Standing order An instruction, issued by the account holder, to their bank, detailing a regular, ongoing payment which should be made from their account to a specified individual or company. Unlike Direct Debits, the amount and schedule are typically fixed. Standing orders are the commonest way of paying rent – Direct Debits are seldom used…
Initial Term The tenancy’s first period – typically 6 or 12 months in duration. Inventory A list which lays out the property’s contents. It’s normal to create an inventory which can be referred to when the tenant ‘checks in’ and ‘checks out’ of the property. The inventory should ideally include a description of the condition…
Deposit Landlords will ask new tenants to pay a tenancy deposit to cover damage or unpaid rent. The deposit is usually the equivalent of six weeks rent but the landlord can choose to set the deposit at any amount. Dilapidation Damage to a property or contents that is considered to be more than acceptable wear…
Searching for a rental property can feel challenging, and it isn’t made any simpler by the fact that tenancy agreements come loaded with a range of unfamiliar terms. To make things easier, we’ve put together this guide to some of the jargon that tenants find most confusing. You should also check out our post on…
One great advantage of the internet for the property industry is the fact that it now makes it easy for people to find rented properties. Landlords and their agents can now list their properties online. The process allows you to easily find property that meets your needs. The problem, however, is that choosing from the…
Given the high costs of property on the Isle of Man, renting may be a perfect option for you. Renting a property offers a wide range of flexibility, especially in terms of proximity to workplaces. The following are some of the benefits of renting a property: Since tenancy allows you to start from as little…
