The Complete Guaranteed Rent Glossary

A planning restriction some councils apply to a defined area, removing automatic permitted development rights. If a property sits inside one, changing its use, for example converting it to an HMO, needs full planning permission rather than happening automatically.

The standard tenancy agreement between a landlord and an individual tenant. Since the Renters' Rights Act came into force, every AST runs as a periodic tenancy rather than a fixed term, and possession only happens through a statutory ground.

Written permission from a mortgage lender allowing a property bought on a residential mortgage to be rented out. Renting without it can breach the mortgage terms, so it should be arranged before any letting begins, including a corporate lease.

A short or medium stay booked by a business for an employee, contractor or relocating staff member, rather than a leisure guest. Common in serviced accommodation, corporate lets often run for weeks rather than nights.

A lease where the tenant is a registered company rather than an individual, commonly used in guaranteed rent and R2SA arrangements. Because the tenant is a business, the AST rules, including the Renters' Rights Act regime, do not apply.

The record produced after the annual gas safety check every rented property with gas appliances must have, carried out only by a Gas Safe registered engineer. It must be renewed every 12 months without exception and given to tenants or guests within the legal timeframe.

One of three government-backed schemes, custodial or insured, landlords must use to protect a tenant's deposit within 30 days of receiving it. Deposits taken for licences and short guest stays, such as most serviced accommodation bookings, sit outside this rule because a licence is not a tenancy.

A guest reservation made straight through an operator's own website or contact channels rather than through an OTA. It usually costs the operator no commission and lets the operator manage the guest relationship end to end.

The report confirming a rented property's electrical installation is safe, produced by a qualified electrician who tests it at least every five years. Any remedial work the report identifies must usually be completed within 28 days.

A certificate rating a property's energy efficiency from A, most efficient, to G, least efficient, valid for 10 years and required before a property can be marketed to let. It is the certificate MEES regulations use to set a legal minimum standard.

A tenancy or lease running for a set period rather than rolling period to period. Since the Renters' Rights Act, fixed terms are no longer permitted for individual ASTs, though they remain standard for corporate leases.

The outright owner of a property and the land it stands on, as opposed to a leaseholder who owns for a fixed number of years under a lease. A freeholder can grant a lease, including a corporate lease, without needing anyone else's consent.

The specific statutory reason, set out in the Housing Act 1988 as amended by the Renters' Rights Act, a landlord must rely on to regain possession of a let property. There are now around 37 grounds, some mandatory and some discretionary, replacing the "no fault" Section 21 route.

A fixed monthly sum a landlord receives under a contract, paid whether or not the property is occupied. The guarantee describes the rent obligation only; it is not a guarantee of profit, returns or occupancy.

The checks an operator runs on a prospective guest before confirming a booking, covering identity and suitability for the property. Standard practice for a reputable serviced accommodation operator, though the depth of vetting varies by operator.

A property let to three or more people from more than one household who share facilities such as a kitchen or bathroom. Larger HMOs, five or more people from two or more households, need a mandatory licence from the council.

The Private Rented Sector Database introduced under the Renters' Rights Act, on which landlords of assured tenancies must register themselves and their properties. It is due to open on a phased basis from late 2026, with civil penalties for landlords who fail to register.

Ownership of a property for a fixed number of years under a lease from the freeholder, rather than owning the land outright. A corporate lease used in guaranteed rent is a separate, shorter commercial arrangement and does not change who holds the freehold or leasehold interest.

A company that manages a tenancy for a landlord in exchange for a fee, typically 10% - 15% of the rent plus VAT. An agent reduces day-to-day tasks, but the landlord still carries void periods, maintenance costs and legal responsibility.

The regulations setting the lowest EPC rating a property can legally be let at. The current legal minimum is E. Under the government's Warm Homes Plan, ministers have confirmed an intention to raise the minimum to C by 1 October 2030, with a proposed £10,000 cost cap, but this is still government policy awaiting the Act of Parliament and statutory instrument needed to bring it into force, not yet law.

