When browsing property listings, you’ll often see different status labels that can be confusing if you’re new to the rental market. Two commonly misunderstood terms are ‘Let Agreed’ and ‘Let’—while they may appear similar, they represent distinct stages in the rental process. This distinction is particularly important when dealing with Derbyshire letting agents.
‘Let Agreed’: The Transitional Stage:
‘Let Agreed’ indicates that a property is in a transitional phase between being available on the market and being fully let. When a listing shows this status, it means:
- A prospective tenant has made an application for the property
- The landlord has accepted this application in principle
- The formal letting process has begun but is not yet complete
This stage typically involves:
- Reference checks: The letting agent is verifying the tenant’s employment status, income, credit history, and previous landlord references.
- Right to Rent checks: Legal verification that the tenant has the right to rent property in the UK.
- Contract preparation: The tenancy agreement is being drawn up but hasn’t yet been signed by all parties.
- Deposit payment: The tenant may have paid a holding deposit but not yet the full security deposit.
Importantly, properties listed as ‘Let Agreed’ are technically still under negotiation. While uncommon, these agreements can sometimes fall through if reference checks reveal issues, if the tenant changes their mind, or if contractual terms cannot be agreed upon.
‘Let’: The Completed Transaction:
When a property is marked simply as ‘Let’, this indicates that the entire process has been completed:
- All reference and background checks have been successfully passed
- The tenancy agreement has been signed by both the tenant and landlord
- Deposits and initial rent payments have been made
- The tenant has either moved in or has a confirmed move-in date
- The property is no longer available on the market
At this point, the property is legally occupied (or about to be occupied) and the tenancy has formally begun.
Why the Distinction Matters:
Understanding the difference between these terms is particularly important for:
Property searchers: If you’re looking for a rental, a ‘Let Agreed’ property may still be worth enquiring about, especially with letting agents. While someone else is in pole position, arrangements sometimes fall through, and attentive agents may keep you on a reserve list.
Landlords: For those new to letting, recognising these stages helps set expectations about when your property is truly off the market and when you can expect rental income to commence.
Market analysts: These distinctions affect how rental market activity is measured and reported, with ‘Let Agreed’ properties often still counted in available inventory until they move to ‘Let’ status.
Regional Variations and Additional Terminology:
It’s worth noting that letting agents may use slightly different terminology compared to other regions. Some additional terms you might encounter include:
- Under Offer: Sometimes used interchangeably with ‘Let Agreed’ in certain agencies
- Reserved: May indicate a holding deposit has been taken but formal applications haven’t begun
- Let STC (Subject to Contract): Similar to ‘Let Agreed’ but emphasising that contractual formalities are still pending
Timeframes: How Long Does ‘Let Agreed’ Last?
The ‘Let Agreed’ status typically lasts between 1-3 weeks, though this can vary based on:
- How quickly references can be processed
- The efficiency of the letting agent
- Whether any complications arise during checks
- The availability of all parties to sign paperwork
If a property remains ‘Let Agreed’ for an unusually long period (over a month), this might indicate complications in the process.
What to Do If You’re Interested in a ‘Let Agreed’ Property:
If you’re searching for a property and see one you like marked as ‘Let Agreed’, don’t immediately dismiss it:
- Contact the letting agents handling the property
- Ask to be placed on a waiting list in case the current application falls through
- Express your strong interest and readiness to proceed quickly if the opportunity arises
- Check back periodically for updates on the property’s status
While the chances of a ‘Let Agreed’ property becoming available again are relatively low (typically 10-15% fall through), it’s still worth registering your interest, especially in competitive rental markets.
Final Thoughts:
The journey from ‘Available’ to ‘Let Agreed’ to ‘Let’ represents the complete lifecycle of a rental listing. Understanding these distinctions helps all parties manage expectations and navigate the rental market more effectively.
For landlords working with Derbyshire letting agents, being familiar with these terms ensures you understand exactly where your property stands in the letting process. For prospective tenants, this knowledge helps you gauge how likely you are to secure a property you’re interested in, and when it might be time to consider alternatives.
Whether you’re letting or renting, these industry terms are essential vocabulary for navigating the UK rental market with confidence.
