A-Z

A payment (usually a week's rent) made by a prospective tenant to cover the cost of processing an application to rent a property. This amount will go towards the initial invoice payable prior to the tenancy start date.

Assured shorthold tenancy

The most common type of agreement where the tenant is an individual and the rent does not exceed £25,000 per annum. An AST can be for any duration, for a fixed term or periodic, although the court will not grant possession under 6 months.

Agreement fee

The cost of drawing up the tenancy agreement by the agent, normally shared between the landlord and tenant.

Cleared funds

Monies paid in the form of a banker's draft, or by telegraphic transfer/CHAPs, or by cash.

Credit checking agency

An independent company used by the letting agent to obtain references on the tenant.

Damages/dilapidations

Any disrepair or damage to a rented property or any breach to the terms of the tenancy agreement.

Extension

Also known as the renewal, this is the continuation of a tenancy after the expiry of the initial term.

Fixtures and fittings

Comprises of any fixtures, fittings, floor, ceiling and wall coverings, furnishing and effects.

Gas safety certificate

A safety record issued annually by a CORGI registered engineer which states that all gas pipes, flues and appliances are safe. Landlords are required by law to ensure that the checks are carried out annually and that certificates are issued to the tenant.

Guarantor

A person who has undertaken to guarantee to the Landlord that if the Tenant does not fulfil the obligations agreed to in the Tenancy Agreement that they, the Guarantor, will fulfil those obligations on behalf of the Tenant.

Initial invoice/monies

Monies due from the tenant to the agent, which must be in the form of cleared funds before keys can be released, to cover the advanced rental payment, six week security deposit and the agreement fee.

Inventory

A document prepared by the landlord, the agent or an inventory clerk and given to the tenant detailing the Landlord’s fixtures, fittings, furnishings, equipment etc., the décor and condition of the premises generally. Such a document may subsequently be relied upon at the end of the tenancy in assessing damage or compensation for damage and so should be checked carefully at the commencement of the tenancy.

Inventory check-in

A meeting between the inventory clerk or landlord and the tenant just before the tenant moves in, whereby the inventory and schedule of condition of the property is checked room by room and a declaration is signed by both parties. This will form the basis for the check-out at the end of the tenancy.

Inventory check-out

A similar process to the check-in, only it takes place at the end of the tenancy and any damage or missing items will be noted.

Joint and several liability

The tenants are collectively and individually liable for the payment of all rents and liabilities falling during the tenancy as well as any breach of the agreement until all payments have been made in full. A maximum of four people can be such joint tenants.

Landlord

A person or persons who at any relevant time own, or have a formal interest in, the premises that gives them the right to possession of the premises at the end of the Tenancy and anyone who might subsequently own the premises.

Premises/property

The premises include all, or any parts of the house or flat, gardens, paths, fences, boundaries or other outbuilding, which belong to the landlord and form part of the let. Where the Tenancy forms only part of another premises (eg. in a block of flats), the letting includes the use, in common with others, of communal access ways and other similar facilities.

References

Agents usually either use a credit referencing agency to check the financial status of the tenant or they apply directly for three references, usually bank, employment and previous landlord.

Stakeholder

When the security deposit is held in a designated account and monies cannot be deducted without written permission from both parties (landlord and tenant).

SDLT (Stamp Duty Land Tax)

Duty payable to the Inland Revenue on a residential tenancy. This only applies where the rent exceeds a certain limit.

Subject to contract

Words to indicate that an agreement is not yet legally binding.

Tenancy agreement

The legal document setting out all parties to the agreement, the terms of the tenancy and the obligations of the parties.

Tenant

Any one or more individuals or companies named as tenant in the tenancy agreement. Where more than one person makes up the ‘Tenant’ they are responsible both individually and together for the Tenants obligations i.e. they have joint and several liability

Term/tenancy

The entire period the tenant remains in the property including any extension/renewal period.

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