If you find an agent asking you when you’re going to sign an AST, so you can do the check-in before moving into the landlord’s BTL or Build-to-Rent apartments, you might be silently asking yourself... what on earth are they talking about?
Sometimes, agents can often slip into renter jargon, using specific terms of the trade without even realising it - which can easily leave renters in a position where they may find themselves thinking “WTF” while politely nodding and smiling.
So without further ado, your days of politely nodding at agents are now over! As Movebubble has put together a helpful A-Z list of renter jargon terms which mean you no longer need to be left confused during your renting experience.
List of key jargon in the world of renting:
What is an AST?
The AST is an acronym for Assured Shorthold Tenancy. This is the most common form of contract between tenants and property owners and it details the conditions of the tenancy. Once the AST is signed, sealed and delivered - you’re ready to move into your new home.
How is Build-to-Rent different?
Build-to-Rent represents homes built exclusively for renters and build on the idea of holistic living for renters. Instead of dealing with a landlord, you rent from the operators of the Build-to-Rent building. Movebubble offers a range of incredible Build-to-Rent properties on the app, which prospective renters can virtually view via Movebubble’s ‘Home Walkthroughs’ feature.
Do you need to know what a Buy-to-Let is?
Buy-to-let is the name given to properties bought by a landlord and then rented out to you lovely renters. You don’t need to concern yourself with the meaning too much, but it can be helpful knowing what it stands for if you hear the word every now and then.
What is check in and check out?
Before you move into a property, a managing agent or landlord will conduct a check-in. They essentially walk you around the home and point out anything you need to know, such as the location of smoke alarms, how locks work and the locations of gas and electric meters. The check-out takes place at the end of the tenancy and compares the property to its pre-move in condition (minus fair wear and tear).
Inventory
The letting agent or landlord records an inventory which states the contents and condition of the property. The inventory is then used at check-in and check-out to cross-reference the overall conditions of the home before and after you move in.
What does let agreed mean?
Every renter and landlord looks forward to hearing the all-important “let agreed”; which means a deal in principle has been agreed for the rental property. Once a let is agreed and you pay the holding deposit (more on that later), the property will be removed from the rental market.
What is the zero deposit scheme?
Zero deposit replaces the traditional security deposit (more on that later too), which currently sees renters paying five week’s worth of rent. The scheme is designed to help tenants so they don’t need to pay a full security deposit before moving in.
AN A-Z GUIDE OF OTHER TERMS YOU MIGHT LIKE TO KNOW...
Because there’s a fair few of them!
Arrears: Unpaid rent that is outstanding to the landlord
Break clause: A provision built into the tenancy agreement that allows the renter or landlord to end the tenancy early
Contents insurance: Insurance that covers the personal items of a renter, including furniture, computers, jewellery et cetera
Credit search: A search that reveals your past credit history
Dilapidations: Items that have been damaged during the tenancy and lie at the fault of the renter
EPC: An energy performance certificate lets you know a property’s energy efficiency. Landlords are required by law to provide a valid EPC that has a rating of E or higher
Fixtures and fittings: The items provided by the landlord in the rental property
GSR: The gas safety record is a certificate that states all gas appliances, pipework and flues are safe in the property. Landlords are legally required to provide a gas safety check every 12 months.
Guarantor: Someone who guarantees the rent if you are unable to make payments
Holding deposit: The amount you pay to secure the property after a “let agreed” occurs. The holding deposit is typically one week’s rent and is deducted from the first month’s rental payment
Managing agent: The agent who looks after the property and manages aspects like maintenance repairs
Notice period: The amount of notice a landlord or renter needs to provide before they move out.
PCM: Per calendar month, which usually refers to the amount of rent paid each month
PW: Per week, which refers to the amount of rent on a weekly basis
Right to Rent: The right to rent check shows that you can legally rent a property in the UK. Landlords and agents are required to perform a right to rent check before you move into the property.
Security deposit: A deposit held against the property in case you are responsible for any damages during the tenancy. Security deposits are capped at five week’s rent
Sharing: Sharing is when several renters live together but don’t form an official family
Subletting: When a renter lets part of the property (or all of it) to someone else. Remember - you must have permission from the landlord to sublet
TDS: Tenancy deposit scheme, which is an official scheme where the landlord must hold your security deposit
Wear and tear: Natural damage that inevitably happens in a property over time. Renters are not liable for wear and tear, as it’s considered the result of ageing and the property being lived in.
Aidan Rushby, CEO of Movebubble, says: “We put the renter first and always aim to make the whole process of renting as smooth and hassle-free as possible; from finding the perfect property to call home, to using our safe and convenient ‘Home Walkthroughs’ virtual viewings - to understanding all the language and confusing acronyms agents can throw at you. We’ve got you covered”.
“At Movebubble, we believe that renters should feel totally confident when renting a new home. Whether that’s feeling confident to understand the language used by agents - to being able to virtually view and secure a new home in the current COVID-19 climate without ever having to step foot in someone else’s home.”
