Assured Tenancy
It is a residential lease in England and Wales that provides tenants tenure security. Under this agreement, tenants cannot be evicted without a valid legal reason, and a Rent Assessment Committee may regulate rent.
Bailiffs
Court-appointed officials who can enforce debt judgments, including collecting unpaid amounts and repossessing properties or goods.
Conveyancer
A licensed professional (either a solicitor or a conveyancer) responsible for managing the legal process of transferring the property ownership from one party to another.
Deed
A legal document that officially transfers property ownership and confirms the right of possession. It differs from a Deed Poll, a unilateral declaration, often used for name changes.
Energy Performance Certificate (EPC)
A report that rates the energy efficiency of a property, providing insights into its environmental impact and potential energy savings.
Freehold
A form of property ownership where an individual has complete control over the land and building, with no lease expiration.
Guaranteed Possession
A key feature of an Assured Shorthold Tenancy (AST), where landlords can reclaim the property after an initial fixed term (typically six months) under the Housing Act 1988.
Housing Health and Safety Rating System (HHSRS)
A risk assessment tool used by local councils in England and Wales to identify hazards in rental properties. The system evaluates 29 potential risks, and authorities can enforce corrective action if serious issues are found.
Insurance-Based Deposit Protection Scheme
A tenant deposit protection scheme where landlords register the deposit with an approved service but retain the funds during the tenancy. At the end of the lease, tenants receive their deposit back if entitled. Landlords must register deposits within 14 days and pay a fee to participate.
Joint Tenancy
A legal agreement where two or more people share equal rights and responsibilities over a rented or owned property.
Know Your Customer (KYC)
A financial verification process used by banks and lenders to confirm a mortgage applicant’s identity, income, and creditworthiness.
Land Registry
A government agency responsible for recording property ownership and transactions in England and Wales. Conveyancers conduct Land Registry searches as part of the property buying process.
Mortgage in Principle (MIP)
A lender’s initial confirmation of how much they are willing to lend, based on a preliminary financial assessment. This is also called an Agreement in Principle (AIP).
New-Build Warranty
A guarantee covering construction defects in new homes.
Oral Tenancy Agreement
A verbal rental agreement between a landlord and tenant, where no written contract exists but terms are agreed verbally, also known as a Verbal Tenancy Agreement.
Periodic Tenancy
A rolling tenancy agreement that continues week-to-week or month-to-month without a fixed end date. It can begin this way or convert from a fixed-term tenancy once the initial contract expires.
Qualifying Leaseholder
A leaseholder who meets specific legal criteria to be eligible for lease extensions and other leasehold rights.
Regulated (or “Protected”) Tenancy
A tenancy agreement that offers strong tenant protections, typically applying to tenancies that started before 15 January 1989. These tenants have greater security against eviction and rent increases.
Stamp Duty
Tax must be paid to the government at the property’s purchase price.
Tenancy Agreement
It is a legal contract, drafting the terms & conditions of a rental arrangement, protecting both tenants and landlords. Also known as a Rental Agreement.
Uplift Clause
A contract term stating that future payments may increase under specific conditions.
Valuation Survey
A property inspection conducted on a lender’s behalf assesses whether the property’s value is sufficient to secure a mortgage.
Wayleave Agreement
A legal agreement granting utility companies permission to install and maintain cables, pipes, or other infrastructure on private land.
Exclusion Clauses (X-Clauses)
Legal clauses in contracts that limit liability under specific circumstances.
Yield (Rental Yield)
A calculation measuring the return on investment for a rental property, usually expressed as a percentage of annual rental income versus the property’s value.
Zero Deposit Scheme
A rental scheme where tenants do not need to pay a traditional security deposit, instead paying a non-refundable fee to cover potential damages.