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