Specialists in Lettings and Property Management

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TENANTS JARGON BUSTER

Property jargon and trying to understand the lingo can be a nightmare in itself, so take a look at our jargon buster to help you understand.

INVENTORY

Also referred to as a “schedule of condition”, an inventory is a complete and detailed Report listing the contents and condition of a rental property.


This will be undertaken at the beginning and end of a tenancy.

LANDLORD REFERENCE

A written document from a tenant's previous landlord to support their application and demonstrate their ability to care for the property and maintain rental payments.


The previous landlord details are obtained at that Application Process before a property is offered, so that they can be contacted prior to a new tenancy.

PERSONAL REFERENCE

This reference is only required for tenants who have not had a landlord within the last 5 years.


A personal referee should be someone of professional standing who is able to confirm the tenants's ability to act responsibly and keep the rental property in good order.


A personal referee should not be a member of the tenant's family and would for example included one of the following :community leader, previous employer, academic supervisor, professional friend/neighbour who knows the tenat well, etc...

FINANCIAL REFERENCE


LEASE ASSIGNATION

A tenant transfer their interest in a Lease to another person (called an assignee), who thereafter takes theit place as tenant inder the original contract.

LET STC AND I'M LET

A potential tenant has been through the Viewing and Application Process, and has agreed to the rental payments and deposit amount, thereafter payments for Deposit and Tenant Fee have been received and the Property has been Let Subject to Contract.


The process may not be complete and so the property will show as 'let stc' until the tenancy is confirmed, the tenants have moved in then the property will be made i'm let.

LONG TERM LET

This usually refers to a tenancy lasting from 6 months onwards.

SHORT TERM LET

A tenancy usually lasting from 1 day onwards, with exceptional circumstances and only offered at our discretion.

AST

An Assured Shorthold Tenancy Agreement is the most frequently used tenancy agreement in the letting of Residential Properties.


This type of agreement is also referred to as an 'AST or 'Assured Shorthold Tenancy'. Normally arranged for a six month period, but can be agreed for a longer period e.g twelve months.


This type of tenancy allows the tenant to remain in the property for the first six months, or initial fixed period. It also offers some protection to Landlords when letting their property.

DPS

The Deposit Protection Service (DPS) is one of the three tenancy deposit protection companies set up by the government to protect tenants deposits.  The DPS is the only ‘custodial’ scheme, and is completely free to use.


However unlike the paid for ‘insurance based’ schemes, the deposit money has to be physically handed over to the scheme administrators for them to hold until the end of the tenancy.

NON-RESIDENT LANDLORD

A landlord who owns a property in the UK and receives rental income whilst living outside of the UK is known as a Non-Resident Landlord (NRL).

OWNER OCCUPIER

A person who lives in and owns the same home.

PORTABLE APPLIANCE TEST

The name of a process where electrical appliances are routinely checked for safety.

SAFETY COMPLIANCE

This refers to the work required to ensure the property meets the health and safety regulations relating to rental properties.

SCHEDULE OF CONDITION

Also known as an inventory, this is a complete and detailed report listing the contents and condition of a rental property.

TENANCY AGREEMENT

A written contract between the tenant(s) moving into a property and the landlord(s) who owns the property.


thepropertyshop will sign the Tenancy Agreement on behalf of the landlord(s).

TENANCY DEPOSIT SCHEME

A tenancy deposit scheme is a Government approved scheme provided by a third party organisation to protect tenancy deposits until they are due to be repaid.

PRS SCHEME

The Property Redress Scheme is an independent company authorised by the government to resolve complaints from consumers (i.e. landlords and tenants) of letting agents in England.


What that means effectively, is added protection for consumers, if they feel their letting agent hasn’t dealt with their complaint satisfactorily then it can be escalated to the PRS to review and resolve the issue.

VOID PERIOD

When a property is unoccupied for an amount of time.

AGENCY AGREEMENT

A written contract between the owner(s) of a property and the letting agent.

ELECTRICAL REPORT

A electrical intallation condition report into the condition of the electrical installation within a property that highlights any safety shortcomings and defects or deviations from the required electrical regulations.

ELECTRICAL INSTALLATION

A fixed wiring system made up of equipment, for example a fuse box; lighting and power circuits and switches and sockets. An electrical installation does not include electrical appliances such as cookers, heaters and washing machines.

EPC

An Electrical Performance Certificate document stating the energy efficiency of a building with suggested ways in which this could be improved.

GAS SAFETY CERTIFICATE

A certificate to prove gas appliances, fittings and flues provided are safe for tenants.