Someone owning an interest in the property for rent, whether freehold or leasehold, entitling them to take possession upon either the termination or expiry of a Tenancy.
Includes anybody who has rented a property from a Landlord who is entitled to possession of a property as defined in a Tenancy Agreement.
Assured Shorthold Tenancy
A tenancy that is either under £100,000 or above £500p/a in annual rent, is the Tenants only or principle home, where the Landlord does not reside at the same address and is not a company let.
A contractually agreed point in the tenancy agreement where either party may break the contract without penalty.
Tenancy Deposit Scheme
A new scheme that helps protect a Tenants deposit from any unfair deductions. Introduced by the government in May 2007.
Usually amounting to six weeks rent, paid by the Tenant and held in account against the property during the course of the tenancy.
Fee of Intent
Usually one weeks rent paid to ‘secure’ a property.
References are taken up by Stirling Ackroyd using a regulated agency in order to determine an applicants suitability for a property. These will include confirmation of income levels, previous Landlord details etc.
An inventory is an accurate list of everything contained within a property and the condition.
Check-in and check-outs are undertaken at the start and at the end of tenancies. Typically they involve the hand over of keys, checking of meter readings etc.
Buy to Let Mortgage
Specialist mortgage product used by Landlords and Investors.
Insurance to cover any loss or damage to your possessions within the property.
Any disrepair or damage to a rented property.
A UK homeowner who can guarantee the rent of a Tenant who is not in a financial position to do so.
A house in multiple occupation. The guidelines of which can be found on the relevant local council website.
A tenancy that is taken out under a company name, rather than as a private individual. Automatically a non-housing act tenancy.