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A charge for every additional person to be included in the tenancy agreement.
Mortgage Loan.
A certificate some lenders will give you showing the amount they will probably be prepared to lend you. This is not a guarantee but can be helpful when registering with estate agents.
The Association of Residential Letting Agent, the UK’s foremost professional body for letting agents.
Any late or unpaid rent.
The standard tenancy agreement normally used for residential lettings.
The sale of a property to the highest bidder.
The amount of loan owed at a particular time
The interest rate set by the Bank of England is known as the Base Rate. This can change at any time. [View Base Rate Changes]
The individual(s) designated to receive the benefits from a policy.
A temporary loan advanced to help buy a new property before the existing one has been sold.
Insurance against the cost of repair or rebuilding a property from scratch following structural damage, for example by flood, fire or storm.
An investment where you buy a property – usually with a mortgage – and rent it out.
Some lenders offer "cashback" on completion of your house purchase. This could be a fixed lump sum, or an agreed percentage of the mortgage loan. Remember to check whether there will be conditions attached.
A number of linked property sales where exchange of contracts must take place simultaneously.
The process of checking a property 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 the contents is checked against the inventory and the report is used as evidence for the settlement of the deposit.
The date set for submission of offers when more than one party show interest in the property.
Completion of the legal transaction with all monies and documents having been distributed. This is also when the seller's solicitor will instruct the estate agent to release the keys.
See under 'Subject to contracts exchanged'
Insurance against accidental damage or theft of all moveable contents, including furniture, appliances and soft furnishings.
A formal agreement between the buyer and the seller, usually prepared by a solicitor or licensed conveyancer, detailing the terms and conditions of the sale.
Person other than and similar to a solicitor who may conduct the conveyancing.
The legal work involved in buying and selling properties.
Levied by local councils to cover the cost of local amenities and services.
A condition, contained within the Title Deeds or lease, that the buyer must comply with, which is usually applied to all future owners of the property. A restrictive covenant is one that prohibits the owner from doing something.
Pays out a lump sum if you are diagnosed with a specified critical illness.
Typical illnesses include:
Legal documents assigning ownership of a property and/or land.
A period of time that has to pass before benefit from a policy is claimed. Typically Income Protection policies will have a choice of deferred periods to suit any benefit you may be eligible for from your employer.
Sum of money that represents the personal capital that the buyer is putting toward the purchase of the property.
Fees, such as Stamp Duty, Land Registry and search fees on top of conveyancing which you normally pay via your solicitor.
A set percentage discount below your lender's Standard Variable Rate for a predetermined length of time. Your monthly payments can still go up and down with this type of rate.
Unconfirmed version of the contract.
All properties let for private residential purposes must have an EPC, unless the property is Grade II Listed, It is used to report the energy performance of a property.
The difference between the value of a property and the amount of mortgage owed.
The point at which the sale becomes legally binding from which neither party can withdraw without financial penalties - In Scotland see 'Missives Concluded'.
Financial Intermediaries Managers & Brokers Regulatory Authority.
The body that regulates the financial services industry in the UK.
Offers are invited at the price shown
A tenancy with a specified start and end date.
All non-structural items included in the purchase of a property.
Ownership of the property and land upon which the property is situated.
A full structural survey looks at all the main features of the property, including walls, roof, foundations, plumbing, joinery, electrical wiring, drains, and garden.
A service level offered to landlords. This is our comprehensive, hassle free service requiring minimum involvement from you. Whatever is required by you or the tenant, we take care of it.
A property that is let with all furnishings a tenant would need to live comfortably.
The contents of the property included as part of the rent.
Landlords are required to arrange of a gas safety check to take place annually on rented properties. This must be carried out by a gas safe registered engineer.
A document which shows that gas appliances (including a gas meter) has had an annual gas safety check carried out by a registered engineer. Landlords are legally required to have a GSR produced annually.
The practice by a seller accepting a higher price than that previously agreed with someone else.
The practice by a buyer lowering his offer just before exchange of contracts.
The annual fee which a leaseholder pays to a freeholder.
Premiums will stay the same throughout the term of a policy.
Someone chosen to guarantee the payments of rent for the tenant should they fall into arrears.
Required by some lenders if your loan is for more than a required percentage of the value of the house. Although the borrower pays the premium, the policy protects the lender not the borrower.
The homebuyer's report comments on the structural condition of most parts of the property that are readily accessible, but does not involve in-depth investigation or the testing of water, drainage or heating systems.
A term applied to a property which has three or more tenants who are not a family unit.
A non-profit making body which lets you buy a percentage of the property and pay rent on the rest.
Independent Financial Advisor
Investments Managers Regulatory Organisation. Regulates investment managers.
Provides tax-free income in the event of you not being able to work due to ill health. Payments are usually paid monthly until you either return to work, the policy term expires, you retire or death occurs.
When a seller instructs an estate agent to market a property.
An inventory is conducted before the tenancy starts to provide an accurate list of the rental property’s contents and their condition.
