Tenancy
The temporary occupation of a property by a tenant.
Tenancy Deposit Scheme (TDS)
All deposits being paid by a tenant for an Assured Shorthold Tenancy must be registered with a recognised deposit protection scheme within 14 days. Where appropriate, Thinq Homes will register the deposit on a landlord’s behalf. Also known as mydeposits.com.
Tenancy agreement
A legal agreement designed to protect the rights of the tenant and landlord setting out all Terms and Conditions of the rental arrangements.
Tenant
An individual, group of individuals (up to four) or company who holds or possesses property for a time, in return for the payment of rent.
Tenants in common
A form of ownership by two or more people in which if one of them dies, their share of the property forms part of their estate and does not automatically pass to the other(s).
Tender
This is an arrangement whereby prospective purchasers are invited to submit sealed bids by a previously stated date and time. The moment the offer is accepted by the seller, the arrangement becomes a legally binding contract.
Tenure
A collective term which relates to the nature of the owners title to a property i.e. is it freehold or leasehold.
Term
Definition
Terraced house
A property that forms part of a connected row of houses.
The Property Ombudsman (TPO)
The Property Ombudsman (TPO) is a free, fair and independent arbitration service that ensures that landlords, tenants, sellers and buyers will receive the highest level of customer service.
Title Deeds
Documents showing the legal ownership of a property, which are normally held by a vendor’s mortgage lender.
Title insurance
An insurance policy which a buyer can take out to allow a sale to complete where there is a potential problem with the documentation in proving legal ownership of some part of the land he is buying.
Title search
An investigation, carried out by a conveyancer or solicitor, into the history of ownership of a property. The search will check for liens, unpaid claims, restrictions or any other problems that may affect ownership.
Tracker mortgage
A type of mortgage whereby any changes in the rate of interest charged follow exactly ('track') another, specified, interest rate or index. Typically a tracker mortgage will track the Bank of England base rate.
Transfer Of Deeds
A Land Registry document that transfers the ownership of a property on completion in registered land transactions.