GLOSSARY OF TERMINOLOGY

Break ClauseA break clause gives the Tenant and the Landlord the right to terminate the Tenancy Agreement, in writing under specific circumstances, before the date the agreement is officially due to end.

Common AreasAreas of land or buildings such as gardens, hallways, recreational facilities (e.g. onsite gym) and parking areas where more than one resident shares access.

ContractA legal agreement between the Landlord and the Tenant(s) of the property.

Credit CheckThe procedure by which a check is made on a applicants credit history, usually conducted by one of the large dedicated credit checking agencies. The check will reveal history of credit card repayments, outstanding debts, arrears and any County Court Judgements.

Credit HistoryA history of an individual’s or company’s past borrowing, including information about late payments and bankruptcy.

DepositsA sum of money (usually equivalent to one and a half months rent) paid by the tenant prior to moving in.

Draft ContractA preliminary version of the contract.

Energy Performance Certificate (EPC)An EPC measures the energy efficiency of a property using a scale of A-G. It is a legal requirement and the landlord’s responsibility to have a valid EPC for their property when it is marketed.

InventoryA list describing the condition of decoration and furnishings and contents of a property at the commencement of a tenancy, against which dilapidations/weaknesses etc which occur during the tenancy are measured.

Landlords/Agents ReferenceA reference given by a previous Landlord or Agent, which confirms an applicant’s previous history of rent payments and conduct during a previous tenancy.

Subject to ContractThe term used to confirm that an agreement is not yet legally binding.

Tenancy AgreementA legal agreement designed to protect the rights of the Landlord and the Tenant setting out all the Terms and Conditions of the rental arrangements.