We hope
that we will be able to assist you in the search for rented
accommodation, but if not, listed below are details of
commonly used terms with a brief explanation of the phrase
or a definition of normal practice.
Break Clause
Also known as a notice clause, these are usually after
a minimum period and are usually mutual to the landlord
and tenant. A typical break clause would be 2 months notice
after 4 months occupation, breaking therefore at 6 months.
Council Tax
This is a charge made by the local council to cover local
community costs, such as rubbish collection. The cost
is usually paid by the tenant.
Furnishings
There is no precise definition as to what constitutes
furnished or unfurnished premises. Attention should be
paid to what is included at the time of viewing or by
establishing a list with the agent. Most properties should
as a minimum contain appliances in the kitchen, floor
coverings and curtains.
Gas Safety
All landlords are by Law required to produce a gas safety
record on an annual basis to show that the gas appliances
have been inspected and declared safe by a qualified engineer.
Holding Deposits
Some agencies require a deposit, usually equivalent to
one weeks rental, to secure the property during the reference
stage. Should the application not proceed, the agent is
entitled to deduct some costs from the holding deposit
dependent on how much work they have done to the point
at which the application is withdrawn. The agent has to
stipulate a breakdown of these costs.
Landlord
The person(s) or company that have authority to let the
property.
Length of Tenancy
This is commonly called the ‘Term’ of the tenancy.
Most tenancies are of a minimum six month duration or
twelve months with a mutual break clause after six months.
Negotiation
Some landlords will be prepared to be flexible on the
asking price of properties. This is dependent on a number
of factors, such as how long the property has been on
the market or if the tenancy is likely to be of a longer
term than usual.
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Option Clause
If you wish to be secure in the knowledge that you can
stay in the property potentially for longer than the initial
term, some landlords will consider having an option clause
in the tenancy which means that you may unilaterally be
able to decide whether to extend into a second or third
term.
Professional Organisations
Most reputable agents will belong to a professional body
which means that they have to subscribe to a code of practice
and that their client accounts are protected and audited
each year. The main three are the National Association
of Estate Agents, the Association of Residential Letting
Agents and the Royal Institution of Chartered Surveyors.
References
Most agencies will ask for references from your employer,
previous landlord (if any), financial institutions and
details of previous addresses for a credit search.
Rent
The rent is normally paid monthly in advance for individuals,
although some landlords may insist on quarterly payments.
Tenancy Deposits
A deposit, usually equivalent to six weeks rental, is
payable at the time of signing the agreement by tenant
against any breach of their obligations for the term of
the tenancy. Interest is normally paid to the tenant at
the end of the tenancy.
Tenancy Agreement
This is a legal binding document between the landlord
and tenant, which details the obligations placed upon
both parties. Also known as a lease or contract.
Tenant
The person or company that assumes overall responsibility
for the obligations within the tenancy agreement.
Utilities
The cost of gas, electricity and telephone are usually
borne by the Tenant for the duration of the tenancy. In
some cases, costs may be included, for example, in a block
of flats where there is a communal heating system. Beware
however if the utilities are provided to the property
via a sub meter which means that the Landlord can charge
a higher rate than normal. |
