord.
Portable Appliance Test (PAT) – A test carried out by a competent person to ensure all electrical installations and appliances within a property are safe in accordance with the Electrical Equipment (Safety) Regulations 1994.
Tenant - A person(s), company or organisation who
is entitled to occupy a property under the terms and conditions of a tenancy agreement.
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