If you’re a new prospective tenant in London, searching for your new London home, 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 particular 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”?
1. Let Agreed – An Overview
Let Agreed is a term that means a prospective tenant has said they’d like to rent the property, have made an offer verbally, which has been accepted by the landlord. To move the property onto this “Let Agreed” status, the prospective tenants must also put down a deposit. Nevertheless, the deal isn’t actually finalised at this stage.
2. What Is The Difference Between Let Agreed And Let?
If a property has “Let Agreed” status (sometimes also called ‘’Let STC’’), there are several processes that still have to be completed. As the successful tenant for a transaction with this status, you’ll still need to pass certain checks, provide references, a guarantor (if necessary) and sign a Tenancy Agreement.
In a nutshell, if the 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.
3. 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.
4. 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. If you’re interested in a property that has ‘’Let Agreed’’ or ‘’Let STC’’ status, just bear in mind that the agent is unlikely to allow a new viewing or take a new offer on these properties, until they know the outcome of the current application. They will take your details, though and refer back to you, in the event that the existing transaction isn’t successful and there is a significant percentage of these transactions that so fall through.
5. Where Can I Get More Advice About Letting My Property?
If you’re considering renting a property in London but need more advice about how to get started, don’t hesitate to get in touch with the friendly team here at CapEx Properties. We’re on hand to give you all the information you need and, when you’re ready to take that step, we can help you find the right property.
Give us a call today on +44 20 3989 8010. We’re looking forward to hearing from you.