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If you are new to property lettings and landlordship them you may find yourself getting confused with all of the different terms and names. Our team at Charnwood Living have put together this jargon busters to explain some of the most commonly used terms.

• Agent

A person or company acting on behalf of the landlord.

• Assured Shorthold Tenancy (AST)

The most Common type of tenancy agreement. These type of agreements allow a tenant to rent a property for a set period of time.

• Deposit

Money that is held by the landlord or estate agent to protect against any damage against the property.

• Detached

A type of property that stand by itself and is not connected to any other properties.

• Dilapidations

Any damage or disrepair that is affecting the property.

• Electrical Equipment Regulations

A regulation that states that all electrical equipment in a property is safe and in good working order.

• Fire safety regulations

A regulation that states that a property is safe from potential fire hazards.

• Gas Safety Regulations

Regulations that state that a gas engineer must inspect a property before any tenant move into the property.

• Landlord

The owner of a property that is being rented.

• Landlord and Tenant Act 1985

An act that states the rights of tenants against their landlords.

• Letting

An act of temporarily allow someone to live in you property for a regular payment.

• Live-out landlord

A landlord that lives in a different location from the property that is being let.

• Rent

The payments that tenants give to the landlord in exchange for staying in the property.

• Seasonal lettings

A letting period that covers a particular time of the year.

• Statutory Obligations

Rules that are imposed by law and must be followed.

• Tenancy Deposit Scheme (TDS)

Any deposits that are paid by the tenant must be registered with a deposit protection scheme.

• Tenancy agreement

A contract between the landlord and the tenants. It states the terms of the tenancy such as the length.

• Tenant

A person that is living in a rented property.

• Tenure

The financial conditions in which some is allowed to live in a property.

• The Term of Tenancy

The length of the tenancy.

• Vendor

The person or company that is responsible for the letting of the property.

• Resident Landlords

A landlord that lives within the property that is being let.

Contact Us

If you have any more questions regarding property letting then feel free to get in contact with our Leicestershire based team today.