Terms and references used in the lettings industry
We’ve put together a glossary of terms which will help you to understand the letting industry and the terminology we often use when dealing with customers.
Assured Shorthold Tenancy Agreement (AST)
This is the standard tenancy agreement normally used for residential letting.
Check of a rented property carried out 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 contents is checked against the inventory and the report is used as evidence for the settlement of the deposit.
Energy Performance Certificate (EPC)
All properties let for private residential purposes must have an EPC. It is used to report the energy performance of a property and features an Energy Efficiency similar to that found on domestic appliances.
Fixed Term Tenancy
A tenancy with a specified start and end date.
Gas Safety Record (GSR)
A document which shows that gas appliances (including gas meter) have had an annual gas safety check carried out by a registered engineer. Landlords are legally required to have a GSR produced annually.
Someone who agrees to pay rent and any costs arising from the tenancy agreement.
House in Multiple Occupation (HMO)
A term applied to a property which has 2 or more unrelated tenants. A license may be required and is dependent on the local authority.
List of contents and a schedule of their condition. Conducted before a tenancy starts and should be an accurate record of the property and its contents prior to a tenant moving in.