BTL

BTL is an abbreviation for ‘Buy to Let’ which means buying a property to be able to rent it out.

Buildings and Contents Insurance

This refers to Insurance to cover a loss or damage to a home and the contents for instance in the event of a fire.

Common Areas

This refers to areas not owned by one individual but shared by all the tenants/owners within an apartment block. This may include parks, gardens and lifts.

Contract

This refers to a written and duly signed agreement between a tenant and a landlord.

Contractual Obligation

This refers to an obligation in a contract that if not complied with can be a breach of the contract.

Contractual Term

This refers to a fixed period of time that a contract is legally binding for (to the people involved).

Council Tax

This is a local authority tax that a tenant or owner of a property is legally required to pay.

Credit Check

This refers to an inquiry into someone’s history of borrowing and repayment.

Damages

This refers to damage caused by tenants in a rented property.