Jargon Buster
Landlord’s Gas Safety
Landlords must make sure all gas appliances, fittings, and flues are safe and must do this by obtaining an annual gas safety certificate.
Certificates must be issued by a GAS SAFE engineer licensed to complete work on gas appliances.
Law of Contract
Law of Contract Tenancy/ Tenancies outside the scope of the Housing Acts of 1988 and 1996 and subject to the standard provisions of contracts.
Lease – Lettings
A lease lays out the rights and responsibilities of both a landlord and a tenant during a tenancy.
Leasehold
A leasehold property is one that is purchased by a buyer for a certain period as set out in the freeholder’s lease.
Most flats and apartments are leasehold and a ‘time certain’ – meaning the buyer has the right to ownership for the time remaining on the lease.
Legionnaires Disease
Legionnaires Disease is the illness caused by legionella bacteria, which thrive in stagnant water.
Lessee
Lessee is another word for ‘tenant’.
Lessor
A lessor is another term for a landlord.
Listed
Properties of architectural significance are granted ‘Listed’ status, which protects them from alterations. Owners will need listed building consent to undertake certain work rather than just planning permission.
Listing
Listing refers to a property being placed on the market for sale.
Managing Agent
A managing agent is the person or company retained by a landlord to manage their property and its maintenance.
Market Appraisal
Market appraisals are carried out by estate agents to give sellers an estimate of what they may be able to achieve as a sales price.
Method of sale – Auction (Modern Method)
Buyers under the modern method of auction pay a non-refundable reservation fee but have longer to pay their full deposit and complete their purchase, leaving time to complete a mortgage application. The buyer also pays the auctioneer fee, rather than the seller.
