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Although this may seem like it should come before discussion of the Assured and Assured Shorthold tenancies, I've left it until last because it's the most significant concept I want you to remember. It will help you to understand the rest of this book, because it underpins many of the strategies I will be discussing.

Any tenancy is, by nature, a lease. A lease is simply a contractual agreement that is made between a lessor (the legal owner of an asset) and a lessee, which grants rights to the lessee to use that asset. Significantly, the terms of a lease can be whatever the lessor and lessee agree on. You could lease someone a tangible asset (such as a car, a phone or a property) or an intangible asset (such as a licence to use a software program or a radio frequency).

You can agree on a fixed-term lease or a periodic lease. You can agree that rental payments are to be made weekly, monthly or annually. But whatever you decide and agree on is fixed. You cannot change the terms of the lease unless both parties are willing to make a new agreement.

When a landlord and rental tenant sign an Assured Shorthold Tenancy (AST) agreement, they are bound by the terms of that standard agreement. But no one is obliged to offer or accept this type of agreement. Again, remember this … it will become significant anon!