Let Agreed: What Does It Mean?

Let Agreed: What Does It Mean?

If you’re just starting to rent, you’ve probably seen properties that are already rented. Maybe you’ve already found the house you want and signed a contract, but on the agency’s website, it still says “let agreed.” So, what does it mean when a house is agreed to be rented? Is it a contract that holds up in court, and why do landlords use it? Here, we look into the term and tell people who want to rent what it means.

Let Agreed Explained

When a property is under let agreed designation, it means that an offer has been made and the landlord or estate agent has agreed to it in principle. But the landlord or property management company must first do tenancy checks before the deal can be finalised. These steps are taken to make sure that the potential tenant can rent the property and has enough money to pay the rent.

There are credit checks, references from previous landlords, and checks to make sure the person has the right to rent. If, for example, the tenant’s credit isn’t good, the landlord might ask for six months of rent up front.

The Difference Between Let Agreed And Let

So, as we’ve already said, “let agreed” means that the landlord basically agrees to the offer made by the possible tenant. The landlord won’t sign the official tenancy contract, which would let the potential tenants move in, until the checks are done.

So, there is a chance that a property that has been agreed to be rented could fall through and become open to other people who want to rent it. Before signing the final contract, it’s a good idea to do as many checks as possible and make sure it’s the right property. Both the landlord and the applicant can back out of the deal at this point.

When a property is rented, on the other hand, both the landlord and the person who wants to rent it have agreed to the terms of the rental contract. At this point, all of the checks have been done, and the landlord is satisfied that the new tenants are a good fit and have enough money to pay the rent.

Can You Still View An Agreed Property?

You could still look at a house that’s under let agreed status in theory. Depending on how strong the applicant is, though, most letting agents won’t bother with showings until the deal falls through.

Most of the time, they will set up a time for you to see the place after the lease should have been signed. If the let agreed status drops before then, you would be the first person to see the property and could make an offer. So, if you’re interested in a let-agreed home, it’s always a good idea to ask about it, since there’s a chance you could still get it.

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