We know from working in the industry for over 5 years now that sometimes the words and terms that agents, landlords or tenants may use can become confusing; so we have devised a list of common words which you may not know about.
An Admin Fee is payable by an applicant and is what holds a lettings property "as yours" for the period of two weeks after it is received, and also pays for the relevant credit checks for the applicant. The cost of this stands at £180 at the date of publication.
Arrears is a term used for the monies which a tenant owes his/her landlord when they fall behind with their rent.
Default on Rent is a term used in the unlikely event of a tenant missing a rental payment.
A deposit or a security deposit is a term used for the money which is held from the start of a tenancy as a safety net for a landlord if a tenant is to default on their rent at any point.
A guarantor is person who co-signs a tenancy agreement with an applicant, ensuring that they take responsibility of the tenancy and rental payments if the applicant is to default at any point.
An inspection is a check carried out by ourselves in an agreed timescale on each rental property to ensure the tenant is keeping it to the agreed and satisfactory state.
A "last months rent" is a term used for a forward payment of the rent due on the last month of the tenancy agreement, this is a process used some of our properties to ensure peace of mind for both the tenant and the landlord.
A section 8 is a notice requiring the tenant to vacate the property within two weeks, served to a tenant with more than two months rent arrears or if they are in breach of their tenancy agreement.
A section 21 is a notice requiring the tenant to vacate the property within two months.
A tenancy agreement is a contract between a tenant and a landlord, giving certain rights to either party; for example the tenant has the right to reside in the property and the landlord has the right to receive rent for letting the accommodation.