ARLA (Association of Residential Letting Agents) – This is the only professional self-regulating body to be solely concerned with lettings.

Arrangement fees - Charged to arrange a loan on certain products. Usually applied to loans where a special interest rate applies e.g. fixed or capped rates.

Arrears - If someone is in arrears it means they have fallen behind with mortgage or rent payments. If this happens, the mortgage lender or landlord may take action to repossess the property.

Assured Shorthold Tenancy Agreement - A tenancy agreement for a set term giving both landlord and tenant more flexibility.

Bond - A sum of money (usually one month’s rent plus £50) paid by the tenant which is held in case any damage is caused by the tenant in the property. This money is refunded at the end of the tenancy if no damage is caused.

Building Insurance - Insurance against the complete cost of rebuilding a property in the event of structural damage by fire, flood or storm.

Buy to Let Mortgage - The type of mortgage specifically designed for people buying a property with the intention of letting it out.

Contents Insurance - Insurance to cover any loss or damage to your possessions within the property.

Conveyancing - Traditional term for the legal work involved in the purchase and sale of a property.

Damage Deposit - A sum of money (usually one month’s rent plus £50) paid by the tenant which is held in case any damage is caused by the tenant in the property. This money is refunded at the end of the tenancy if no damage is caused.

Detached House - Term used to describe a property that stands alone and is separated from all others.

EPC (Energy Performance Certificate) - Certificate which is part of a Home Information Pack and is required before a property can be offered for rent. This tells you how energy efficient a home is on a scale of A to G. The most efficient homes - which should have the lowest fuel bills - are in band A.

Fixed Rate Mortgage - A mortgage in which the interest rate is set for an agreed period of time.

Freehold - The absolute ownership of land and rights over land for an indefinite time. Contrast Leasehold, where the ownership is limited in time.

Furnished Property – These will usually have all hard furnishing such as beds and side tables, dining suite, lounge suite, occasional tables, etc. Some landlords also provide other items such as table lamps, fans, televisions, and other appliances.

Ground Rent - The annual charge levied by the freeholder to the leaseholder.

GTLA (Greater Tyne Landlords Association) – Local organisation for the regions landlords

Guarantor – The landlord may sometimes require a tenant to appoint a guarantor. This is someone who agrees to pay the tenants debt if the tenant defaults.

HMO (House of Multiple Occupation) - Homes of Multiple Occupancy consist of  5 unrelated people living in a property which has 3 or more floors.

IFA (Independent Financial Advisor) - They are designed to give independent advice as they are not tied to one particular lender.

Inventory - A list which describes the condition of furnishings and contents of a leased property at the commencement of the tenancy in order that any dilapidation during the tenancy can be identified.

Landlord – The owner of a rented property.

Lease - A legal document by which the freehold (or leasehold) owner of a property lets the premises or a part of it to another party for a specified length of time, after the expiry of which ownership may revert to the freeholder or superior leaseholder.

Leasehold - Denotes that the ownership of the property is by way of a lease.

Maintenance Charge - The cost of repairing and maintaining external or internal communal parts of a building charged to the tenant or leaseholder.

Maisonette - A property arranged over more than one floor (i.e. a portion of the house).

Management Service – [Click here to view our management service]

Mortgage - An amount of money advanced by a lender such as a bank or building society on the security of a property and repayable over a long period.

MyDeposits.co.uk – A company run by Hamilton Fraser Insurance Brokers and The National Landlords Association, which is specifically designed to insure tenants deposits in line with Government legislation.

NLA (National Landlords Association) - The National Landlords Association (NLA) is the leading independent national organisation for private residential landlords.

Ombudsman - The Property Ombudsman (TPO) Scheme provides a free, fair and independent service for dealing with unresolved disputes between member agents, tenants and landlords of property in the UK.

Part Furnished Property – Normally in these types of properties there will be only white goods (fridge, washing machine etc)

Purchaser - A person who is buying a property.

Repossession - When the mortgage lender takes possession of your property due to non-payment of the mortgage.

Section 21 - A 'Section 21 Notice to Quit', so called because it operates under section 21 of the Housing Act 1988, is the notice a landlord can give to a tenant to regain possession of a property at the end of an Assured Shorthold Tenancy (AST).  The landlord is able to issue the tenant with a section 21 notice without giving any reason for ending the tenancy agreement.

Semi Detached House - A property which is joined to one other house.

Sole Agent - When a seller chooses only one estate agent to sell their home.

Studio Flat - A flat consisting of one main room or open-plan living area incorporating cooking and sleeping facilities and a separate bathroom/shower room.

TDS (Tenancy Deposit Scheme) - From 6 April 2007, all deposits (for rent up to £25,000 per annum) taken by landlords and letting agents for Assured Shorthold Tenancies in England and Wales, must be protected by a tenancy deposit protection scheme.

Tenant - A person who has temporary possession of a property.

Tenant Find Service – [click here to find out about our tenant find service]

Terraced House - A property which forms part of a connected row of houses.

Unfurnished Property – This type of property will not have furniture in but may have floor coverings and curtains.

Valuation - A basic survey of a property to estimate its value for mortgage purposes. Mortgage lenders will insist on this before lending.

Variable Rate Mortgage - The basic rate of interest charged on a mortgage. This may change in reaction to market conditions, so your monthly payments can go up or down in line with the Bank of England Lending Rate.

Vendor - The legal name for a person selling a property.

Yield - Income from a property calculated as a percentage of its value.