What Does 'Let Agreed' Mean?

The meaning of let agreed typically refers to a rental property, where the landlord or letting agency has accepted a tenancy application, and the property has a 'let' that has been 'agreed'.

This is the stage where the tenant is very close to moving in, yet there are different phases to the process of renting a property; for a tenant, a landlord and a letting agent.

So what does let agreed mean and what does let mean, depends on which party you are to the tenancy.

Below, we look at the definitions further and on which occasions the property might still become available to rent.

by Robert Jones, Founder of Property Investments UK
With two decades in UK property, Rob has been investing in buy-to-let since 2005, and uses property data to develop tools for property market analysis.

a man with a clipboard and a property inspection checklist

The Meaning of 'Let Agreed'

As above it has a simple definition and is the beginning stage of a tenant applying to rent a property.

It is part of the marketing lexicon and an abbreviation for property rentals rather than a part of the ast housing act 1988.

It does however have slightly different meanings for all parties in the process.

The Changing Status of Renting a Property

To let - property goes on the market
Let agreed - application received from a tenant
Let - application completed and tenancy signed

Define let agreed for a tenant

For a tenant, let agreed, is the stage where they have viewed the property and expressed their interest with the letting agency, landlord or social housing provider, by completing an application form.

This is when they would typically feel they have agreed to progress with the property and may expect the property listing to show 'let agreed' or even 'let' on the letting agent's website or on one of the main free property portals like Rightmove of Zoopla.

Define let agreed for a letting agency

A property will be 'to let' when marketing first starts and the letting agency is accepting viewings.

It will move to 'let agreed' once an application has been received and credit and reference checks start.

Once the tenant's application has been approved, the agency have checked right to rent, and reference and credit checks passed, the property listing will often still say 'let agreed' until the assured short tenancy has been signed, monies received and contracts completed.

note: There is a chance that at the application stage, a prospective tenant might not pass referencing and the property could become available again, so some letting agents don't wish to put off additional potential tenants and might hold off marketing the property as let agreed until all paperwork has passed successfully.

Define let agreed for the landlord

A landlord, like the letting agency, would likely define the property as let agreed upon a successful tenant referencing being completed.

In reality, it is rare that the landlord, when using a letting agency to manage the process would even get involved in the timing (or marketing details) of when a property goes from, 'to let' to 'let agreed'.

They would typically take the advice and guidance of their management company, sometimes asking that multiple potential tenants have the chance to view the property, and if more than one is interested, they start the application with the tenant/s that are most suitable first.

Does let agreed mean it's gone?

Yes typically, but not always.

You would be right in thinking that when you see this phrase on Rightmove or Zoopla or featured on a sign in front of a house, maisonette or flat, it means the property is no longer on the rental market.

However, there are some occasions when that application might fall through and the property comes back on the market and is available to let again.

So if you are a tenant interested in a property that shows let agreed, it is still worth registering your interest with the agent just in case.

If you are a landlord, it is worth waiting before you update things like insurance, your freeholder management company if you own the property as a leasehold, or your mortgage company (if this is a requirement when you have a new tenancy), until you know the tenancy has been signed.

So what does let mean?

This is the final part of the marketing process.

When a property is 'let', it means there is a signed rental agreement, rental deposits and rent has been paid and a tenancy is going ahead.

When a property listing shows 'let', this is likely only for a short period (days not weeks) before the letting agency then removes the property from the market.

What Does 'Let Agreed' Mean?

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