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A landlord is the owner of a house, apartment, condominium, land, or real estate which is rented or leased to an individual or business, who is called a tenant. When a juristic person is in this position, the term landlord is used. Other terms include lessor and owner. The term landlady may be used for the female owners. The manager of a pub in the United Kingdom, strictly speaking a licensed victualler, is referred to as the landlord/landlady. In political economy it refers to the owner of natural resources alone from which an economic rent is the income received.
Eviction is the removal of a tenant from rental property by the landlord. In some jurisdictions it may also involve the removal of persons from premises that were foreclosed by a mortgagee.
A lease is a contractual arrangement calling for the user to pay the owner for the use of an asset. Property, buildings and vehicles are common assets that are leased. Industrial or business equipment are also leased. Basically a lease agreement is a contract between two parties: the lessor and the lessee. The lessor is the legal owner of the asset, while the lessee obtains the right to use the asset in return for regular rental payments. The lessee also agrees to abide by various conditions regarding their use of the property or equipment. For example, a person leasing a car may agree to the condition that the car will only be used for personal use.
A leasehold estate is an ownership of a temporary right to hold land or property in which a lessee or a tenant holds rights of real property by some form of title from a lessor or landlord. Although a tenant does hold rights to real property, a leasehold estate is typically considered personal property.
Property management is the operation, control, maintenance, and oversight of real estate and physical property. This can include residential, commercial, and land real estate. Management indicates the need for real estate to be cared for and monitored, with accountability for and attention to its useful life and condition. This is much akin to the role of management in any business.
A rental agreement is a contract of rental, usually written, between the owner of a property and a renter who desires to have temporary possession of the property; it is distinguished from a lease, which is more typically for a fixed term. As a minimum, the agreement identifies the parties, the property, the term of the rental, and the amount of rent for the term. The owner of the property may be referred to as the lessor and the renter as the lessee.
The assured shorthold tenancy (AST) is the default legal category of residential tenancy in England and Wales. It is a form of assured tenancy with limited security of tenure, which was introduced by the Housing Act 1988 and saw an important default provision and a widening of its definition made by the Housing Act 1996. Since 28 February 1997 in respect of accommodation to new tenants who are new to their landlords, the assured shorthold tenancy has become the most common form of arrangement that involves a private residential landlord. The equivalent in Scotland is short assured tenancy.
A damage deposit or deposit is a sum of money paid in relation to a rented item to ensure it is returned in good condition. They are particularly common in relation to rented accommodation, where they may also be referred to as a tenancy deposit, bond deposit, or bond.
Under the provisions of the United Kingdom Housing Act 2004 every landlord or letting agent that takes a deposit for an assured shorthold tenancy in England and Wales must protect the deposit under an authorised tenancy deposit scheme. The regulations came into effect on 6 April 2007, and were amended by the Localism Act 2011 and the Deregulation Act 2015. Most recently the Tenant Fees Act 2019 provided further protections for tenants.
A security deposit is a sum of money held in trust either as an initial part-payment in a purchasing process, also known as an earnest payment, or else, in the course of a rental agreement to ensure the property owner against default by the tenant and for the cost of repair in relation to any damage explicitly specified in the lease and that did in fact occur.
An assured tenancy is a legal category of residential tenancy to an individual in English land law. Statute affords a tenant under an assured tenancy a degree of security of tenure. A tenant under an assured tenancy may not be evicted without a reasonable ground in the Housing Act 1988 and, where periodic changes in rent are potentially subject to a challenge before a rent assessment committee.
The Landlord and Tenant Act 1985 is a UK Act of Parliament on English land law. It sets bare minimum standards in tenants' rights against their landlords.
Street v Mountford[1985] UKHL 4 is an English land law case from the House of Lords. It set out principles to determine whether someone who occupied a property had a tenancy, or only a licence. This mattered for the purpose of statutory tenant rights to a reasonable rent, and had a wider significance as a lease had "proprietary" status and would bind third parties.
The Ellis Act is a 1985 California state law that allows landlords to evict residential tenants to "go out of the rental business" in spite of desires by local governments to compel them to continue providing rental housing.
A Section 8 notice, also known as the Section 8 notice to quit or Form 3. It is a prerequisite if the landlord of an assured tenancy or assured shorthold tenancy wishes to obtain possession order from the court, thereby ending the tenancy, for a reason based on a circumstance entitling the landlord to possession under the grounds pleaded. It is used in England and Wales and is part of the Housing Act 1988. as amended by the Housing Act 1996.
The history of rent control in England and Wales is a part of English land law concerning the development of rent regulation in England and Wales. Controlling the prices that landlords could make their tenants pay formed the main element of rent regulation, and was in place from 1915 until its abolition by the Housing Act 1988.
In England and Wales, a section 21 notice, also known as a section 21 notice of possession or a section 21 eviction, is the notice which a landlord must give to their tenant to begin the process to take possession of a property let on an assured shorthold tenancy without providing a reason for wishing to take possession. The expiry of a section 21 notice does not bring a tenancy to its end. The tenancy would only be ended by a landlord obtaining an order for possession from a court, and then having that order executed by a County Court bailiff or High Court enforcement officer. Such an order for possession may not be made to take effect earlier than six months from the beginning of the first tenancy unless the tenancy is a demoted assured shorthold tenancy. If the court is satisfied that a landlord is entitled to possession, it must make an order for possession, for a date no later than 14 days after the making of the order unless exceptional hardship would be caused to the tenant in which case possession may be postponed to a date no later than six weeks after the making of the order. The court has no power to grant any adjournment or stay of execution from enforcement unless the tenant has a disability discrimination, public law or human rights defence, or the case is pending an appeal.
Rent control in Scotland is based upon the statutory codes relating to private sector residential tenancies. Although not strictly within the private sector, tenancies granted by housing associations, etc., are dealt with as far as is appropriate in this context. Controlling prices, along with security of tenure and oversight by an independent regulator or the courts, is a part of rent regulation.
A short assured tenancy is a type of tenancy in Scotland that was introduced by the Housing (Scotland) Act 1988. A short assured tenancy gives landlords some protection and freedom of action when letting their properties. Short assured tenancies have become the norm within the residential letting industry in Scotland. The equivalent legislation in England and Wales is assured shorthold tenancy. Following the enactment of the Private Housing (Tenancies) (Scotland) Act 2016, it is no longer possible to create a short assured tenancy, instead a private residential tenancy must be entered into; with greater protections for the tenant such as security of tenure.
The Housing Act 1988 is an Act of Parliament in the United Kingdom. It governs the law between landlords and tenants. The Act introduced the concepts of assured tenancy and assured shorthold tenancy. It also facilitated the transfer of council housing to not-for-profit housing associations, which was then carried out partly through the system of Large Scale Voluntary Transfer.
References
- 1 2 3 4 "Model Tenancy Act 2019: 10 things about Tenancy Act every landlord and tenant should know". The Financial Express. 16 July 2019. Retrieved 21 October 2019.
- ↑ Chakraborty, Nilanjana (29 July 2019). "Is Model Tenancy Act more in favour of landlords or tenants?". Mint. Retrieved 21 October 2019.
- ↑ "Draft Model Tenancy Act: what govt proposes for house owners, tenants". The Indian Express. 15 July 2019. Retrieved 21 October 2019.
- ↑ Jhunjhunwala, Sandeep (3 August 2019). "Good for tenants and owners: Model Tenancy Act takes checks most boxes". Business Standard India. Retrieved 21 October 2019.
- ↑ Staff Writer (20 July 2019). "From security deposit to rent hike, what draft tenancy law proposes". Mint. Retrieved 21 October 2019.