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Assured shorthold tenancy (AST)

A widely used rental agreement where the tenant is an individual and net rent does not exceed £25,000 a year. It covers a fixed period, so both parties know the date the property will be vacated.


To transfer the right or interest in a property from one person to another.

Arrangement Fees

These are fees charged by a mortgage lender or broker to arrange a loan.

Agreement Fee

A payment which is charged to cover the costs of drawing up a tenancy agreement. This is usually shared between the landlord and tenant.

Annual Percentage Rate (APR)

The total cost of a loan, taking into account interest charges, arrangement fees and other costs, shown as a percentage.

Administration Fee

A payment which is charged to cover the costs of processing a property rental application. This is paid by the tenant and will be taken from the initial monies once the tenancy starts.

Absentee Landlord

A landlord described as "absent" is one who cannot be contacted. If the lessees wish to create a Right To Manage Company but are unable to contact the landlord, they are free to make a legal application to acquire the right to manage.

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