A to Z of lettings

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A

Agency Agreement
A written contract between the owner(s) of a property and the letting agent.

Association Of Residential Letting Agents (ARLA)
A professional and regulatory body for UK letting agents put in place to promote industry standards.

B

Buy-to-Let
The purchase or ownership of a property with the purpose of generating rental income.

C

Council of Letting Agents (CLA)
An organisation that represents letting agents across Scotland.

D

Delapidations
Repairs that are required during or at the end of a tenancy or lease.

E

Electrical Installation Condition Report (EICR)
A report into the condition of the electrical installation within a property that highlights any safety shortcomings and defects or deviations from the required electrical regulations.

Electrical Installation
A fixed wiring system made up of equipment, for example a fuse box; lighting and power circuits and switches and sockets. An electrical installation does not include electrical appliances such as cookers, heaters and washing machines.

Energy Performance Certificate (EPC)
A document stating the energy efficiency of a building with suggested ways in which this could be improved.

F

Financial Reference
A document that should give an indication of the tenant’s financial standing and therefore their ability to pay the rent. This could be given in one of the following ways:

  • sight of salary/wage slips covering the last two months
  • a  written reference from your current employer with salary details included
  • credible proof of savings or other independent financial means
  • sight of the tenant’s most recent bank statement showing salary payments or regular income into the account
  • name and contact details of a suitable guarantor (this is required in the case of students and may be accepted in other situations)

Full Management Service
1LET’s most popular service among landlords. This is where 1LET manage the full letting process on behalf of the landlord - from marketing the property, to finding the right tenants, managing the tenancy when the tenants have moved in and ensuring all end-of-tenancy paperwork is handled correctly.

G

Gas Safety Certificate (Landlord’s Gas Safety Certificate)
A certificate to prove gas appliances, fittings and flues provided are safe for tenants

H

House in Multiple Occupancy (HMO)
Your home is a House in Multiple Occupation (HMO) if:

  • at least 3 tenants live there, forming more than 1 household
  • you share toilet, bathroom or kitchen facilities with other tenants

A household consists of either a single person or members of the same family who live together. It includes people who are married or living together and people in same-sex relationships.

I

Inventory
Also referred to as a “schedule of condition”, an inventory is a complete and detailed report listing the contents and condition of a rental property.

Investment Property
Also referred to as a buy-to-let. A property bought specifically to generate rental income.

L

Landlord Accreditation Scotland (LAS)
A voluntary scheme by which landlords and letting agents can assure tenants that the tenancy arrangements they have adhere to the high standards outlined in the Scottish Core Standards for Accredited Landlords. 1LET is an accredited LAS letting agent.

Landlord Reference
A written document from a tenant’s previous landlord to support their application and demonstrate their ability to care for the property and maintain rental payments. We request that landlord details are given to us so we can contact their previous landlord direct.

Landlord Registration
Private landlords must register with their local authority to ensure that minimum legal requirements are met.

Lease Assignation
This is where a tenant transfers their interest in a Lease to another person (called an assignee), who thereafter takes their place as tenant under the original contract.

Let Agreed
This means that a potential tenant has submitted their application and has agreed to the rental payments and deposit amount. The process may not be complete and so will show as ‘let agreed’ until the tenancy is confirmed.

Letting Protection Service Scotland
A Government approved tenancy deposit protection scheme.

LetScotland (letscotland.org)
An organisation that promotes best practice and campaigns on behalf of letting agents in Scotland 

Long Term Let
This usually refers to a tenancy lasting from 6 months onwards.

M

Marketing Only Service
Landlords who choose 1LET’s Marketing Only Service will only require 1LET to market their property by taking photographs and advertising on portals including Citylets, new portal OnTheMarket.com and Lettingweb. All tenant enquiries are then passed on to the landlord who can arrange property viewings.

N

Non-Resident Landlord (NRL)
A landlord who owns a property in the UK and receives rental income whilst living outside of the UK is known as a Non-Resident Landlord (NRL).

