Lettings Glossary
The YOUR MOVE Lettings Glossary provides helpful information and descriptions for a number of letting terms for landlords and tenants.
Assured Shorthold Tenancy Agreement (AST)
This is the standard tenancy agreement normally used for residential letting.
Check out
Check of a rented property carried out after a tenant has vacated. Normally only done when an inventory was carried out at the start of the tenancy. The condition of the property and contents is checked against the inventory and the report is used as evidence for the settlement of the deposit.
Energy Performance Certificate (EPC)
All properties let for private residential purposes must have an EPC. It is used to report the energy performance of a property and features an Energy Efficiency similar to that found on domestic appliances.
Fixed Term Tenancy
A tenancy with a specified start and end date.
Gas Safety Record (GSR)
A document which shows that gas appliances (including gas meter) have had an annual gas safety check carried out by a registered engineer. Landlords are legally required to have a GSR produced annually.
Guarantor
Someone who agrees to pay rent and any costs arising from the tenancy agreement.
House in Multiple Occupation (HMO)
A term applied to a property which has 2 or more unrelated tenants. A license may be required and is dependent on the local authority.
Inventory
List of contents and a schedule of their condition. Conducted before a tenancy starts and should be an accurate record of the property and its contents prior to a tenant moving in. YOUR MOVE always recommends an inventory is carried out. This is included in the Fully Managed service from YOUR MOVE.
Managing Agent
Normally an estate agent who manages the day to day running of the property on behalf of the landlord. The Landlord remains legally responsible for the property and repairs but the agent works on the landlord’s behalf.
Portable Appliance Test (PAT)
A check carried out on electrical appliances eg kettle, toaster etc. The test is not legally required, although the landlord is responsible for ensuring any appliances provided are safe to use.
Reference
A process by which an applicants credit worthiness is checked usually together with a check on their current employment as well as other checks.
Security Deposit
Sum of money taken from the tenant at the start of a tenancy. It is normally held against non payment of rent and/or damages/missing items.
Tenancy Deposit Scheme
Since April 2007 when a deposit is taken on an Assured Shorthold Tenancy it must be protected by an authorised tenancy deposit protection scheme.