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Glossaries

Term Definition
Tenancy
Agreement between a landlord and the person/s who take legal residence in a property in return for rent payments
Tenancy Agreement
Document that contains all the details and terms and conditions of the tenancy and also known as a rental agreement. It is a legally binding document.
Tenancy At Will
A flexile type of letting agreement that often used for short term property letting. The agreement is indefinite and continues until the one of the parties gives notice to bring the tenancy to an end.

Can occur after exchange of contracts if a purchaser wants to gain access to the property before legal completion e.g. to start the renovation etc.

Can be organised formally through the solicitors and a licence arranged between both the vendor and the buyer. The buyer might agree to pay an appropriate rate of interest on the balance of money owed for the property (i.e. the purchase price of the property less the deposit that they have already paid).
Tenancy Deposit Protection
From 6 April 2007 landlords who take deposits are required to comply with mandatory tenancy deposit protection, via participation in a custodial or insured tenancy deposit protection scheme.
Tenancy In Common
Where several owners each own a stated percentage of the property.

Each owner may deal with their portion of the property as they wish (giving it away, mortgaging it, bequeathing it, etc.) and, upon their death, their share becomes part of their estate. Also known as Tenants in Common.
Tenant
Person/company who takes legal residence in a property in return for rent payments
Tender
No asking price stated but offers are invited in writing.

There will be a set time and date for the offers to be opened and it will usually be in the presence of the vendor's solicitor.

It is important that the potential buyers have done there due diligence before hand and had appropriate surveys done etc, as normally an acceptance of an offer by the vendor constitutes an immediate contract.

It is also important from the vendor's point of view that they have reserved the right to refuse the highest offer.
Tenure
Amount of time granted for renting a property
Term
The time period that you and the lender have agreed the loan will cover.

At the end of that period the loan agreement will terminate. The loan will either need to have been repaid in full over the term or any loan outstanding will need to be repaid in full at this point.
Testate
To die leaving a valid will: opposite meaning is to die intestate.
Time-Share
A joint ownership of property where numerous owners enjoy use or occupation of the property according to a specific schedule of time.
Title Deeds
Legal documents that describe the rights and the liabilities that are attached to a property. They also prove ownership of a property.
Title Report
A solicitors certificate that confirms that the title of a property is acceptable. This is a vital certificate that a lender must have before they will issue the cheque for mortgage monies.
Tracker Mortgage
A mortgage that moves in line with the Bank of England base rate, normally by a set percentage above the base rate for a set period of time.
Trust Deed
Legal document used to create a trust.