The property industry in the UK has a lot of jargon and it can be confusing at times.
If you’re looking to rent a place or doing market research then you may have seen the words ‘let agreed’ on property portals like Rightmove or Zoopla.
You may also see the term Let STC.
Let Agreed / Let STC Meaning
Let agreed or Let STC just means that the landlord or agent has agreed an offer with a potential tenant, but this does not necessarily mean that the tenancy agreement has been signed.
Let STC stands for Let Subject to Contract.
At this point the landlord or letting agent will usually stop doing any viewings.
So if you see a property you like that says ‘let agreed’ this may be bad news for you, but not always.
When a property is let agreed, the landlord or agent still needs to carry out checks on the potential tenant.
These include proof of income, credit checks and right to rent checks.
Does Let Agreed Mean Off The Market?
Let agreed means that a property is technically off the market because the property won’t normally be shown to other potential tenants, but it can come back onto the market for viewings if things fall through.
If you are interested in the property, it is always worth letting the letting agent or landlord know that you are interested.
This is because sometimes checks can come back negatively for prospective tenants so it may fall through and the landlord or agent will need to find a new tenant.
Keep in mind though that there is no legal reason stopping the landlord from letting you view the property and entertaining new offers.
If you’re really keen and can put in a favourable offer then it’s worth letting the letting agent or landlord know.
What Is The Difference Between Let And Let Agreed?
Let just means to rent out whereas let agreed means that an offer to rent the place has been accepted conditional on checks going through properly.
If a property is let agreed then things are almost final.
The deal can still fall through if checks don’t go according to plan.
When a property is ‘let’, the deal is done and the tenancy agreement has been signed.
What Does Let Agreed Mean On Rightmove?
According to Rightmove this is what let agreed means on their specific property portal:
“A let agreed property is one where a tenant has submitted an admin fee/deposit and the letting agency or landlord is reviewing the tenant’s references and performing necessary credit checks.
Where a tenants application is approved, the property will often remain on the market (with status let agreed) until the contracts are completed at which time it will be removed from the market.
Where a tenant’s application is rejected, the property will be remarketed with the let agreed status removed so that it is fully available.”
– Rightmove
You can see this at the following link:
So if you do see let agreed on Rightmove, this does not mean that everything is final.
Can You Still View A Property That Is Let Agreed?
For the most part, you won’t be able to get a viewing for a let agreed property.
This is because the agent or landlord will be busy just trying to complete the checks on the prospective tenant that they have agreed to let the property to.
It’s only really if the checks come back negative and the deal falls through that the landlord or agent will look to offer viewings on the property again.
This is because in most cases the checks come back fine and it would be a waste of the landlord or lettings agent’s time.
However on the rare occasion if you can offer more favourable terms then the landlord may be willing to let you view and offer on the property.
What About When The Property Is ‘Let’
If a property has been ‘Let’, then this means that the relevant checks have been made, the tenancy agreement has been signed and it’s legally binding.
Everything is final.
The new tenant will move in and the landlord won’t be looking at other offers from other tenants.
Further Reading
Now you know the meaning of Let STC you should also know what Sold STC means.
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