Tenancy Agreement Definitions
Assured short-hold tenancy – The most common form of tenancy in the UK. Similar to an Assured tenancy but lasting for a fixed period of at least 6 months. More popular as it makes it easier for the landlord to give notice and end the agreement.
Assured Tenancy – Gives you the right to remain in a property unless the landlord can convince the court there are good reasons to evict you (such as rent arrears, damage etc.).
BTL (Buy to Let) – investment strategy of buying a residential property to be let for profit
BTS (Buy to share) – buying a property with the intention of renting out one or more rooms to help pay the mortgage
Deposit – A fixed sum taken by landlords/letting agents at the start of a tenancy to cover reasonable losses (rent arrears, damage etc.)
DSS – those that claim from state benefit for housing benefit
Guarantor – One who provides a warrant or guarantee to another
HMO (House in Multiple Occupation) – types of accomodation shared by several people
Inventory – Detailed list of all items in the property, including their condition
Landlord – Either the person who owns a property which you are renting and to whom you pay rent, or the freeholder of a property for which there is a leasehold tenure
Live-in landlord – A homeowner who rents out one or more rooms in their property whilst living there themselves.
Live-out landlord – A landlord that rents a property they do not live in themselves
Lodger – A lodger is a tenant who rents a room in another’s house, usually from a Live in landlord
PCM – Per calender month. Usually used when regarding when to pay rent
Sublet – An arrangement where the existing tenant lets all or part of the property to another
Rent – The amount charged to rent a property
Tenancy – Occupancy: an act of being a tenant or occupant
Tenancy Agreement – Legal contract between landlord and tenant, usually written, but can be verbal
Tenancy Deposit Scheme – A government scheme introduced in 2007 to safeguard deposits taken by landlords.
Tenant – Someone who pays rent to use a building that is owned by someone else