A is for Assured Shorthold Tenancy
This is the most common type of tenancy in the private rented sector. If your landlord doesn’t live on the premises and you pay rent, chances are you have an AST.
C is for Contracts
A tenancy agreement is a legally binding contract. It doesn’t have to be in writing, although most are. If you move in and start paying rent, that can be enough to create a contract.
D is for Deposits
There are two types of deposit that a landlord or letting agent may ask you to pay:
Security deposit: money that you pay to a landlord or agent as security against e.g.rent arrears, damage to property or removal of furniture. If you are an assured shorthold tenant, there are rules about how your deposit is protected.
Holding deposit: money that you are asked to pay to a landlord/agent when you have agreed to rent a property but not yet signed a contract. If you change your mind, you don’t get the holding deposit back.
E is for Eviction
The legal process by which a landlord can remove a tenant from their home. Usually a court order is needed for this.
F is for Fixed-term
A fixed term tenancy agreement has a start date and a definite end date. This means that you are bound by the terms of the contract until the end of the fixed term.
G is for Guarantor
A guarantor is a third party, often a parent or close relative, who agrees to pay your rent (and sometimes other charges) if you don’t pay. A landlord can take legal action to recover unpaid rent from a guarantor, so make sure your guarantor understands what they are signing.
H is for House in Multiple Occupation (HMO)
A house which is occupied by three or more unrelated persons, who do not form a single household. If the house is occupied by more than 5 people, living on 3 or more floors, forming two or more households, then this property is legally required to have an HMO license.
L is for Letting agent
An organisation or an individual who carries out functions on behalf of the landlord. This may include letting properties, collecting rent or managing the property on behalf of the landlord.
From 1 October 2014, letting agents must join a government approved redress scheme for dealing with complaints.
R is for Rent
Rent is payment made for the use of a property. A payment is only referred to as rent if it is paid by a tenant. Other payments made for accommodation are not usually known as rent. Rent can be paid in money or in kind, for example, regular work done for the landlord.
Rent can include other payments to the landlord, for example, water or other bills, or services. To work out what your rent includes, look at your tenancy agreement.
T is for Tenancy Deposit Scheme
A landlord (or a letting agency acting on a landlord’s behalf) must use a tenancy deposit protection scheme if s/he wishes to take a security deposit for an assured shorthold tenancy agreement.