Assured shorthold tenancy: the standard form of tenancy for property in London
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A clause in a lease that allows either or both parties to end the lease, subject to conditions.
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The tax liability payable on any commercial space, calculated by the local Valuation Office Authority. Business rates are reassessed every 5 years.
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The value of a property, if it was sold.
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Either a clause in a lease requiring a tenant to do or not do something, or the strength of a tenant and their likelihood to default on the tenancy.
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Premises which are subject to a lease
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A process of returning the demise to the condition that it was taken in, when a property is deemed to be in a state of disrepair.
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The person with absolute ownership of a property.
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Stands for full repairing and insuring lease, where the tenant must pay for all repairs and insurance
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Gross internal area. The total internal area, including stairwells, cupboards, etc.
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The rent paid on a property, excluding incentives such as rent free periods.
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A legally binding report providing comprehensive information on the condition of a property. If there are no major changes to a property, this will be reused for future tenancies.
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A record of the state of a property at the start of each tenancy, used mainly for residential lettings.
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A record of the property at the termination of each tenancy, used for residential lettings.
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A third party who collates the inventory for a property.
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The rent of a property as a percentage of the capital value
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A contractual agreement between two parties which grants a right to use of a property, in return for the payment of rent
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A floor in between two levels, that can be put in after a building is built, to provide extra floorspace
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The net internal area. The area or space the tenant pays for the useable area.
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The deposit taken once the landlord has agreed to an offer (subject to contract and satisfactory references) – usually one week’s rent.
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Approval by the landlord with regards to references received about the tenant.
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The amount a tenant has to pay for service and cleaning within a building, such as maintenance of the common areas
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Stands for square feet and square metres, standard area measurements.
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Where a tenant allows another party to use space that they are renting, in return for paying a rent to the tenant.
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The process of a lease ending, either by time passing, or due to one of the parties operating a break option
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