Tenancy Agreement

Private renting was steady at about 10% of all households during the 1980s & '90s but has since grown sharply with ONS stating that 35% of households were renting last year, the highest in 40 years. Some people in private rental accommodation are having to cut back on food and heating to cope with rising rents, according to research by the National Housing Federation (NHF). So have a suitable tenancy agreement and stay on top of your bills is critical.

Jargon Buster

• Agency Agreement — a written contract between the owner(s) of a property and the letting agent
• Break Clause Period — a stated period/date when the tenant cannot give notice to end the agreement before the fixed term runs out
• Electrical Installation Condition Report (EICR) — a report into the condition of the electrical installation within a property
• Energy Performance Certificate (EPC) — a document stating the energy efficiency of a building with suggested ways in which this could be improved
• Financial Reference — a document that should give an indication of the tenant’s financial standing and therefore their ability to pay the rent
• Gas Safety Certificate (Landlord’s Gas Safety Certificate) — a certificate to prove the gas appliances and fittings provided are safe for tenants
• House in Multiple Occupancy (HMO) — generally, a property occupied by more than one household and more than two people, and may include bedsits, shared houses and some self-contained flats
• Inventory — a complete and detailed report listing the contents and condition of the rental property
• Landlord Reference — a written document from a tenant’s previous landlord to support their application and demonstrate their ability to care for the property and maintain rental payments
• Let Agreed — when a potential tenant has submitted their application and agreed to the rental payments and deposit amount. But the process may not be complete and so will show as ‘let agreed’ until the tenancy is confirmed
• Long Term Let — a tenancy lasting from 6 months onwards
• Month to Month Tenancy — known as a periodic tenancy
• Non-Resident Landlord (NRL) — a landlord who owns a property in the UK and receives rental income whilst living outside of the UK
• Notice Period — how much notice you need to give your landlord before you leave the property
• Owner Occupier — a person who lives in and owns the same home
• Periodic Tenancy — a tenancy which most commonly runs from month to month. Less common is from week to week or quarter to quarter
• Portable Appliance Test (PAT) — process where electrical appliances are routinely checked for safety
• Safety Compliance — ensures the property meets the health and safety regulations relating to rental properties
• Short Assured Tenancy — offers some protection to landlords when letting their property
• Short Term Let — a tenancy usually lasting from 1 day onwards
• Tenancy Agreement — a written contract between the tenant(s) moving into a property and the landlord(s) who owns the property
• Tenancy Deposit Scheme — a government approved scheme provided by a third party organisation to protect tenancy deposits until they are due to be repaid
• Void Period — amount of time a property is unoccupied for