The length of time a landlord or tenant must give before a tenancy ends or a possession claim can proceed. Under the reformed grounds, notice periods vary by ground, for example four weeks for the main rent arrears ground, and a tenant can generally give two months' notice to leave at any time.

The proportion of available nights a serviced accommodation property is actually booked over a given period. A core performance measure for operators, though never a figure Beacon Living Group publishes as a promise to landlords.

An independent body set up to resolve disputes between landlords and tenants free of charge, without going to court. The Renters' Rights Act introduces a new Private Rented Sector Landlord Ombudsman, which all private landlords will eventually need to join.

A booking platform such as Airbnb or Booking.com that lists serviced accommodation and other stays in exchange for a commission on each booking. Most operators list on several OTAs alongside taking direct bookings.

A tenancy that rolls on a period-by-period basis, usually monthly, rather than running for a fixed term. Since the Renters' Rights Act, this is the only form an individual AST can take.

A court order requiring a tenant to leave a property, obtained after a landlord has served a valid notice on a recognised ground and, if necessary, gone to court. It is the final step in the legal eviction process, not something a landlord can act on before it is granted.

Rent to serviced accommodation. An operator leases a property from a landlord at a fixed rent and runs it as serviced accommodation for short and medium guest stays; the landlord keeps the asset and receives guaranteed rent, and the operator carries the occupancy risk and the guest-facing work.

The umbrella term for any arrangement where a company leases a property from a landlord and then re-lets or sublets it, whatever the end use. R2SA is the serviced accommodation version of rent-to-rent.

The 2025 law that reformed tenancy law in England, abolishing Section 21 evictions and fixed-term ASTs, introducing the landlord database and ombudsman, and expanding the statutory grounds for possession. It does not govern corporate leases, which sit outside the AST framework.

The legal requirement for a landlord or agent to verify the immigration status of every adult occupier before a tenancy starts. Letting to someone without the right to rent, knowingly or repeatedly, can carry civil and criminal penalties.

The "no fault" eviction notice that let a landlord end an AST without giving a reason. Section 21 was abolished for new notices from 1 May 2026 under the Renters' Rights Act; possession now goes through Section 8 grounds only.

The tax rule that stops individual landlords deducting mortgage interest from rental income before tax, replacing it with a 20% basic-rate tax credit. It applies to individually held buy-to-let property, not to properties held in a limited company. This is general information, not tax advice; speak to your accountant about your own position.

A scheme some councils run requiring every private rented property in a defined area to hold a licence, regardless of whether it is an HMO. It is introduced to raise standards or tackle problems such as poor conditions or antisocial behaviour in that area.

Fully furnished property let for short and medium stays with hotel-style services such as cleaning, linen and support, sitting between a hotel room and a standard rented flat. Guests typically stay under a licence rather than a tenancy.

A guest booking of a few nights up to around a month, the shorter end of the serviced accommodation spectrum. Longer bookings are usually described as corporate lets or medium stays.

Letting out a property, or part of it, to someone else while holding it under a lease or tenancy from the original landlord. Most residential leases and mortgages require the freeholder's or lender's consent before subletting; an operator subletting rooms without the correct permissions is a red flag.

The day a serviced accommodation unit is cleaned, checked and reset between one guest's departure and the next guest's arrival. A well-run turnover typically happens within hours to keep occupancy high.

The financial loss a property owner suffers during a void period: rent not received, plus any bills or standing costs that continue regardless. Under guaranteed rent, the void cost is carried by the operator, not the landlord.

The time a property sits empty and earns no rent. Under a guaranteed rent arrangement, the void risk sits with the operator; the landlord is paid the fixed monthly rent regardless.

The annual rental income a property generates as a percentage of its value or purchase price. Landlords use yield to compare a self-managed tenancy, a letting agent and a guaranteed rent lease on a like-for-like basis.