Glossary

Applicant
The person(s) interested in renting a property.

Assured Shorthold Tenancy (AST)
The type of Tenancy Agreement for a minimum of six months describing the rights of the landlord and tenant.

Break clause
A clause giving the tenant or landlord the ability to end a contract before its original end date under certain circumstances.

Buy-to-let mortgage
A mortgage for someone wanting to rent out the property they are buying.

Company Tenancy
The form of tenancy used when a company is the tenant.

Contract
A legal agreement between the tenant(s) and landlord(s) regarding the related property.

Contract race
When two parties have made an offer on the same property, the landlord will let to the first party to exchange contracts.

Converted flat
A flat created by the subdivision of a larger property.

Covenants
Rules and regulations governing the property, contained in its title deeds or lease.

Credit check
The process of checking an applicant’s credit history. The check will include the history of outstanding debts, credit card repayments and arrears.

Credit history
A record showing bankruptcy and late payments of a company or individual.

Deposit
An amount of money paid by the tenant before moving in.

Detached
A property that is not attached to any other.

Disbursements
Fees paid by the buyer's solicitor on the buyers behalf such as stamp duty, land registry and search fees.

Draft contract
A preliminary version of a contract.

Electrical Equipment (Safety) Regulations 1994
Regulations that require all electrical installation and appliances inside the property are kept in good order and checked for safety by an engineer on a regular basis.

End Terrace
A property on the end of a row of attached houses.

Energy Performance Certificate (EPC)
A legal requirement which gives the property an energy efficiency rating from A-G.

Fixtures & fittings
All non-structural items included in the purchase of a property.

Gas Safety Regulations 1998
Regulations that state that all gas appliances must be inspected annually by a gas engineer.

Guarantor
Someone who will pay the rent and any debt if the tenant cannot.

Holding Deposit
An amount of money paid by an applicant wishing to rent out the specified property.

Houses in Multiple Occupancy (HMO)
Where three or more people live in a house and live as separate tenants whist rooms such as the bathroom and kitchen are shared.

Inventory
A list describing the condition of a property and its contents before the beginning of the tenancy. The inventory is used to check weaknesses in the property at the end of the tenancy against.

Landlord
The owner of a rented property.

Landlord's reference
A previous landlord’s reference containing information regarding an applicant’s history as a tenant.

Long let
Where a property is let for at least six months.

Offer
The amount of rent that a tenant(s) offers to pay for a property.

Portable Appliance Test (PAT)
A test to ensure that all electrical installations and appliances inside a property are safe and meet the Electrical Equipment Regulations 1994.

Premium lease
Where all rent is paid in full up front for a property.

Property Management
The managing of a property on behalf of the landlord.

Renewal of contracts
The renewal of a contract which will shortly expire or already has.

Semi-detached
A house that is joined on one side to another.

Short let
Where a property is typically let for a period of less than six months.

Studio flat
A flat containing one main room with cooking and sleeping facilities usually with a separate bath/shower room.

Subject to contract
When tenants are on the vApplicant
The person(s) interested in renting a property.