Lettings Terms Explained

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  • Lettings Terms Explained

Lettings terms can often be confusing.

Please find below an explanation of some jargon that is often used:

 

TENANCY AGREEMENT

The contractual agreement between the landlord and tenant containing terms and obligations for both parties in regards to the house to let.  The below link to the Governments website explains this in further detail –

https://www.gov.uk/private-renting-tenancy-agreements

 

GUARANTOR

A person who signs a legal document agreeing to pay the rent in the event that the tenant defaults. They will also be responsible for covering any costs relating to any damage caused by the tenant. A guarantor is usually a parent or family member.

 

RENT

The monthly payment by the tenant to the landlord for use of the property.

 

NOTICE

Written communication by either the landlord or the tenant of their intention to end the tenancy. The tenancy agreement includes the length of legal notice required.

 

NOTICE TO QUIT

The date by which the Landlord needs to serve notice on the tenant in a fixed term tenancy. This date is normally two months before the end of the tenancy.

 

SURRENDER

The giving up of your tenancy and handing back possession of the property to the landlord.

 

WEAR AND TEAR

Loss, damage, or depreciation resulting from ordinary use and exposure over time. Damage that naturally and inevitably occurs as a result of normal wear or ageing.

 

INVENTORY

A condition report of the property to include all fixtures, fittings and cleanliness. Used as evidence of the condition of the property at the end of the tenancy. This is to determine whether the tenants have caused any damage during the tenancy above normal wear and tear.

 

DEPOSIT

A fixed sum of money taken at the start of the tenancy as security for the landlord for any damage or arrears at the end of the tenancy.

SWAP OVER

The legal transfer of the tenancy from one person to another. Only certain tenants have the right to do this. Most tenancies will exclude tenants from assigning the lease.

 

SUB-LETTING

Where the tenant rents/leases all or part of the property to a third party.

 

ABANDONMENT

The desertion of a property by the tenant with the intent of never returning or taking up possession in the future often without notice.

 

CONTENTS INSURANCE

An insurance taken out by the tenant for the contents of the property. The landlord does not cover contents of the property or your own furniture, just the building.  Please see link below for some further information on this –

https://harringtonslettings.co.uk/students-contents-insurance-do-i-need-it-for-my-student-accommodation/

 

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