Let agreed is one of several terms that you might see on property boards, along with “Let” and “To Let”. Let agreed means that there is a deal in principle between the landlord and a potential tenant, although they are waiting for the deal to be finalised.
There are several stages to renting a property. Once you have found a property that you like, you will usually go and view it with the landlord or letting agent. If you like what you see, it is usual to pay a deposit at this point. This deposit effectively removes the property from the market, preventing the agent from taking any further applications. At this point, the property is considered to be let agreed, although there are still several checks and stages left.
Once this deposit is paid, you will need to submit personal and financial details to the agent. They will complete any credit checks and reference checks to ensure that you’re considered a suitable candidate. Your initial deposit should ensure that, at this point, you are the only potential tenant under consideration.
Once checks have been completed, the agent will agree a moving in date. The initial deposit that you paid will be taken off your agreement deposit, and the remainder of the deposit and your first week or month rent will need to be paid by the date you move into the property, by which point you should sign the rental agreement.
Once the deposit and bond are paid, the property is considered let and should be fully removed from the market. The initial work is done, at this stage, and you will have to concentrate your efforts on furnishing the property and moving your stuff in.
What Is The Difference Between “Let” And “Let Agreed”?
Let agreed means that there is a deal in principle between the landlord and potential tenant, but contracts have yet to be signed and checks have not yet been completed.
Let means that everything has been agreed, checks have been successfully completed, and the property has been let to a tenant.
Can Let Agreed Fall Through?
Let agreed really only means that a tenant and landlord have come to a verbal agreement, although it does typically require the payment of a deposit by the prospective tenant, so there is a level of commitment. As such, it is feasible that the tenant will fail a credit check or may even back out before signing the rental agreement and paying their deposit and bond. Although it is unlikely that a let agreed deal will fall through, it is certainly possible.
Can I Still View The Property?
Once the let has been agreed on a property, it is unlikely that this deal will fall through, but it is still possible. As such, there is some slim hope that you might still be able to rent. However, it is down to the discretion of the landlord and their agent, as to whether or not they will let any other potential tenants view the property. If you are interested in a home and it says Let Agreed on the board, or online, you can enquire with the agent and they will tell you whether you are still able to view. You could put your name down for next refusal on the property.
Haboth Lettings has a host of rental properties on our books. If you see a property that you are interested in, but it is listed as let agreed, it may still be possible to view that property, and we can advise you of any similar properties that we also have on the market. Feel free to view our property listings, or call us on 0333 012 4895 and speak to one of the rentals team, who will be able to advise you on the properties we have on the books at the moment.