Agreement in Principle
A statement from a lender indicating how much they might lend based on basic information.
Arrears
Overdue rent or mortgage payments.
Assured Shorthold Tenancy (AST)
The most common type of tenancy agreement in the UK for rental properties.
Break Clause
A clause in a tenancy agreement that allows either party to end the tenancy early.
Buy to Let
A property bought with the intention of renting it out rather than living in it.
Chain
A sequence of linked house purchases and sales, each dependent on the other.
Completion
The final step in a property sale when ownership transfers to the buyer.
Deposit Protection Scheme
Government-backed scheme where tenants’ deposits are held securely during a tenancy.
EPC (Energy Performance Certificate)
A document showing the energy efficiency rating of a property.
Furnished
A rental property that comes with furniture such as beds, sofas, and tables.
Guarantor
Someone who agrees to pay rent if the tenant is unable to do so.
HMO (House in Multiple Occupation)
A property rented out by at least three people who are not from one household.
Inventory
A detailed list of the property's contents and condition at the start of the tenancy.
Leasehold
Ownership of a property for a set period, with the land owned by a freeholder.
Maintenance
Work required to keep the property in good condition.
Notice Period
The length of time a tenant or landlord must give to end a tenancy agreement.
Offer
A formal proposal to buy or rent a property.
Open House
A scheduled period when a property is open for viewing by multiple prospective buyers or tenants.
PCM (Per Calendar Month)
Term used to describe monthly rental payments.
References
Checks made by the agent or landlord to assess a tenant’s suitability.
Stamp Duty
A tax paid by the buyer when purchasing a property over a certain value.
Tenancy Agreement
A contract between landlord and tenant outlining the terms of the rental.
Valuation
An assessment of a property’s market value, typically carried out by a surveyor.
Yield
The return on a rental property, calculated as annual rental income as a percentage of property value.
