Landlord glossary
Plain-English definitions of the terms you will meet with guaranteed rent, company lets and HMOs.
- Guaranteed rent
- An arrangement where a company leases a property for a fixed term and pays the owner an agreed monthly rent whether or not the property is occupied.
- Company let
- A tenancy granted to a company rather than an individual. From 1 May 2026, lettings to companies in England sit outside the assured tenancy rules introduced by the Renters' Rights Act 2025.
- Rent-to-rent
- A term for a business that rents a property from its owner and lets it on to occupiers. Guaranteed rent is the landlord-facing name for a similar arrangement.
- Void period
- Time when a rental property is empty and earning no rent. On a guaranteed rent lease the owner is still paid during voids.
- House in multiple occupation (HMO)
- A property rented to at least three people from more than one household who share facilities. In England, five or more such sharers need a mandatory licence.
- Additional licensing
- A council scheme that requires licences for smaller HMOs not covered by mandatory licensing.
- Selective licensing
- A council scheme that requires landlords of other private rentals in a set area to hold a licence.
- Article 4 direction
- A planning control some councils use to require planning permission to convert a family home into a small HMO.
- Break clause
- A term in a lease that lets one or both sides end it early on set dates and notice.
- Schedule of condition
- A written and photographic record of a property's condition at the start of a lease, used to judge its condition at the end.
- Handback condition
- The standard a property must be returned in when a lease ends, usually the start condition allowing for fair wear and tear.
- Fair wear and tear
- Normal deterioration from everyday use over time, which an occupier is not expected to put right.
- Assured periodic tenancy
- The rolling monthly tenancy that replaced assured shorthold tenancies for most private rentals in England from 1 May 2026.
- Section 21
- The former "no fault" possession notice. It can no longer be served for most private tenancies in England from 1 May 2026.
- Section 8
- The notice a landlord uses to seek possession on specific grounds set out in law.
- Redress scheme
- A government-approved complaints scheme that businesses doing lettings or property management work in England must belong to.
- Fit and proper person
- The test a council applies to anyone holding or managing a licensed HMO.
- Mortgage consent to let
- Permission from a lender to let a property that has a residential mortgage.
Questions landlords ask
What does guaranteed rent mean?
An arrangement where a company leases a property for a fixed term and pays the owner an agreed monthly rent whether or not the property is occupied.
What does company let mean?
A tenancy granted to a company rather than an individual. From 1 May 2026, lettings to companies in England sit outside the assured tenancy rules introduced by the Renters' Rights Act 2025.
What does rent-to-rent mean?
A term for a business that rents a property from its owner and lets it on to occupiers. Guaranteed rent is the landlord-facing name for a similar arrangement.
What does void period mean?
Time when a rental property is empty and earning no rent. On a guaranteed rent lease the owner is still paid during voids.
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Find out what your property could earn on guaranteed rent.