The term used when tenants and landlords carry out review, reference and paperwork before signing the lease must be agreed.
During this period, both parties undertook to continue the contract, but no legal documents were signed, so there is no legal return if for some reason it does not proceed.
However, it is generally agreed that neither party will explore other options (landlords generally do not show ownership to other prospective tenants, and tenants are generally required to maintain this property) as this step continues.
What does let agreed mean
Its common to see the term let agreed when looking to rent somewhere. If the property is now considered let agreed then why is the property still advertised and why are they announcing that a let is agreed? You might be right to assume that it means that the property is no longer in the rental market. However, this does not mean that the property has been let , only that it is still being considered and it has a high chance of being let. The term, let agreed, means that an offer from a potential tenant on a property was generally accepted by the landlord or real estate agent. However, before the agreement can be completed and keys can be delivered, tenant checks are required, including credit checks, immigration checks (rental law) and contact references.
So if you are looking for a place to rent and see, let agreed, next to the advertisement or on a sign in front of the property, then the best advice will probably pass on this property and look for a different rental property.
However, it may still be possible that the let falls through, so you might want to keep an eye out or consider making an offer anyway. From a tenant's point of view, they can decide that the property is not for them, or that they cannot pass reference checks. The landlord may decide to explore options with another potential tenant or delay the immediate lease of the property. Although frustrating until a lease is signed, neither party has legal commitment until the let has been legally signed off.
It may still be helpful to contact the agent and register your interest. This allows you to terminate at the top of the queue if the request fails for any reason in the final phase. You may also notice that the officer is able to give you help or advice on how to advance your search.
In most cases, however, it will be a long time to ask about renting a property that is "and sour" and relies on the landlord to decide if they allow you to see it at all.
Let agreed, is the point where tenants and landlords have made a written agreement to move forward with their agreement, but the parties have not yet signed the final lease - and there is still a possibility that those contracts will fail. If a property is let, it means that the lease is in place.
Although there are different types of agreements that can be extended to tenancies between landlords and tenants, the vast majority of UK leases (for the private rental sector or PRS) are insured for short-term leases or STAs. An AST agreement is a standardized expression of the British Housing Act, which guarantees tenants the right to rent and enjoy their home for the duration of the contract, and the right of a landlord to take possession of the house again after the term expires.
The rights of tenants and landlords using a guaranteed short-term lease have changed over time, and as political parties and governments adjust their policies to try to address the current housing shortage in the UK through legislative changes, everything is changing.
When does a rental agreement become legally binding?
A lease becomes legally binding as soon as it is signed by all parties involved - the tenant or tenant. There are elements that contain a grant, such as:
- Tenant name(s)
- Name and contact details of the owner (or REPRESENTATIVE of the United Kingdom)
- Full address of abandoned property
- The rental start date
- The length of the rental
- The rent to be paid
- The date the rent expires
- Deposit Guarantee System Details
Unlike some contracts, there is no period of time for the lease. Once all parties have signed the document, it is legally binding and all parties have agreed to comply with the content.