Accidental Landlords

This term refers to anyone who became a landlord unintentionally. This can happen when, for example, a rented property is inherited.

Agreement Fee

This refers to the payment made to cover the costs of setting up a tenancy agreement.

ARLA

ARLA is an abbreviation for the Association of Residential Letting Agents, now known as ARLA Propertymark. It is the most well-known industry body for letting agents in the UK and has over 9,000 members.

ARMA

ARMA is an abbreviation for Association of Residential Managing Agents.

Arrears

Rent arrears are amounts of money owed if rent is not paid on time. A tenant is said to be "one month in arrears" if their rent is one month late for instance

Assign

This term refers to the transfer of a right or interest in property from one person to another.

Assignee

This term refers to a person a right or interest (see above) of a property is transferred to.

Assignor

This term refers to a person who is transferring a right or interest of a property to another

Assured Shorthold Tenancy (AST)

This refers to the default legal tenancy category in England and Wales usually given for six (6) months. The landlord is able to evict a tenant after this period.

BTL

BTL is an abbreviation for ‘Buy to Let’ which means buying a property to be able to rent it out.

Buildings and Contents Insurance

This refers to Insurance to cover a loss or damage to a home and the contents for instance in the event of a fire.

Common Areas

This refers to areas not owned by one individual but shared by all the tenants/owners within an apartment block. This may include parks, gardens and lifts.