What things mean . . .
Offer – An outline of proposed terms that you are proposing to create a legally binding tenancy agreement. (i.e., rent, occupancy, length, frequency etc.)
Property – Any parts of the premises to be occupied for exclusive use by the occupants including (if relevant) any communal areas, gardens, driveways, garages and parking spaces.
Holding Deposit – An amount of money that is held by us in our Client Account which is paid in good faith for the intention of creating a tenancy (not to exceed one weeks rent). For the avoidance of doubt this is not an additional charge and is refundable if the landlord withdraws from the transaction.
Guarantor – An individual/company that agrees to be responsible for any breaches of the tenancy agreement. Typically, the requirement is that they are employed/self-employed earning at least 36 x the value of the rent.
Deposit – An amount of money that is paid by the tenant in advance of the tenancy as security for meeting the obligations of the tenancy agreement. This amount cannot exceed Five Weeks and will be registered with a government approved deposit scheme. As standard we use the Deposit Protection Scheme (Custodial) but we will advise you if an alternative scheme is used.
References – A suitability assessment conducted on our behalf by a licensed reference agency (we currently use Homelet or Tenancy360) to assess the likelihood of the property being looked after and the rent being paid. We like to use the latest technologies to assist in the speed of transactions. Both providers have the option to use an Open Banking format (you can opt out) which may speed up the reference process. Typically the criteria is that you are in receipt of 30 x the value of the rent in full employment or self-employment (subject to a qualifying period), no adverse credit with a positive previous landlords reference. Speak to us if you receive alternative forms of income as this can in some circumstances be considered.
Agreement – Means the tenancy agreement that is created between a tenant and a landlord for the exclusive use of a property. Normally we would look to create an Assured Shorthold Tenancy using agreements and special clauses from Dutton Gregory Solicitors. Please ask us to supply a draft if you have any specific requirements or concerns.
False & Misleading Statements – An omitted or fraudulent statement/fact that is used to deceive either ourselves or the landlord as to your suitability for the property or agreement.
Break Clause – a pre agreed point in the length of a tenancy where either the landlord or the tenant can terminate the agreement with no penalties subject to an agreed notice period.
Fixed Term – A fixed length of a tenancy agreement that neither party can end prior to the end date.
Company Let – An agreement between a company as the tenant and the landlord. Please ask for a copy of our company let agreement if you have specific requirements or concerns.
Rent – The amount of money that is paid for a period of use of the property and its frequency. As standard we expect rent to be paid monthly in advance.
Special Conditions – Any other agreements that form material parts of your proposal to rent the property. (For the avoidance of doubt if anything is not mentioned it is unlikely to be different from when you viewed the property).