Renting glossary

A tenancy with a specified start and end date.

A service level offered to landlords. This is our comprehensive, hassle free service requiring minimum involvement from you. Whatever is required by you or the tenant, we take care of it.

A property that is let with all furnishings a tenant would need to live comfortably.

The contents of the property included as part of the rent.

Landlords are required to arrange of a gas safety check to take place annually on rented properties. This must be carried out by a registered engineer.

A document which shows that gas appliances (including a gas meter) have had an annual gas safety check carried out by a registered engineer. Landlords are legally required to have a GSR produced annually.

Someone chosen to guarantee the payments of rent for the tenant should they fall into arrears.

A term applied to a property which has three or more tenants who are not a family unit.

A non-profit making body which lets you buy a percentage of the property and pay rent on the rest.

An inventory is conducted before the tenancy starts to provide an accurate list of the rental property’s contents and their condition.

A person who owns a property and allows a tenant to live there in exchange for monthly rent.

An agent who assists the landlord and tenant with the let. Service levels will vary and will be agreed between the landlord and the letting agent.

A letting agent who manages the day to day running of the property on behalf of the landlord. The landlord remains legally responsible for the property and repairs but the agent works on the landlord’s behalf.

The scheme that sets the rules for how overseas landlords pay tax.

A declaration given by either a landlord or tenant that the tenancy agreement is coming to an end.

A property let with some furnishings, usually white goods.

A test carried out on electrical appliances. The test is not legally required, although the landlord is responsible for ensuring any appliances provided are safe to use.

When a landlord lets more than one property, this is called a ‘portfolio’.

A process by which an applicant (ie. the tenant) is credit checked, as well as checks on their current employer and residence.

A fee (usually monthly) paid in exchange for accommodation.

A service level offered to landlords. As well as finding you a tenant we’ll also take care of collecting monthly payments on your behalf; this leaves you to organise other tenant matters, the property maintenance and adherence to legislation.

A sum of money taken from the tenant at the beginning of the tenancy held against non-payment of the rent and any damage to the property (above and beyond reasonable wear and tear).

A charge for setting up a new tenancy. The cost covers referencing the tenant, drafting the tenancy agreement and registering the deposit with a Tenancy Deposit Scheme.

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

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

A landlord is legally required to register the tenant’s security deposit in a Tenancy Deposit Scheme which protects the money for the tenant and will assist with any disputes at the end of the tenancy.

A person who lives in a property owned by a landlord in exchange for a monthly rent.

A service level offered to landlords. We find you a tenant and organise a tenancy agreement, leaving you with the day to day running of the let.

People living in a property owned by someone else.

An independent body to which landlords can refer any complaint should the agent fail to address it to their satisfaction. We are founder TPO members.

A property let with no furnishings.

The amount of money a landlord receives from in rent as a proportion of the amount of money invested in the property.