Jargon Buster
Offer Accepted – Sales progression
Once the agent’s seller has accepted an offer from a buyer, the agent will identify all the links in the sales chain and manage these through exchange of contracts and completion, liaising with all key people involved.
Outline Planning Permission
Outline planning permission is planning consent based on certain conditions, such as design, appearance, and setting.
Owner Occupier
An owner occupier is the person who owns the property and lives there as their sole or primary residence.
Owner Statement
An owner statement is the statement of account sent to a landlord each month by their letting agent.
P.C.M
PCM stands for Per Calendar Month and is used when outlining a tenant’s monthly rent payment.
Parties
Parties refers to the individuals in a property rental agreement – usually the landlord and tenant, but also a tenant’s guarantor if they have one.
In a tenancy agreement, the individuals are collectively referred to as ‘The Parties’.
PAT test
PAT stands for Portable Appliance Testing and is an assessment of electrical appliances and their safety.
Payment advice
Payment advice is issued to landlords by their letting agent when their account is credited.
Peppercorn rent
A peppercorn rent is a nominal rent where a landlord doesn’t receive a cash payment.
To legally grant a lease, the owner of land or a property must charge a rent. However, if they only wish to create the lease and not charge a cash rent, they can request rent of ‘one peppercorn’ per year instead of money.
Periodic statement
Periodic statements are reports landlords require to calculate their annual tax returns and outline all rent and expenses paid in a tax year (April 6 – April 5).
Periodic tenancy
A periodic tenancy is a tenancy that runs on a month-by-month (or quarter-by-quarter) basis after a fixed term agreement has ended. The tenant remains in the property under the same terms.
Permitted occupier
A permitted occupier is any person who is licensed by a landlord to live at a property and bound by all terms apart from the payment of rent.
