Private landlords may be confused by industry jargon when considering purchasing a buy-to-let property in Durham. To keep you better informed, we have put together this helpful jargon-busting guide.
Safety Certificates and Documents
EICR – An Electrical Inspection Condition Report is performed at least every five years by a qualified electrician.
CP12 – Every year you must ensure a Gas Safe engineer has performed a gas safety check on the property and a copy is provided to the tenant.
EPC – Energy Performance Certificate. This certificate measures a property’s energy efficiency rating. A property rating must be E or higher for buy-to-let landlord properties.
PAT – Portable Appliance Testing. This involves examining electrical equipment on the property to ensure it is safe for use. A qualified electrician carries out this work.
Letting Agency Jargon
Accidental Landlord – Somebody who has become a landlord unintentionally perhaps by inheriting a property or because they’re finding it difficult to sell their home.
Joint Tenancy – Two people or more who are renting a home together and have joint responsibility.
Long Let – A tenancy term lasting more than six months.
Occupancy Rights – The rights included in a tenancy agreement giving your tenant the right to occupy the property.
Right To Rent – Checks must be carried out on tenants to ensure they are legally permitted to rent a home in England before you let your buy-to-let property.
Section 21 – This notice giving a minimum of two months notice, must be given to the tenant by the buy-to-let landlord when they want to end the tenancy. You can only use a Section 21 after the end of the fixed term of the tenancy.
Sub Let – When a tenant rents the property out to another individual it is known as sub-letting. Tenants must obtain consent from their landlord.
Tenancy Void – A void is the time between tenancies when the home is vacant.
Wear and Tear – Damage to your property caused by everyday living. Small scuffs on walls or worn carpets are examples of wear and tear. You cannot deduct this type pf damage from the tenant’s deposit.
Young Professionals – Typical term used to describe someone young who works in a white-collar profession.
Other Acronyms
ADR – Alternative Dispute Resolution. This refers to an independent adjudication service that is provided by Deposit Protection Schemes. jargon industry guide for landlords
AST – Assured Shorthold Tenancy – a legal tenancy category in Wales and England. Typically an AST lasts for six months after which the landlord can evict their tenant should they wish.
HMO – House of Multiple Occupation – This is a living arrangement where several families and individuals who are not related, share facilities.
PCM – Price per calendar month – how much it costs to rent your property per month.
TDP – Tenancy Deposit Scheme. This Government-backed scheme ensures that tenants can get their deposit back if they have met their tenancy agreement’s terms.
Hopefully, you’ll find this jargon-busting guide helpful. Here at PIIM Property, we work hard to avoid the use of confusing industry jargon as much as possible when dealing with buy-to-let landlord in Durham, however if you have any queries, don’t hesitate to call us on 01207 772033.
