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Landlord jargon buster

Letting   Renting  

April 4, 2022 | twentytwo

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Trying to understand the landlord jargon and industry terms? 

Whether it’s your first time becoming a landlord or you’re looking to be familiar with words and phrases, our landlord jargon buster has you covered.


Commonly used landlord terminology:

 

  • ARLA Propertymark – Stands for Association of Residential Letting Agents. This is the most recognised letting industry body in the UK. To become a member, you need to meet certain criteria and provide a high standard of service.

 

  • Assured shorthold tenancy – A tenancy agreement between the landlord or letting agent and tenant. This is a legal document that sets out the terms and conditions of the tenancy.

 

  • Buy to let – the purchase of a property with the intention of letting it out rather than living in it.

 

  • Conveyancer – a person’s job who’s it is to manage the legal process of moving land or property.

 

  • CHECK-IN – the process of moving a tenant into a rental property.

 

  • Deposit – a sum of money taken from the tenant to ensure they comply with the tenancy agreement. This is returned at the end of the tenancy unless deductions need to be made.

 

  • Deposit protection schemes – Government-backed schemes to ensure tenants get their deposits back if they stick to the terms of the tenancy agreement and pay their rent on time. The deposit is to be put into the scheme within 30 days of it being handed over by the tenant.

 

  • Electrical Inspection Condition Report (EICR) – this is to be carried out by a registered and qualified electrician once every 5 years on a rental property.

 

  • Energy Performance Certificate (EPC) – a legally required certificate which measures the energy efficiency of a property.

 

  • Furnished – a rental property that has all major appliances and furniture needed to live.

 

  • Gas Safety Certificate – if you are a landlord with gas appliances, a gas safety check is required every year by law by a Gas Safe registered engineer. A copy of the gas safety record is to be provided to your tenants.

 

  • Ground rent – a fee which a leaseholder pays to a freeholder.

 

  • Guarantor – bound to a tenancy agreement, a guarantor is an appointed person who pays if a tenant fails to make their rent.

 

  • Holding deposit – when money is taken to reserve a rental property, the landlord or agent takes it off the market. If the let is agreed and goes through, the holding deposit can be credited.

 

  • Non Resident Landlords – landlords that live overseas and are not a UK tax payer are eligible to apply for the Non Resident Landlords (NRL) Scheme. This means landlords can receive rent without tax being deducted.

 

  • Ombudsman – an independent professional body that is set up by law to help settle disputes between individuals and companies.

 

  • Portable Appliance Testing (PAT) – a test to examine electrical equipment to ensure it is safe to use.

 

  • Stamp Duty Land Tax (SDLT) – also simply known as stamp duty. This is tax paid on any land or property purchase over a certain amount.

 

  • Sublet – when the tenant lets out part of the property to another tenant. Seeking approval from the landlord is necessary.

 

  • Unfurnished – when a property available for rent does not have any furniture.

 

  • Yield – the rental yield measures the profit made from your investment.

 

Are you a landlord in Willenhall or the surrounding areas?

Whether you are thinking about letting or already have a portfolio, the experienced team at Redstones can make sure your life as a landlord is as straightforward as possible.

Our unrivalled local area knowledge allows us to provide the best service to you and your tenants. We have different letting options to match your needs.

 

Time to switch agent?

If you’re already with a lettings agent but they are not providing the service you expected, we have a simple ‘Switch Agents’ programme which allows you to transfer to Redstones – if this is of interest, please get in touch. Want to find out what your property could be worth?

Get a free property valuation. We will provide a detailed and reliable valuation and take you through the process so you know what to expect. Please feel free to get in touch if you have any questions or would like to know more about our letting services. 

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