Glossary Of Words And Phrases In Renting A Home
A
Arrears – late or unpaid rent.
B
Build To Rent / Built To Rent (BTR) – purpose-built housing designed for rent rather than sale.
C
Co-living – a form of communal living in a fully furnished home where independent, unrelated residents get a private bedroom with shared common areas, such as a kitchen.
D
Deposit – money paid by the tenant at the beginning of the tenancy held by the landlord against non-payment of rent or damage to the property (above and beyond reasonable wear and tear).
E
Energy Performance Certificate (EPC) – a legally required document that rates a property’s energy use and typical energy costs, rating from A (most efficient) to G (least efficient). New Build to Rent homes are typically rated between A and C.
F
Furnishings – The contents of a property included as part of the rent, such as furniture, wall decorations, curtains/blinds and utensils.
G
Guarantor – someone who agrees to pay for rent and damages on your behalf if you are unable to yourself, typically required by people on a low income, poor credit history or with no/poor rental history.
I
Inventory – a recommended (but not legally binding) document, preferably signed by both landlord and tenant, that provides an accurate written record of the condition and contents of a property at the beginning of a tenancy.
L
Landlord – a person or organisation which owns a property and allows a tenant to live there in exchange for rent.
Long-term lease – usually referring to a lease agreement of more than six months.
M
Median income – in statistical terms (for example, estimating how much of a person’s wages might be expected to be spent on rent), the median income is the amount that divides the country’s population into two equal groups, half having an income above that amount, and half having an income below that amount
N
Notice – A declaration given by either a landlord or tenant that the tenancy will be coming to an end, dependant on the frequency of rent payment, eg paying monthly means one month’s notice is
R
Reasonable wear and tear – damage that you would expect to see in a property or item over time, for example with carpets, window dressings, paint etc, which a landlord sgould be prepared to pay for, rather than the tenant.
Reference – the process a landlord takes to find out and verify information about you, for example proof of employment and earnings, and your address history and testimonial from current/previous landlords.
Rent – a payment (usually monthly) paid to use property owned by someone else.
S
Short-term lease – usually referring to a lease agreement of up to six months.
Single-family rental (SFR) – housing which is targeted for the needs of young families, typically offering more living space than a Build to Rent apartment and located outside of town and city centres.
Snagging – minor or major things that need to be fixed in a brand new home to bring it up to the promised standard, such as cracked plaster, damaged tiles or faulty appliances.
T
Tenancy agreement – a contract between you and a landlord which sets out the legal terms and conditions of your tenancy.
Tenancy Deposit Scheme – a signed document to ensure that a tenant who looks after a property and pays their rent gets their deposit back when they leave.
Tenant – a person who pays rent to live in a property owned by a landlord.