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Reference - A process by which a tenant is credit checked, as well as checks on their current employer and residence.
Relevant Person -The person who paid the deposit or any part of it on behalf of the tenant.
Renewal -The extension or continuation of a tenancy whether fixed term or periodic.
- A fee (usually monthly) paid in exchange for accommodation.
Section 8 Notice - Section 8 refers to a notice under section 8 of the Housing Act 1988. This notice seeking possession of an assured or assured short hold tenancy can be served on the tenant at any time during a fixed term or periodic tenancy. This is a breach of contract notice which must use one of 17 reasons (grounds) for possession set out in the Act.
Section 13 Notice - Section 13 refers to a notice under section 13(2) of the Housing Act 1988. This is a rent increase procedure to be used where the landlord and tenant of an Assured or and Assured Short hold Tenancy cannot agree a rent increase. It can only be used for a periodic tenancy (i.e., only after the fixed term has ended), and can only be used once every 12 months.
Section 21 Notice - To terminate an Assured Short hold Tenancy in England or Wales, the landlord or agent must serve a Section 21 Notice (Notice Requiring Possession) giving a minimum of two months’ notice. Two types of Section 21 Notice exist under the Housing Act 1988: (1) a notice served during the fixed term – Section 21(1)b, and (2) a notice served during a statutory periodic tenancy – Section 21(4)a. Possession during the fixed term period can only be obtained if a breach of contract is proved and for this a Section 8 Possession Notice should be used.
Section 48 Notice - Section 48 of the Landlord & Tenant Act 1987 refers to the furnishing of an address at which tenants of residential tenancies can serve notices upon their landlord. Landlords in England and Wales who fail to do so, either in their tenancy agreements or by this notice will be unable to enforce claims for rent, rent arrears or service charges.
Security Deposit - A sum of money taken from the tenant at the beginning of the tenancy held against non-payment of rent and any damage to the property (above and beyond reasonable wear and tear).
Sharers - A term usually applied to those living in shared accommodation together.
Sub-letting - When a tenant leases the current property to another occupier for an amount of time less than the tenant’s lease with the landlord.
Superior Landlord - The person, company or organisation to whom the ownership of the Premises reverts at the end of the lease.
Stakeholder - The capacity in which the letting agent holds the security deposit, from which deductions can only be made at the end of the tenancy with the written consent of both parties.
The Property Ombudsman (TPO) - An independent body to which landlords can refer any complaint should the agent fail to address it to their satisfaction. Lauristons are TPO members.
Tenant - A person who lives in a property owned by a landlord in exchange for a monthly rent.
Tenancy Deposit Scheme (TDS) – for ASTs-This is a government backed scheme which requires by law the tenants deposit to be protected either with a third party company or via insurance.
Term - The fixed term of a tenancy agreement and any extension or continuation of the tenancy whether fixed term of periodic arising after the expiry of the original term.
Unfurnished -A property let with no furnishings, but would normally include light fittings, window coverings and white goods
Utilities - These are services provided to the property such as electricity, gas and water.
Yield - The amount of money a landlord receives from in rent as a proportion of the amount of money invested in the property.