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!
An extra fee for every additional person who is to be included in a tenancy agreement.
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.
Late or unpaid rent that a tenant owes their landlord.
A standard tenancy agreement, which is commonly used in most residential lettings.
A property investment strategy in which a property is purchased and rented out.
The process of checking a property at the end of a tenancy.
A certificate used to rate the energy efficiency of a property by looking at the energy use and carbon dioxide emissions.
A tenancy with a specific start and end date.
A property that is rented with all furniture needed for comfortable living.
Furniture, fittings and other decorative accessories in a property.
A test carried out annually by a registered engineer to ensure the gas provision in a property is safe.
A document which proves that gas appliances in a property have been checked during an annual Gas Safety Check.
Somebody who agrees to keep up payments of rent if the tenant falls into arrears.
A HMO is a property that is shared by three or more tenants that are not members of the same family.
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.
Somebody who lets out land, a building, or accommodation.
A facilitator through which an agreement is made between a landlord and tenant for the rental of a residential property.
A Letting Agent who manages a property on behalf of the landlord.
A scheme that determines how overseas landlords pay tax.
An indication that a tenancy is coming to an end, given by either a landlord or a tenant.
A property marketing tool that attracts multiple potential tenants to view a property at one specific time.
A property that is let with some furnishings (usually white goods in the kitchen).
A test on electrical appliances to ensure they are safe to use.
A collection of properties let by a landlord.
Checks carried out on a tenant including employment, credit history and current residence.
The fee paid by a tenant in exchange for accommodation.
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
A fee for setting up a tenancy, which covers referencing, the tenancy agreement and the registering of the deposit with the Tenancy Deposit Scheme.
A government scheme which protects a tenant’s deposit throughout their tenancy.
Somebody who lives in rented accommodation.
A scheme designed to achieve a full and final settlement of a dispute and all claims made by either a tenant or landlord.
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.