Assured Shorthold Tenancy - the most common type of tenancy agreement in the private rented sector which sets out the rights and obligations of the landlord and tenant.

AST - see Assured Shorthold Tenancy.

Buy to Let - the process of acquiring a residential property with the purpose of renting it out to tenants.

Buy to Let Mortgage - a special type of commercial mortgage that is secured against a residential property which is let out to tenants by the landlord.

Capital Improvement - an addition made to a property which will increase its value and cannot therefore be regarded as repairs or maintenance.

Commercial Mortgage - a mortgage secured against a property which is let out to non-residential tenants.

Deposit - a sum of money provided to a landlord by a tenant to act as an insurance policy against any damage that may be inflicted on the property by the tenant.

Depreciation - the gradual decline in the value of an asset.

Equity - the value of a property remaining after the amount of all finance held over the property has been subtracted.

Eviction - the legal process by which a tenant is removed from a property after breaking the rules of the tenancy agreement.

Freehold - a legal situation in which the owner of a property owns both the land and buildings.

Landlord - a property owner who rents their property to a tenant.

Landlord’s Reference - a letter given by a landlord to a previous tenant summarising the tenant’s conduct during their tenancy.

Leasehold - a legal situation in which a property owner does not own the land on which a building is located but owns all or part of the building for a set period of time.

Rent - a sum of money paid to a landlord by a tenant for use of the landlord’s property.

Tenancy Agreement - a legal agreement between the landlord and the tenant that sets out the rights a responsibilities of both parties.

Tenant - an individual or business that rents a property from a landlord.