Jargon Busting

Jargon Busting

When it comes to renting property there is a lot of jargon and phrases that gets used. Our Jargon Busting guide below will hopefully help you understand a few of the most common phrases that you will come across. At My Place Properties, we want to make your rental and leasing experience as simple and hassle free as possible. If you have any questions please get in touch and we will try our best to help you!

Tenancy Agreement
This is the agreement which explains tenant and landlords rights and responsibilities and is the most common form of tenancy agreement in the UK.
An amount of monies taken for security and held against the property in a government scheme, until the end of the tenancy. Deductions can be made from the bond for any dilapidation or loss.
Client Money Protection
An insurance scheme that covers any money handled by your letting agent, whether you are a landlord, tenant or other client.
Out of Hours
An emergency maintenance service provided by My Place Properties to cover periods when our office is closed. An emergency situation is when the issue is dangerous, life threatening or may result in personal injury or serious deterioration of the property.
Energy Performance Certificate (EPC)
This is a legally required assessment of how energy efficient a residential property is. It is valid for 10 years and is required for all properties which are advertised for sale or rent unless the property is a listed building.
Gas Safety Certificate
This is a legally required certificate which needs to be renewed on an annual basis to ensure any appliance such as a boiler or a gas fire is operating safely in the property. Gas Safety checks must be carried out by a Gas Safe engineer.
Identity Check
These are checks which a letting agent should make on both landlords and tenants to ensure they are who they say they are. Examples include passport, driving licence, bank statements and utility bills of a previous address you have lived at for three or more years. The money laundering regulations govern these checks which an agent is obligated to carry out.
Interim Inspection

An examination of the property condition carried out periodically throughout a tenancy at a time pre-arranged with the Tenant. The inspection is designed to highlight any tenancy issues and repair requirements.

Tenancy Renewal

This is where a tenancy due to come to an end can be extended or renewed with the consent of both the landlord and the tenant. Extensions and renewals may include a change in rent.

Section 21 Notice

A Section 21 Notice, named after Section 21 of the Housing Act 1988, is the notice a landlord can give to a tenant to regain possession of a property if the tenancy is an Assured Shorthold Tenancy.

Tenant Responsibilities

Some simple maintenance responsibilities for which tenants are responsible at a property, rather than the Landlord. For example changing light bulbs, replacing smoke alarm batteries or tightening a loose door handle.

Money Laundering Regulations

These are regulations which mean we are required to make checks on potential landlords and tenants to make sure the property and any rent is being paid from legitimate sources.

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