UNDERSTAND 

 PROPERTY  RELATED 

 JARGON 

B

Bond
A sum of money paid by a tenant and held by the Tenancy Services to ensure against defaulting on payment and damage to the property.

C

Credit Check

The procedure by which a check is made on the credit history of an applicant, usually conducted by one of the large dedicated credit check agencies. The check will reveal history of credit card repayments, outstanding debts, arrears and Court Judgments.

Chattel

F

Fixed-Term Tenancy

A fixed-term tenancy only lasts for a set amount of time – for example, one year. The amount of time must be written on the tenancy agreement. If the fixed-term is for longer than 90 days, the tenancy automatically becomes a periodic tenancy when the fixed term expires (unless the landlord or the tenant gives notice to say they don’t want the tenancy to continue or they agree on something else).

I

Inspection

A thorough inspection that evaluates the structural and mechanical condition of a property.

 

L

Letting Fee

a letting fee is charged by a letting agent to grant or assign a tenancy.

Landlord

The owner of property that is rented.

M

Management Fee

Maintenance Charge

The cost of repairing and maintaining external or internal communal parts of a building charged to the landlord. Also known as service charge.

N

Notice

If you want to end a periodic tenancy, you must give the correct notice. A tenant must give at least 21 days’ written notice to end the tenancy, unless the landlord agrees to a shorter time (it’s best for this agreement to be in writing). A landlord must give at least 90 days' written notice to end the tenancy, but can give less time (at least 42 days’ notice) in certain circumstances.

You cannot give notice to end a fixed-term tenancy early.

 

P

Property Manager

Periodic Tenancy

A periodic tenancy is one that continues until either the tenant or the landlord gives written notice to end it.

R

Rent

Rent is the money paid by the tenant for the right to live in a property. 

T

Tenant

An individual, group of individuals or company who holds or possesses property for a time, in return for the payment of rent.

Tenancy Agreement

A legal agreement designed to protect the rights of the landlord and the tenant setting out all Terms and Conditions of the rental arrangements.

Tenancy Tribunal

The Tenancy Tribunal can formalise what is agreed at mediation, or can make a ruling on an issue that can’t be resolved and issue an order that is legally binding on the parties involved in the dispute.

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