Where two estate agents work together to market a property.
A Land Registry certificate proving ownership of property.
The Government organisation that holds records of all registered properties in England and Wales.
A person who owns a property and allows a tenant to live there in exchange for monthly rent.
Life Assurance Unit Trust Regulatory Organisation.
To be given ownership of a property but not the land it is built on. This normally requires payment of ground rent to the landlord. A leasehold is normally offered for either 999 years, 99 years or shorter terms.
An agent who assists the landlord and tenant with the let. Service levels will vary and will be agreed between the landlord and the letting agent.
A policy that pays a fixed lump sum upon death during the policy term.
An application made to the appropriate Local Authority requesting details of any planning or other matters which might affect the property being sold.
A charge made towards the upkeep of a leasehold property.
A letting 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.
Completion of the legal transaction with all monies and documents having been distributed. This is also when the seller's solicitor will instruct the estate agent to release the keys.
The selection of two or more estate agents to act on the seller's behalf, usually incurring a higher fee than if the sale is completed by a sole agency.
When the value of a property is less than the outstanding sum owed on a mortgage.
The scheme that sets the rules for how overseas landlords pay tax.
A declaration given by either a landlord or tenant that the tenancy agreement is coming to an end.
A bid made by a prospective buyer, this is not legally binding.
Offers are invited above the price shown.
Independent professional bodies who investigate complaints on behalf of customers against estate agents, solicitors and insurance companies.
A property let with some furnishings, most properties will provide white goods.
The term used when a property is being sold, where a tenant has legal right of occupation.
A test carried out on electrical appliances. The test is not legally required, although the landlord is responsible for ensuring any appliances provided are safe to use.
When a landlord lets more than one property, this is called a ‘portfolio’.
Premium Payments to the insurance company to purchase cover.
Covers the cost of policy premiums during periods of unemployment due to illness or injury. Also known as waiver of premium.
The way in which most house sales are completed in England and Wales.
Your home or the property you wish to sell or buy.
A process by which an applicant (ie. the tenant) is credit checked, as well as checks on their income and residence.
A fee (usually monthly) paid in exchange for accommodation.
A service level offered to landlords. As well as finding you a tenant we’ll also take care of collecting monthly payments on your behalf; this leaves you to organise other tenant matters, the property maintenance and adherence to legislation.
Monthly interest combined with capital repayment against the original sum borrowed.
When loans are in default the mortgage lender can repossess the property and sell it so they can repay the debt.
Premiums are very likely to change over the term of the policy, an insurer may choose to review premiums at set intervals such as every five years.
A verbal agreement from the seller.
Checks of local council records for planning applications and restrictions, etc.
A sum of money taken from the tenant at the beginning of the tenancy held against non-payment of the rent and any damage to the property (above and beyond reasonable wear and tear).
A charge for setting up a new tenancy. The cost covers referencing the tenant, drafting the tenancy agreement and registering the deposit with a Tenancy Deposit Scheme.
The choice of a single estate agent to act on the seller's behalf, incurring a lower fee than multi-agency.
Legal expert handling all documentation for the sale and purchase of a property.
A tax paid to the Government by the buyer upon completion.
Words used to indicate that an agreement is not yet legally binding.
Words used to indicate that an agreement is not yet legally binding.
The amount of money you are insured for from outset of a policy.
An inspection made by a qualified surveyor. There are three main types of survey. Valuation report (for mortgage purposes), Homebuyers report (also comments on general condition) and Full Structural survey (examines structural detail).
A landlord is legally required to register the tenant’s security deposit in a Tenancy Deposit Scheme which protects the money for the tenant and will assist with any disputes at the end of the tenancy.
A person who lives in a property owned by a landlord in exchange for a monthly rent.
A service level offered to landlords. We find you a tenant and organise a tenancy agreement, leaving you with the day to day running of the let.
People living in a property owned by someone else.
The process whereby the seller asks for written offers on a property usually with a set closing date.
The sum assured from a life assurance plan becomes payable if you are diagnosed with a terminal illness where life expectancy is considered to be less than 12 months.
An independent body to which landlords can refer any complaint should the agent fail to address it to their satisfaction. We are founder TPO members.
The ultimate record of ownership of a property, the evidence of which is found in the title deeds.
The Land Registry document that transfers legal ownership from seller to buyer.
By placing the benefits of a policy “in trust” you can ensure that the correct person receives the proceeds. Assets owned in a trust do not form part of an estate of a deceased person.
When the seller has accepted an offer on the property but contracts have not yet been exchanged.
A person who assesses and classifies the degree of risk that a proposed insurance represents.
A property let with no furnishings.
Rate of interest payment that fluctuates over time inline with general interest rates.
The legal name sometimes used to describe the seller of the property.
Offer from prospective purchaser, not legally binding on either party.
Covers the cost of policy premiums during periods of unemployment due to illness or injury. Also known as Premium Protection
Mode of commencing legal proceedings.
The amount of money a landlord receives from in rent as a proportion of the amount of money invested in the property.
