As an estate agent we use certain terms to describe the process of clients applying and moving in to their dream properties. You may have heard the phrases tenancy agreement, referencing and guarantor before. These terms are common in the rental department and it can get confusing for clients who are looking to get onto the rental property ladder. We’ve put together a small guide defining these terms, to make the application process easier to understand!
Tenancy Agreement – This is a contract between the landlord and the tenant that defines the conditions of the tenancy. It also includes the legal terms. The tenancy agreement can be set for a certain period or it can run week by week.
PCM – ‘Per Calendar Month’ this means when the rent is due to be paid, therefore a regular monthly payment.
Arrears – This is when you have overdue or outstanding rent to pay.
Tenant – The tenant will be you, once you have moved into the rental property.
PW – ‘Per Week’ this means when the rent is due to be paid, therefore this is weekly.
Guarantor – A guarantor is usually a relative of the tenant, who agrees to pay the rent, if the tenant is unable to do so.
Referencing – If the property is managed by an estate agent, they will do referencing on behalf of the landlord. This process is to check that you can afford the rent. They may contact your employer or previous landlord for a reference to ensure that the rent can be paid.
Landlord – The landlord is the owner of the property.
If you have any questions for the rental department or you want to know how to find properties that match your requirements. Simply call the office on 01902 244200 and ask for Joe or James and they will be happy to help with your enquiry.
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