Rent and Credit > What does "let agreed" mean?

What does "let agreed" mean?

Wollit Team1 minute read · Updated 8th August 2024

Figuring out how the UK rental market can be hard, especially if this is your first time renting here. One term that often is confusing is "Let Agreed."

"Let Agreed" basically shows that a prospective tenant has made a verbal offer to rent a property, which the landlord has accepted in principle.

However, this does not mean that the deal is finalised. The tenant usually pays a holding deposit to show their commitment while the landlord runs all the needed checks and paperwork.

What’s the difference between "let agreed" and "let"?

Let agreed means that the property is still technically on the market, as the agreement is not legally binding. The tenant and the landlord have not yet signed a tenancy agreement, and a few checks (such as references and credit checks) are still pending.
Let means that all checks are complete, the tenancy agreement is signed, and the property is officially rented out.

Is a "let agreed" property off the market?

While a property marked as "let agreed" is likely to be rented soon, it is not officially off the market. Landlords may still receive offers from other potential tenants. This allows landlords to keep their options open in case the current deal falls through.

What can make a "let agreed" deal fall through?

Properties marked as "let agreed" can end up back on the market for many reasons. Here are some of the most common ones:

The tenant could not provide the necessary documentation, such as employer letter, reference letter, or proof of income.
The landlord or the tenant changed their mind.
Or the tenant failed background or credit checks.

This is why it’s so important to work on your credit score – in the UK, you need a good credit history not only for loans and mortgages, but also for things like mobile phone contracts or even renting.

One of the ways to improve your score is to download a credit-building app like Wollit.

Wollit works by reporting a fixed fee monthly subscription as a loan repayment to the credit reference agencies (Experian, Equifax, and TransUnion). This helps you build or rebuild your credit history by showing that you can pay debt on time. It can even report your existing rent payment to Experian, adding another line in your credit report that shows lenders you're responsible and pay your bills when they’re due. In time, this will help you improve your credit score so you won’t need to be worried about any credit check ever again.