Assured Tenancy – This tenancy gives the right to tenants to remain in the rented property until the landlord approaches the court, and gives a valid reason to evict the tenants, for instance, damage to property etc.
Assured short-hold tenancy – This is essentially the most common type of tenancy in the UK. This is quite similar to an Assured tenancy, but the only exception is that it lasts for a fixed period of more than six months. This type of tenancy is very popular as it allows landlords a facility to easily give any notice to end any agreement.
Buy to Let (BTL) – This is more of an investment strategy, whereby individuals buy a residential property or home to let it for gaining profits.
Buy to share (BTS) – This is a practice whereby individuals buy a property or home with the purpose of renting out some portion of the property to financially help them in paying the mortgage.
Deposit – Deposit is a fixed amount of money generally taken by letting agents or landlords at the beginning of a tenancy period in order to cover future losses or expenses on the part of tenants, for instance, damage and rent arrears.
DSS: Claiming state benefit from housing benefit.
Guarantor – Individuals who provide the landowner a sort of warranty about the tenant.
House in Multiple Occupations (HMO) – These are the forms of accommodations that are shared by many people.
Inventory – A complete list of all the items present in the property, including their usage conditions.
Landlord – Refers to the individual who owns the property, or the one whom you pay your rent. This may also refer to the property free holder that provides you tenure for leasehold.
Live-in landlord – A property holder who lives in a property but rent out a portion of this property to tenants.
Live-out landlord – A type of landlord that doesn’t live in a property, which he rents out to his tenants.
Lodger – A type of tenant who rents a room in somebody else home, normally in a Live in landlord’s home.
Per Calendar Month (PCM) – This term used in relation to the time when to pay your monthly rents.
Sublet – This is an agreement whereby the existing tenant rents out a portion of the property to another.
Rent – Total amount of money charged monthly by a landowner to rent out his property
Tenancy – An act of occupancy when you officially become a tenant.
Tenancy Agreement: A type of Legal agreement between the tenant and landlord. This can be both verbal and written.
Tenancy Deposit Scheme – A scheme introduced by government in 2007 in order to safeguard the deposits given by tenants to the landlords.
Tenant – A tenant is someone who uses someone’s building to live, and pays a fixed monthly rent for doing so.