Copyright©2008 FLK Lettings is a trading style of FL Kuen.Ltd Company registered England No. 5739077. A member of The Property Redress Scheme, a government authorised consumer Redress Scheme for Lettings, Property Management and Estate Agent and other Property Professionals.  A member of The Residential Landlord Association(RLA) and The Residential Landlord Association Accreditation Scheme (RLAAS)

 

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Right to Rent

As part of the Immigration Act 2014, the Government is making it a requirement from 1st February 2016, for landlords and their Agents to check the immigration status of prospective tenants. This means that Applicant(s) need to prove their right to live in the UK.  All Applicant(s) excluding their guarantor(s), must supply documentation from the list below, to prove their right to rent a property in the United Kingdom.  Applicant(s) who are unable to provide documentation from the list , will be unable to rent the property.  Under this legislation we are required to refer details of applicant(s) unable to supply this information to the Home Office.

Check In/ Check Out

This is the meeting at the beginning of the tenancy to check-off both the inventory/schedule of the property. This is either carried out by an independent inventory clerk or more typically the landlord.

Credit Referencing Agency

A Credit Referencing Agency is use by a letting agent to verify the credentials of the tenant(s) to determine their suitability as clients.

Dilapidations Deposit

This is the money initially provided by the tenant(s) against any disrepair or damage to a rented property during the tenancy. The Housing Act 2004 specifies that no person may require payment of a tenancy deposit in connection with an assured tenancy which is not to be dealt with in accordance with an authorised deposit scheme.

 

Three such schemes have been authorised:

 

• The Deposit Protection Service - the only custodial deposit protection scheme - is free to use. For more information, visit www.depositprotection.com or call 0870 707 1 707

• Tenancy Deposit Solutions Ltd is a partnership between the National Landlords Association and Hamilton Fraser Insurance. This insurance-based tenancy deposit protection scheme enables landlords to hold deposits. For more information, visit www.mydeposits.co.uk

The Tenancy Deposit Scheme is an insurance-backed scheme that enables landlords to hold deposits. For more information, visit www.tenancydepositscheme.com or call 0300 037 1000.

Gas Safety Certificate

This is a legal requirement to be carried out on an annual basis by a GAS SAFE engineer. All parties should have a copy of this certificate prior to occupation of the property and beginning of the tenancy.

Guarantor

This is where a landlord accepts a tenant where a third party usually a homeowner promises to pay the tenants debt if they default. This is common means of University students securing accommodation.

Inventory

A list which describes the condition of furnishings and contents of a property at the start and end of a tenancy in order that any dilapidation during the tenancy can be identified. This is often carried out by a specialist clerk. This is both the tenants and the landlord's record of the condition of the property at the beginning of the tenancy.

Joint and Several Tenancies

This applies to Tenancy Agreements involving more than one tenant or Landlord. They are bond individually and together by the terms of the Tenancy Agreement.

Landlord

The owner of a property which is ‘let out'. Where there is more than one owner each will be a ‘landlord' and jointly liable.

Maisonette

A property arranged over more than one floor which has its own front door (not a communal area).

Move-in monies

This is the amount of cleared funds required at the beginning of a tenancy. Usually comprising of one month's rent in advance, the equivalent of 5 weeks as a dilapidation deposit and an administration fee.

Ombudsman

Independent professional bodies who investigate complaints on behalf of customers against, for example, estate agents, solicitors and insurance companies.

Schedule of Condition

Produced at the beginning and end of a tenancy in tandem with the inventory.

Studio flat

A flat consisting of one main room or open-plan living area incorporating cooking and sleeping facilities and a separate bathroom/shower room. This can vary slightly with a ‘super studio' where by the kitchen can be separate and the sleeping area can be partitioned from the main space.

Tenancy

Temporary possession of a property by a tenant. This usually ranges from between 6 – 12 months.

Tenancy agreement

A legal agreement designed to protect the rights of the tenant and landlord setting out all the terms and conditions of the rental arrangements. The most commonly used type is an ‘Assured Shorthold Tenancy' set for a fixed period with a fixed date when the property will be vacated.

Tenant

The person(s) who has temporary possession of a property in accordance with the Tenancy Agreement.

Under offer

The status of a property, when a Landlord has accepted an offer from a tenant(s) prior to the move-in.

Valuation

This is a market accurate price per month recommended by the Agent as to inially market the property.

Yield

The income from a property calculated as a percentage of its value, used by investors to determine the profitability of the asset.  

FAQ