The thing about rent discussions and properties is that there are often jargons that aren’t usually part of a normal conversation. You may discuss many things with your family, friends, or even strangers, but the general words you use wouldn’t alienate anyone in the dialogue.
Renting terms are a lot more unique and may require their own set of special words so the landowner and the tenant may understand the context of their discussion. If you are curious about these terms, we have listed a couple of the most common ones below for your reference.
This is one term that may sound unique, but the meaning behind it is simple enough to be understood by both parties. Arrears basically means money owed. For example, if a tenant was not able to pay their rent this month, they are one month in arrears.
2. Assured Shorthold Tenancy (AST)
AST simply refers to the specific length or duration of the tenant’s stay within the rented property. Usually, this would last for about six months, but that would also depend on the negotiation they had with their landlord. While it may seem disadvantageous to the tenant, this limitation in duration would actually give them a clear deadline to find another place to stay elsewhere.
3. Buy to Let (BTL)
This is a simple term that refers to a property bought so the owner can rent it out. Usually, this is done by people who can afford to avail, rent out, and gather monthly payments as their income source. You may go for this option as well if you are confident enough to be a landowner.
This simply means that the property being rented out contains all the furniture and amenities a tenant may need. Since not all properties for rent are offered this way, you may still sort out your options and find one that does have all your possible needs at a higher price.
A guarantor can pay for a tenant's rent if ever the tenant would not be able to do that before or during the due date. While this is not generally a requirement when renting a house, the landlord may ask for this if the tenant is a much younger person. This usually applies to tenants still attending college as they may struggle with their own budget from time to time.
Landlords and tenants must be able to come to an agreement for them to enjoy a peaceful deal and relationship, one that is free from any misunderstanding due to unfamiliar jargons and misinterpretations.
By taking note of the examples we have listed above, you may also discuss, negotiate, and agree upon a technicality when it comes to your renting agreement. Be an understanding landlord and apply all of the jargons we have listed above. Trust us; a happy tenant is a loyal one that you will always want to keep around in your BTL.
After learning all of that, you may still be in need of property management services in Canary Wharf. In that case, look no further than our expertise here at AP Living London. Our mission has always been about working with landlords worldwide to deliver premium quality properties for London’s up-and-coming elite. Contact us today for more information about our property services.