O

Owner Occupier
A person who lives in and owns the same home.

P

Personal Reference
This reference is only required for tenants who have not had a landlord within the last 5 years. A personal referee should be someone of professional standing who is able to confirm the tenant’s ability to act responsibly and keep the rental property in good order. A personal referee should not be a member of the tenant’s family and would for example include one of the following: community leader, previous employer, academic supervisor, professional friend/neighbour who knows the tenant well, etc.

Portable Appliance Test (PAT)
The name of a process where electrical appliances are routinely checked for safety.

R

Rental Valuation
1LET’s Rental Valuation involves a property visit from one of our staff members to accurately value the potential rental income your property could receive.

S

Safety Compliance
This refers to the work required to ensure the property meets the health and safety regulations relating to rental properties.

Schedule of Condition
Also known as an inventory, this is a complete and detailed report listing the contents and condition of a rental property.

Scottish Association of Landlords (SAL)
An organisation representing landlords and agents throughout Scotland. 1LET are members of SAL.

Self-Managed Service
1LET’s Self-Managed Service is best suited to landlords who wish to manage their property after tenants are in place. We will market, advertise, put up a ‘To Let’ board (optional), arrange viewings, facilitate the signing of all tenancy documents and collect the first month’s rent and deposit. We will then pass all tenancy documents, first month’s rent and the deposit to the landlord who will then manage the tenancy.

Short Assured Tenancy
Introduced by the Housing (Scotland) Act 1988, this type of tenancy offers some protection to landlords when letting their property. This is the most common type of tenancy in Scotland - the equivalent for England and Wales is known as an Assured Shorthold Tenancy.

Short Term Let
A tenancy usually lasting from 1 day onwards.1LET do not currently offer any short term lettings.

SML (Self-Managed Landlord)
Landlords who choose 1LET’s Self-Managed Service.

Sole Agency Agreement
A written contract between the owner(s) of a property and the letting agent that states no other letting agent can be used for the same property.

T

Tenancy Agreement
A written contract between the tenant(s) moving into a property and the landlord(s) who owns the property. If a letting agent manages the property, then 1LET will sign the Tenancy Agreement on behalf of the landlord(s).

Tenancy Deposit Scheme
A tenancy deposit scheme is a Government approved scheme provided by a third party organisation to protect tenancy deposits until they are due to be repaid. Three schemes are in operation across Scotland:

  • Letting Protection Service Scotland (LPS)
  • Safedeposits Scotland
  • My|deposits Scotland

The Association of Professional Inventory Providers (APIP)
The Association of Professional Inventory Providers (APIP) offers a recognised standard of inventory provision. Ken Bell, a Director of 1LET and one our property managers is an APIP accredited member.

The Property Ombudsman Scheme (TPOS)
The Property Ombudsman (Lettings) provides a free service for dealing with unresolved disputes between TPO registered agents, landlords and tenants. 1LET are registered members of TPOS.

V

Void Period
When a property is unoccupied for an amount of time.

Contact us today on 0131 476 5500

Landlord Information

Find out about:

  • Legal Obligations
  • Taxation
  • Lettings Paperwork
  • Deposit Protection Schemes
  • Insurance
  • Property Upkeep

View landlord information

Benefits of 1LET

There are many reasons why both landlords and tenants choose 1LET, here’s why we believe 1LET stands out from the crowd:

  • Award-winning Edinburgh letting agent
  • Wealth of experience within Edinburgh’s private rented sector
  • Friendly yet professional service

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“1Let have been brilliant to deal with. The staff are friendly and efficient. The odd occasion we have had something go wrong, they have been quick to get it sorted, and have been great when it comes to general maintenance or replacement of aging flat contents.”

Nic - Tenant (14/10/2015), source: allAgents

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“1Let have been brilliant to deal with. The staff are friendly and efficient. The odd occasion we have had something go wrong, they have been quick to get it sorted, and have been great when it comes to general maintenance or replacement of aging flat contents.”

Nic - Tenant (14/10/2015), source: allAgents

View more testimonials