Jargon Buster for Renting Property

Throughout the renting process you’re likely to come across some terms and phrases that you’re not familiar with. It’s important, especially in contracts and tenancy agreements, that you understand what these terms mean. This is why we’ve created a useful Jargon Buster to help you!

Additional Person Fee

An extra fee for every additional person who is to be included in a tenancy agreement.

Association of Residential Letting Agents (ARLA)

The UK's foremost professional body for letting agents, who ensure tenants receive a professional service from their agent and make sure their money is kept safe.

Arrears

Late or unpaid rent that a tenant owes their landlord.

Assured Shorthold Tenancy (AST) agreement

A standard tenancy agreement, which is commonly used in most residential lettings.

Buy to Let

A property investment strategy in which a property is purchased and rented out.

Check Out

The process of checking a property at the end of a tenancy.

Energy Performance Certificate (EPC)

A certificate used to rate the energy efficiency of a property by looking at the energy use and carbon dioxide emissions.

Fixed Term Tenancy

A tenancy with a specific start and end date.

Furnished

A property that is rented with all furniture needed for comfortable living.

Furnishings

Furniture, fittings and other decorative accessories in a property.

Gas Safety Check

A test carried out annually by a registered engineer to ensure the gas provision in a property is safe.

Gas Safety Record (GSR)

A document which proves that gas appliances in a property have been checked during an annual Gas Safety Check.

Guarantor

Somebody who agrees to keep up payments of rent if the tenant falls into arrears.

House in Multiple Occupation (HMO)

A HMO is a property that is shared by three or more tenants that are not members of the same family.

Inventory

Checks carried out before a tenancy begins to document a property’s contents and their condition, as well as the general condition of the property.

Landlord

Somebody who lets out land, a building, or accommodation.

Letting Agent

A facilitator through which an agreement is made between a landlord and tenant for the rental of a residential property.

Managing Agent

A Letting Agent who manages a property on behalf of the landlord.

Non-Resident Landlord (NRL) Scheme

A scheme that determines how overseas landlords pay tax.

Notice

An indication that a tenancy is coming to an end, given by either a landlord or a tenant.

Open House

A property marketing tool that attracts multiple potential tenants to view a property at one specific time.

Part-Furnished

A property that is let with some furnishings (usually white goods in the kitchen).

Portable Appliance Test (PAT)

A test on electrical appliances to ensure they are safe to use.

Portfolio

A collection of properties let by a landlord.

Reference

Checks carried out on a tenant including employment, credit history and current residence.

Rent

The fee paid by a tenant in exchange for accommodation.

Security Deposit

Money paid by a tenant before the tenancy, taken as a security measure in case the tenant fails to pay rent and to ensure that any damages that occur during a tenancy are covered

Set up Fee

A fee for setting up a tenancy, which covers referencing, the tenancy agreement and the registering of the deposit with the Tenancy Deposit Scheme.

Tenancy Deposit Scheme (TDS)

A government scheme which protects a tenant’s deposit throughout their tenancy.

Tenant

Somebody who lives in rented accommodation.

The Property Ombudsman (TPO)

A scheme designed to achieve a full and final settlement of a dispute and all claims made by either a tenant or landlord.

Unfurnished

A rental property that is let with no furnishings.



If there are terms that you’re unfamiliar with that aren’t on this list, please feel free to get in contact with Prospect and one of our expert Lettings Agents will be delighted to assist you.

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