LETTING AGENT TALK: LET AGREED – WHAT DOES IT MEAN?

Posted on April 17th, 2024.

If you’re a new landlord in London, you may be wondering what the term “Let Agreed” really means and how it affects you. While it may appear self-explanatory, does it mean that your property isn’t available any longer, does it mean the tenancy is legally binding? Most importantly, is there any difference between “Let” and “Let Agreed”? Let’s find out!

Let Agreed – An Overview

Let Agreed is a term that means a prospective tenant has said they’d like to rent your property, have made an offer verbally, and that you’ve accepted their offer. To move your property onto this “Let Agreed” status, the prospective tenants also must put down a deposit. Nevertheless, the deal isn’t actually finalised at this stage.

What Is The Difference Between Let Agreed And Let?

If your property has “Let Agreed” status, there are several processes that still have to be completed. As a landlord, you’ll need to carry out checks, see references, and make sure all the paperwork has been signed off. Once all that has been done, you can agree to the signing of the Tenancy Agreement.

At the “Let Agreed” stage, your prospective tenants must present you with all their key documentation and make sure that everything is accurate and up-to-date to facilitate the process. When your prospective tenant has a guarantor-backed tenancy, the guarantor will also be subjected to checks before you can move the property to “Let” status.

In a nutshell, if your property has “Let” status, the deal has been completed and the tenancy agreement is in place. With “Let Agreed” status, there are a few things to still complete.

Is A “Let Agreed” Property Still Available On The Market?

Let Agreed properties are technically still available for prospective tenants to view. However, it’s very likely that the property won’t be on the market for long. Yet, while a Let Agreed property will usually progress to having a Let status eventually, that won’t always be the case. Therefore, agents and landlords keep the property available so that other prospective tenants can express their interest.

Can A Let Agreed Property Fall Through?

There are several reasons why a Let Agreed property may fall through. One of the checks may fail to clear, or one of the parties might change their minds. Until the tenancy agreement has been signed by both parties, the deal stays hanging in the balance.

Where Can I Get More Advice About Letting My Property?

If you’re considering renting out a property in London but need more advice about how to get started, don’t hesitate to get in touch with us here at Ashmore Residential. We’re on hand to give you all the information you need and, when you’re ready to take that step, we can list your property on the market. Give us a call today on 020 8366 9777 or drop us an email at info@ashmoreresidential.com. We’re looking forward to hearing from you.

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