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The Meaning of 'Let Agreed'
If you are looking to rent somewhere, you'll often see the term 'let agreed' next to featured listings of rental property and you might have wondered why that property is still featured - why is the agent or landlord still advertising?
You'd be right in thinking, that when you see this phrase, associated with a property, featured on Rightmove or Zoopla or featured on a sign in front of a house or flat, it means that the property is no longer on the rental-market.
And yet it doesn't mean that the house in question has been let - only that it probably will be, in the not-so-distant future.
What's A Succinct Definition of 'Let Agreed'?
'Let Agreed' means that an offer by a prospective tenant on a rental property has been accepted, in principle, by the landlord or the estate agent. But, before the deal can be completed and the keys are handed over, there will need to be checks done on the tenant, including credit checks, immigration checks right-to-rent and contacting references.
So, if you are looking for a place to rent and see 'let agreed' next to the listing or on a signpost in front of the property then the best advice would be to probably move on and look elsewhere.
What is the Difference Between 'Let' and 'Let Agreed'?
'Let Agreed' is where a tenant and landlord have a written agreement to progress their arrangement but the parties have not yet signed off on the final rental agreement - and there is still a chance that these agreements will fail.
When a property is 'let', that means that the T's are crossed, the I's are dotted and that the rental agreement is in place. At this stage, if the tenant is not already living in the property, then there is a good chance that they will be soon.
Is there a Difference Between 'Letting' and 'Renting'?
There is a difference between let and rent but arguably, in terms of the real-life consequences of using the wrong term, it's not that important.
In the correct vernacular, a tenant 'rents' a property whereas a landlord 'lets' their property to a tenant. A landlord shouldn't really describe what they were doing as renting, rather than letting - but such distinctions aren't important to most people, where what's meant is easily understood.
When They Aren't Really Available?
It's frustrating, unquestionably, when you are looking for a home, to be presented with options that aren't actually on the market in any real sense. There are, however, good reasons why property portals and estate agents do this.
As we highlighted above, just because they are off-market, doesn't mean that Let Agreed' properties are a done deal with a rental agreement in place. Though unlikely, the deal might still fall through and other interested parties can register their interest in the expectation that this could happen.
With online listings, the user experience of people that have bookmarked and favourited properties has to be considered. Just deleting properties would mean their experience of the site wasn't being respected. They will expect to be able to find the same information that they bookmarked the first time around and the fact that the property is under-offer is only one piece of that information. So, to best help, their users, property portals tend to keep properties featured on their sites, even when not available.
Showing which properties are 'let agreed' can help prospective tenants and other's, interested in local, rental markets, see how the market is behaving. A prospective tenant that can see a lot of featured opportunities turn to 'let agreed' quickly, will at least know what they are up against.