Renting is only used by the owner of a property. For example, the owner of a house or flat may want to give possession and use of the property to another person for a certain period of time. The owner then receives a periodic payment in exchange for renting the property. If you are the landlord, you will rent a house and you will want a tenant to rent it.
To rent is a verb that means to allow someone to make use of the property or live in it temporarily in exchange for a payment. This payment is monthly and is also called renting the place. To rent means to be available for rent, but when a property has been rented out, it simply means that it is no longer available for rent. When a property is rented, it means that the "dotted i's" have been dotted and the rental contract has been signed.
At this stage, if the tenant is not already living in the property, it is very likely that he or she will do so soon. With over 160 laws and regulations relating to tenancy, there is a lot of complicated jargon. Landlords and tenants cannot be expected to know all the definitions and technical terms of renting, but there are some words worth knowing. ARLA Propertymark is the Association of Residential Letting Agents.
It is the UK's recognised industry body for estate agents, with over 9,000 members. In simple terms, there is a big difference between a rented property and an agreed tenancy. An agreed tenancy means that a tenant has shown a serious interest in a property and has made a verbal offer to let it. This initial offer will have been accepted in principle by the landlord or letting agent and, as a sign of the tenant's commitment, the tenant will have been asked to pay a refundable deposit to reserve the property, while the necessary reference checks are carried out.
The deposit cannot exceed one week's rent in the case of fixed-term tenancies. When you see the term "rent". The property has been let to a tenant and all contracts etc. have been completed.
This information should not be considered complete or up to date and is not intended to be a substitute for a visit, consultation or advice from a legal, medical or other professional. The word can be very important from a legal point of view, since, in Lucy's statement, letting Johnny have sex with her can make a big difference in a rape claim. But what does "let" really mean? After all, if a property has been rented, why is it still advertised? This often happens when a person inherits a property and decides to rent it out, or has difficulty selling one property but wants to buy another. The fact that a property has a "Let Agreed" sign does not necessarily mean that it is off the market.
If the tenant provides false or misleading information, fails the Right to Rent check, decides not to go ahead with letting the property for some reason, or does not take all reasonable steps to reach an agreement, i.e. it should be noted that not all lettings that have been agreed in principle will go ahead, but most will. There is a difference between renting and leasing, but arguably, in terms of the real life consequences of using the wrong term, it is not that important. The checks carried out by the landlord or letting agent include verification of identity and right to live in the UK.
However, in most cases, asking about renting a property that is "Let Agreed" is going to be a long shot and it will be at the discretion of the letting agent whether or not they allow you to view the property. The bond is an amount of money that the landlord or letting agent can request at the beginning of the tenancy as security against non-payment of rent or damage to the property. If a landlord rents through an agent, the agent cannot make any decisions without the landlord's instructions.