Let Agreed: What it Means and How the Process Works 

If you’re looking to rent, you may be frustrated to see properties you like with a ‘let agreed’ notice. But what does this actually mean? In this guide, we explain what ‘let agreed’ is, how it works and if a property is technically still ‘on the market’.    

What does ‘let agreed’ mean?   

‘Let agreed’ is the term used when a landlord has accepted a tenant’s application to rent an advertised property subject to tenant referencing – this is known as an ‘agreement in principle’.  

Before a tenancy agreement is agreed, the landlord will determine the prospective tenant’s eligibility by following a screening process. This may include legal requirements like Right to Rent checks.  

Once this process is completed and a tenancy agreement has been signed by the tenant and landlord, a property becomes ‘let’ and is officially off the market.  

If you have seen a property that is advertised as ‘let agreed’, you may still be able to get a viewing or be added to a waiting list if the prospective tenant’s application falls through.  

The ‘Let Agreed’ process 

Once you submit a rental application and your prospective landlord has accepted it, subject to checks, the status of the property will be changed to ‘let agreed’. Here are the steps you can next expect in the letting process: 

1. Provide a holding deposit 

To demonstrate your intent to rent a property, you may be asked to provide a holding deposit to reserve the property. This should not be more than one week’s rent. 

Once you pay the holding deposit, you have 15 days to secure a tenancy agreement. This period can be changed if you and the landlord both agree.  

• Your holding deposit should be returned to you if: 

• The landlord decides not to rent to you 

• You fail a credit check. 

• Your holding deposit may not be returned to you if: 

• You simply decide not to rent the property 

• You haven’t taken steps to agree a tenancy within the allowed period 

• You sign a tenancy agreement then change your mind 

• You provide false information. 

If a tenancy agreement is approved and you pass all referencing checks, your holding deposit should be returned within seven days. It can be used towards your first month’s rent or a security deposit.  

Non-refundable holding deposits are illegal in Scotland.  

2. Tenant referencing checks are completed 

Your landlord or letting agent will check that you can afford the property and are a responsible tenant. This may include:  

• Proof of identity 

• Rental history 

• Character reference 

• Proof of income 

• Credit history. 

If you wish to include a guarantor on your rental application form, they will also be subject to similar checks before the property is ‘let’. 

3. Sign your tenancy agreement  

Once all the required tenant referencing and credit checks have been completed, you must sign a written tenancy agreement with your new landlord or letting agent. This is typically completed after they receive your security deposit, which will be placed into a government-backed deposit protection scheme. 

A typical tenancy agreement will include the following information: 

• Your contact details 

• Your landlord’s contact details 

• The address of the property 

• Your tenancy start and end date 

• Your monthly rental payments 

• Your security deposit information. 

Once you and your landlord sign the tenancy agreement, the property status is changed from ‘let agreed’ to ‘let’ and you can move in. 

Keep in mind that the tenancy agreement is a legally binding document, so you should carefully check the terms and conditions before signing. If you have a guarantor, they will also need to sign a separate guarantor agreement. 

We make renting easy for landlords, agents and tenants  

At Landlord & Tenant Protection, we are simplifying the lettings experience. Thanks to our unique Tenant Reference Rating, you can easily prove your suitability as a responsible tenant to prospective landlords and say goodbye to lengthy referencing processes. Learn more about how we work, today. 

FAQs  

Are letting and renting the same thing?   

The terms ‘letting’ and ‘renting’ are often used interchangeably, but there are differences. While a landlord officially ‘lets’ their property to prospective tenants, a tenant will ‘rent’ a property from a landlord. 

Can a ‘let agreed’ property fall through? 

Yes, a property advertised as ‘let agreed’ can fall through if a tenant fails any credit, reference or Right to Rent checks, or they have decided not to follow through with the renting process. Until both parties sign a tenancy agreement, the property is technically still on the rental market.  

Can I rent without a tenancy agreement? 

Your landlord or letting agent must provide a tenancy agreement, although this can be verbal rather than written. Written agreements are always recommended as they can act as evidence if there are disputes later down the line.