Let Agreed – What does it mean?
Terminology often used when looking to rent or let a property can seem confusing, even more so when it’s your first time. Here are Peregrine Properties we’d like to make things as clear and as transparent as possible.
Prospective tenants who are actively looking for a property to rent could come across properties with the term “Let Agreed” next to them, this can often be confusing, is the property off the market and no longer available to rent?
Let Agreed, means that a prospective tenant has viewed the property, shown interest in the property and has verbally made an offer to rent the property. This has then been accepted and agreed with the landlord or the letting agency themselves. At this stage a holding, refundable deposit will be taken to secure the property. This is so administration work can take place such as references and credit checks.
A holding deposit is to keep the property reserved for the tenant that’s shown interest and will be refunded if the landlord changes their mind or an agreement is not finalised in time (If the tenant is not at fault.)
However, it should be noted that parts of the deposit can be kept for work carried out if the tenant is at fault for example providing false information.
Once the property has been let the holding deposit is credited as part of the first initial months' rent, the tenancy agreement will be finalised, signed and a moving in date will agreed.
Should I show interest in a let agreed property? Not all properties that are let agreed go as far as completion, although most do. If you do notice a property with the words “let agreed” it’s probably best to find a different property or ask us here at Peregrine Properties to be placed on a waiting list, properties often come back onto the market.
Don’t be afraid to give us a call if you have any questions on any of our properties.