Jargon Buster

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Please click on the terms listed below, to view a brief description.

Access

Landlords and/or their agent must give 24 hours’ notice of any intended visit to the property by themselves or anyone else such as their contractors.

AML

Anti Money Laundering. 

 

Annual Increase

Annual increase means that the rent may be increased on a year to year basis.

Applicant

The person applying to rent the property, that is, the prospective tenant.

Arrears

Money that is unpaid by a tenant after the date specified within the tenancy agreement.

AST

Assured Short hold Tenancy.

Block Management

In the instance of a block of apartments, the block management company is the company assigned to look after the communal areas and exterior of the property.

Boiler Pressure

Each boiler has a certain pressure that it has to remain at for the central heating system to work properly.

BSO

Banking Standing Order. 

Carbon Monoxide

Carbon monoxide is a colourless, odourless, and tasteless gas that is slightly less dense than air.

CMP

Client Money Protection

Common Areas

Areas of land or building such as gardens, hallways, recreational facilities and parking areas where more than one resident shares access/use.   It is important to note that often in a block of apartments, your managing agent for the apartment will look after the property management of the apartment only. A designated block management company will deal with the common areas as noted above.

Company Tenancy

This form of agreement is used where a company is the tenant. There is no additional statutory protection and the deposit does not have to be protected in a deposit scheme. The company is the tenant and they are bound by the terms within the written agreement.

Condensation

Condensation is a build-up of excess moisture that isn’t able to escape from a window/vent which can cause mould growth and be unsightly. Make sure windows are opened when cooking, bathing and when drying clothes.

Contents Insurance

Contents insurance is insurance that pays for damage to, or loss of, an individual’s personal possessions while they are located within that individual’s home. Some contents insurance policies also provide restricted cover for personal possessions temporarily taken away from the home by the policyholder.

Contract

A written or spoken agreement, that is intended to be enforceable by law.

Corporate Re-Location

The process by which a company relocates an employee.

Credit Check

A procedure and history check of an individual’s or company’s past credit history. This is usually conducted by one of the large credit check agencies and uses public information such as Electoral roll, County Court Judgements, Insolvency information, number of credit searches at current property. They are becoming increasingly important when preventing identity theft, money laundering and financial fraud.

Deposit

A sum of money (usually the same amount as a months’ rent of equivalent to 6 weeks rent) paid by the tenant before to moving in. This is held and registered with a deposit scheme against the property in the case of dilapidations.

To note:  The landlord/agent must register details of the deposit within 30 days of the tenancy start date and issue prescribed information.  At the end of the tenancy, the tenant must be notified of any deductions (if any) within a certain period of time and scheme rules apply should the deductions be disputed.

Dilapidations

Any disrepair or damage to a rented property or contents that exceed acceptable wear and tear. The cost of the dilapidations are usually recovered from the deposit but this must be agreed by both parties; the tenant and the landlord/agent.

DPS

Deposit Protection Scheme

Duty of care

Obligation owed to others (specifically landlords and tenants) to provide correct advice regarding lettings and to  make sure the well being and safety of those who may reside or visit the property.

Electrical

In order to comply with the Consumer Protection Act, Landlords must ensure that each electrical appliance (kettle, toaster, washing machine and gas cookers with electric ignition etc.) as well as the electric supply and installation (e.g. wall sockets and light fittings etc.) is safe and does not present any danger to a user. To ensure compliance with the act a regular (annual) inspection and testing report is necessary.

All appliances supplied must have all the necessary instruction books and warning details and we would recommend that copies are taken and left at the premises.

Stuarts Property Services Ltd can arrange through qualified engineers to carry electrical safety inspections and PAT (Portable Appliance Test) – prices on application.

EPC

Energy Performance Certificate

Fixtures and fittings

Items usually provided that may include curtains, carpets, blinds, light fittings, kitchen units and appliances.  May also include some furniture.  It is advisable to check what items are provided and not to assume they will be provided.

FM

Full Management

GSC

Gas Safety Certificate

 

Head Lease

A head lease is the original lease between a tenant and a landlord. In such a lease, the overall contractual responsibility is given to one identifiable tenant called the head lessee. It is a primary lease under which subleases (ie permission to rent out the property) have been granted. It is also termed as primary lease or chief lease.

 

 

HMO

Houses in Multiple Occupation

Immigration status

An immigration status is a check that the tenant(s), and any other adult(s) who’ll be living there, are in the country lawfully.

Inventory

A complete list of items describing the contents and condition of a property.

Joint and several liability

When multiple parties can be held liable for the same event or act (such as non payment of rent or damages) and be responsible for all payments required. In cases of joint and several liability, a person who was harmed or wronged by several parties could be awarded damages and collect from any one, several, or all of the liable parties.

KYC

Know your client

Landlord

The legal owner of the property.

Lease Agreement

Often confused with tenancy agreement, the lease agreement is normally a long lease on an apartment.  The actual document governing a rental is normally known as a Tenancy Agreement.

LO

Letting Only

Managing Agent

A professional or company responsible under an agency agreement for the maintenance and management of the property.

MPAN

Meter Point Administration Number, also known as MPAN

NALS

The National Approved Letting Scheme

Next of Kin

A person’s closest living relative or relatives.

NRL

Non-resident landlords

PAT test

Portable Appliance Test.

 

PCM

Per calendar month

PI

One of three meanings:-

  1. Property Inspection
  2. Prescribed Information relating to the deposit
  3. Professional Indemnity Insurance

References

A check with current landlord and employer to confirm information given

Renewal

Opportunity to renew a contract that has expired or will shortly expire

S21

Section 21 – The notice a landlord can give to a tenant to gain possession of the property (subject to legalities).

TPO

The Property Ombudsman

Valuation

A basic market appraisal of the property to suggest a monthly rental value for letting purposes

Void Period

Period of time when a rental property is empty /unoccupied by a tenant

  • Stuarts Property Services
    Reviewed from Google

    4.9 out of 5 stars

    James Heggs
    James Heggs

    5 out of 5 stars

    posted 1 week ago

    Just moved in to a property managed by Stuarts. The team are incredibly helpful and my move in experience has gone very smoothly. From viewing to completing every meet was on time, great service and very professional.

    S Agaoglu
    S Agaoglu

    5 out of 5 stars

    posted 5 months ago

    Stuarts offer the most efficient service I have experienced by far, but with an added personal touch. They are a close team and this produces excellent results in terms of clear communication and process. They are also just warm and kind individuals who go out of their way to make your life easier. I'll always be grateful for them taking the stress out of my move. I would never go anywhere else!

    Syed Hassan
    Syed Hassan

    5 out of 5 stars

    posted 5 months ago

    We moved to U.K in 2015 and it was our first rented property. The whole process was carried out in friendly and smooth way. We rented the property for more than 2 yrs and we were facilitated and dealt in very effective, efficient and professional way. Unfortunately land lord decided to sale the property so we have to find a new place. The move out process is as smooth and clearly communicated as the move in was. We would certainly recommend Stuart properties and would love to seek their assistance in future. Special thanks to Colin and his team who were always there for us. Warm personal regards from our family!