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Glossary
Accelerated possession procedure - way which landlords can gain cheap and quick possession of their properties without a court hearing.

Accreditation scheme
- voluntary system that checks if landords are offering reasonable services.

Assured shorthold tenancy
-
Form of tenancy where the landlord can repossess the property at the end.

Bedsit
- Form of rented accommodation consisting of a single room and sometimes shared facilities.

Buy to let -
Buying a property just to rent out to a paying tenant.

Buying off plan -
Buying property that has not yet been built just by looking at the plans.

Credit Check- checking on an individual's credit rating to allow you to see if the person pays their bills.

Credit Reference
- Information of an individual or organisation that can supply details of one's track record with credit.

Deposit - Certain amount of money paid in advance to cover costs of any potential damages to the property. When leaving the property and if left undamaged the deposit should be returned back to you.

Eviction- Forced and legal removal of tenant from property.

Fair rent - Rent approved by a rent officer under a regulated tenancy.

Flat share - Sharing a rented property with two or more people.

Guarantor - Somebody (usually a parent) who agrees to pay the rent for the tenant in case of absence.

Harassment - Actions that interfere with the tenant's sense of peace & comfort for instance threats or violence.

Housing Benefit -
Support for somebody on a low income who is unable pay the full amount of rent.

Inventory -
List of items already in the rented property when you arrive.

Joint tenancy - Ownership of property by two or more people.

Landlord - The person who rents property to the tenant.

Lease - Contract where the landlords lets the tenant occupy a property for a fixed period of time i.e. six months or a certain number of years.

Leasehold - A set period of ownership, in most cases to do with flats or other shared accommodation.

Lessee - The person who the property is rented to under a lease.

Lessor- The person (landlord) who rents out the property to a tenant.

Mandatory -
requirement in a written document that must be complied to.

Minor -
Person under legal age.

National Approved Letting Scheme -
accreditation system for letting and letting management agents.

Notice to quit - Letting the tenant know that they must leave the property before a certain date as they are at the end of their agreement.

Obligee - Person who accepts the outcome of an obligation.

Obligor - Person who performs an obligation to another person (obligee).

Quiet enjoyment - Right which the tenant and landlord has to use the property without any disturbances.

Registered Rent -
Maximum rent on a property as set by the rent service or rent assessment committee (RAC).

Rent - Money owed to the landlord from the tenant for use of their property.

Rent a room scheme - System where tax relief is offered when renting a room in your own house.

Rent assessment committee (RAC) - Two or three experts in the field of property who set a legal maximum amount of rent on a property.

Rent Officer - Local official who sorts out housing benefit.

Rent service - Agency that sets fair rent levels as well as providing information to local authorities.

Resident landlord - Landlord living in the same property as the tenant.

Security of tenure - Giving the tenant a right to stay unless the landlord has ordered for eviction.

Service charges - Payment for maintenance of shared spaces for instance the roof or drains.

Short-term let - Renting a furnished property for a short time (between one week and three months).

Tenant - Individual who occupies a property which they have rented from the owner (landlord).

Tenant improvements - renovation of the interior of the property either paid for by the landlord or tenant, depending on the lease.

Turnover - Amount someone earns from rent.

Void - period of time when the property is unlet.

Yield - How much money you are earning from the property.


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