Terms of Reference

Terms of Reference


LANDLORD

This is the legal owner of the property. The “Landlord” shall include the Landlord’s successors in title and assigns. This is a person who would be entitled to possession of the property if the Tenant was not in possession and could be the current Landlord or someone purchasing or inheriting the property.

TENANT

The “Tenant” is the person(s) named on the Tenancy Agreement who have a legal right to occupy the Property. The tenant pays rent to the Landlord in return for the legal right to occupy the Property

TENANCY

This is the act of occupancy and the duration for which the Tenant has legal right of occupation of the Property

TENANCY AGREEMENT

The written contract between the Landlord and the Tenant

INVENTORY

A written list of all items, fixtures and fittings included in the Property, including a description and a note of their condition. Octopus Residential also take photos to include in the inventory so we have photographic record of the condition of the property. Tenants will be expected to sign the Inventory at the start of the Tenancy.

DEPOSIT

The Deposit is a fixed amount of money taken at the start of the tenancy period in order to cover future losses or expenses on the part of the tenants. E.g rent arrears and damages to the Property.

RENT ARREARS

An unpaid sum of rent that is overdue.

VIEWING

An appointment with Octopus Residential ltd to look around a Property

REFERENCES

We aim to get two references per tenancy application; this is a way of speaking to people who know the applicant to get information about them and to help our decision on offering them a tenancy.

GUARANTOR

An individual who is not the Tenant, who will accept legal liability for any unpaid rent owed for the Tenancy.

STANDING ORDER

An instruction from the bank account holder to their bank to pay a set amount to another bank account on the same date each week/month.

 

UTILITIES

This general refers to the gas and electricity supply to the Property.

COUNCIL TAX

A tax levied on all households that is used to fund public services and is collected by the Local Authority.