A-C

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Accelerated possession procedure (APP)
A cheap and inexpensive way for property landlords to regain possession of their properties without the necessity of court hearings. This procedure can only be used when there is a written tenancy agreement and notice has been given to the tenant. Unless a hearing is deemed necessary, courts traditionally make their decision based solely on the documentation/evidence provided by the landlord and tenant. PLEASE NOTE: this procedure cannot be used to claim for rent arrears. Also see ‘Court Service’
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Accreditation
See ‘Landlord accreditation’
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Annual percentage rate (APR)
This is a standard measure for the cost of borrowing. Included in its calculations are interest rate charges and any additional fees i.e. all fees which must be shown on UK loan advertisements.
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Arrangement fee
This fee is sometimes charged by lenders or intermediaries for access to particular mortgage deals i.e. fixed rate or discounted rate mortgages. This can be paid in advance or added to the cost of the loan.
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Association of Home Information Pack providers (HIPP)
Association for those involved in the production of Home Information Packs.
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Association of Residential Letting Agents (ARLA)
Represents the professional association for letting agents. Through this association letting agents learn the code of practice and bond scheme to ensure that clients of ARLA are protected.
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Assured tenancy
Stands for a type of tenancy which was introduced under the 1988 Housing Act. Here a property can be let out as a separate dwelling and used as a tenant’s main/only home. In addition under an assured tenancy a tenant can continue to live in the designated property until either he/she decides to leave or they breach their contract and the landlord obtains a possession order.
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Assured Short Hold tenancy (AST)
Represents a type of tenancy which gives the landlord the right to repossess their property at the end of the term specified in the tenancy agreement. To regain possession of their property, landlords must first service a Section 21 Notice (Housing Act 1988) that gives tenants a minimum of 2 months notice to vacate the property.

Landlords can also apply for possession should their tenants breach their tenancy agreement during the course of a tenancy. Here a Section 8 Notice can be issued under which landlords will have a choice of 17 grounds to evict their tenants.

PLEASE NOTE: Any new tenancy started after 28th February 1997 is automatically an Assured Short Hold Tenancy unless otherwise specified.
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Bank base rate
See ‘Repo rate’
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Bank of England’s Monetary Policy Committee
Currently managed by the Bank of England’s Monetary Policy Committee (MPC), they have got the power to set the UK’s base interest rates (Repo rate) which are designed to act as a benchmark for all other interest rates i.e. personal loans and mortgages rates.

On occasion the Government has got the power to instruct the MPC on interest rates, but this is for a limited period only and can only be used in extreme circumstances.

The MPC itself comprises of: the Governor of the Bank, two deputy governors, the Bank’s chief economist, the executive director for market operations and four external members who are directly appointed by the Chancellor. This group meets monthly.
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Buy to let
Essentially represents the purchase of a residential property for the purpose of letting.
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Capped rate mortgages
Represents a type of mortgage where the rate of interest is variable but is guaranteed not to exceed a specific level within a certain time frame.
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Commonhold
Is a form of tenure – created by the ‘Commonhold and Leasehold Reform Act 2002’ – whereby leaseholders in a property can jointly hold the freehold (through an association).
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Completion
Is the final stage of the property process where the legal title of the property is transferred from the seller to the buyer. This is also the point at which any mortgage repayments commence.
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Conveyancing
Defines the legal process of buying/selling property.
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CORGI
Otherwise known as the ‘Confederation for the Registration of Gas Installers’, CORGI hold and maintain the register for competent gas installers, which businesses and self-employed people working on gas fittings or appliances must legally join in order to get work. Alongside this, CORGI also investigates gas safety related complaints from the general public.

Under the Gas Safety (Installation and Use) Regulations 1998, all landlords must annually have their gas appliances and flues checked by a CORGI registered engineer.
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County court judgement (CCJ)
Is a ‘judgement for debt’ which commonly takes place at a County Court. Such actions will be recorded and will appear on future credit checks.
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Court Service
Otherwise recognised as a ‘publicly available service’, here landlords have access to an online resource which provides them with various forms that can be used when commencing proceedings for possession. Forms to take note of (and which can be downloaded) include N5 and N5B (used primarily in accelerated possession procedures).
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Credit reference agency
Represents companies that can provide you with detailed credit information about individuals (including CCJs) as well as provide confirmation of their addresses.
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