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Lettings
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The
words "rent" and "let" mean the same when applied to property.
"To Let" means that the property is available to rent. Agents
dealing with rental property often call themselves "Letting
Agents". |
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Landlord
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The
first party to the rental contract, and usually the owner
of the property that is being rented out. |
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Tenant
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The
second party to the rental contract, and the company, or person(s)
who will be paying the Rent. |
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Approved Occupier |
In
the case of a company let the "approved occupier"
is the company employee who will be residing at the premises. |
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Rent
and Security Deposit
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The
Rent will be payable either monthly (12 payments annually),
or quarterly (4 payments annually). The Security Deposit varies
from one month's rent, to two month's rent. |
Stakeholder / Agent | A
security deposit can be held by a third party "as stakeholder".
This means that the third party cannot dispose of or pay out
the deposit without the consent of both Landlord AND Tenant.
Where the third party holds the deposit "as agent"
then they can dispose of or pay out the deposit solely on the
Landlord's instructions. This offers the Tenant less protection.
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Term
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The
length of the rental contract. This is normally "one year
less one day", and may be extended by exercising option(s)
to renew the contract. The minimum period is normally six
months. |
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Inventory
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The
"Inventory and Schedule Of Condition" describes the contents
of the property, and its condition. At best, a large document
professionally produced by an Inventory Clerk, that goes into
mind-numbing detail. At worst, a one page list prepared by
the Landlord. We prefer a detailed inventory. |
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Check
In and Check Out
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The
process of checking the inventory and schedule of condition
of the property at either the start, or the end, of the Tenancy. |
