When you see a property you would like to rent, what does Let Agreed mean?

So, what does let agreed mean?

For a property to be let agreed the following conditions must be met:

• The property was put up for rental
• Someone has viewed the property and confirmed that they would like to let it
• The estate agent has confirmed the offer to rent the property to the landlord; and
• The landlord has, in principle, agreed to let the property to the tenant in question.
• However, the full tenant checks, deposit payment and signing of the rental agreement have not yet been made.

Let’s look at each of these aspects of agreeing a let of a property in a little more detail.

What Does Letting A Property Entail?

Many people buy properties to live in, but there are also many people who buy property with the sole intention of letting them out to tenants, this is called, buy to let.

They either do this part time, alongside a business or a full time job, or they even make a living from doing this full time.

They buy one or several properties and let them out to different tenants for a monthly rental income.

These people are the landlords in the property lettings market.

Tenants In Property Letting

The people who let or rent the properties from the landlord are called ‘tenants’.

With house prices increasing so much over the years, many people cannot afford to buy a property, so letting a property becomes their option.

Other people prefer to rent so as not to tie up all of their money in a property.

Letting A Property

To find new tenants for rental properties, the landlord asks an estate agent to list the property for rental, just like people do when selling a property.

The estate agent displays the property for letting on their website and also on the major online property rental platforms such as Rightmove.

Tenants arrange to view the property and if they like it, they confirm that they would like to rent it to the estate agent, who passes on the offer made to the Landlord.

If he agrees to the offer made (which as rentals are hugely in demand is usually the price asked for by the landlord), the landlord accepts and the offer is now agreed in principle subject to the formality of the rental process.

This is now the “Let Agreed” part of a property letting.

What does Let Agreed mean on a property on Rightmove? Well, it is the same thing, so read on to see if this means you cannot let the dream rental property that you have just found on Rightmove.

Paying A Deposit For Letting A Property

Often the tenant will pay a deposit to secure the property while the formal process of letting is completed.

This tenant deposit will be repaid within 7 days if the rental does not proceed for any reason, or it can be applied to the holding deposit or the first month’s rental if the tenancy goes ahead.

Reasons For The Landlord Not To Repay The Deposit

There are legitimate reasons that a deposit will not be repaid including:

• The tenant misled the landlord or estate agent
• The tenant decided not to rent the property through no fault of the landlords, or
• The tenant failed the Right To Rent checks.

What Happens After Let Agreed?

Once the tenant has agreed the rental and paid a holding deposit, the formal credit checks will be made to ensure the tenant is in a good position to rent the property.

These checks include:

• Proof of three years of address history
• Employer details and proof of income
• Details of any previous rentals (so that references can be obtained from former landlords)

If all of these checks come back positive, the tenant signs the agreement and the property is now Let.

What Does It Mean When A Property Is Let

The property is now Let (rented) for an agreed amount under contract and will not become available for rental by any other tenant until the end of the rental agreement.

If A Property Is Let Agreed Can You Still Try And Let It?

If a property is Let Agreed, this means that you can approach the letting agent to enquire about letting it.

You can either:

• Ask the letting agent to put forward a higher rental offer to gazump the Let Agreed tenant’s offer.
• Ask the letting agent to give you first refusal of the current Let Agreed rental falls through.

Solicitors Near Me Hope This Article Helped With ‘What does Let Agreed Mean’

Solicitors Near Me connects people and businesses across the UK with solicitors completely free of charge and without obligation.

If you would like to speak with a solicitor about buying or letting a property, or any legal matter, you can call us on 0845 1391399 or complete a Free Online Enquiry » and we will be happy to help you.

 

If you plan on moving into a new house in the next few months, one of the most important factors to consider is the location. In the housing market, prices will differ significantly from city to city in the United Kingdom.

To ensure that you find the most suitable location for your new home, this guide has ranked the best and worst cities to move to right now in the UK. to compile this list, several key factors, such as crime rates, house prices, council tax, and healthcare scores, were taken into account.

DATA STUDY: The Best Cities to Move to in 2023

The 5 Best Cities to Move to:

1. Aberdeen – Index Score 1.00 (total score 5.18)
2. Newport – Index Score 0.98 (total score 5.06)
3. York – Index Score 0.93 (total score 4.81)
4. Glasgow – Index Score 0.92 (total score 4.77)
5. Newcastle – Index Score 0.92 (total score 4.75)

As this list highlights, Aberdeen is the best city to move to in the UK. With an impressive total score of 5.18, it easily topped this list.

This Scottish city performed so admirably on this list because it performed well in several areas. Aberdeen has a fairly large population of approximately 213,224 people, making it the third-largest city in Scotland in terms of population. Despite this large population, house prices are cheap in Aberdeen. The average house price is just £142,300.

Other areas in which Aberdeen performed well include mortgage affordability, council tax, and superfast broadband coverage. The average council tax in the area is £1,417 per annum, which is much lower than in other UK cities.

The runner-up was Newport, a city located in South Wales. With a population of roughly 319,221 people, Newport is one of the most populous Welsh cities. Newport earned a total score of 5.06, meaning that it was only slightly behind Aberdeen in the ranking.

In Newport, the average house price is £225,542. This house price is noticeably higher than in Aberdeen, but the prices are still comparatively low when weighed up against the rest of the UK cities.

However, the most important reason why Newport was ranked the second-best city is because of its magnificent mortgage affordability. In this area, Newport acquired a core of 3.3, making it the best city in the UK for mortgage affordability. Given that mortgage rates have been steadily growing, potential homeowners need to consider this factor.

The top five list was rounded off by York, Glasgow, and Newcastle upon Tyne, earning the third, fourth, and fifth spots, respectively. York had a respectable total score of 4.81, while Glasgow received a score of 4.77 and Newcastle obtained a total of 4.75.

It’s worth noting that two of the top five cities are located in Scotland, namely Aberdeen and Glasgow. This suggests that Scotland may be a good option if you are concerned about high house prices and mortgage rates.

Additionally, two of the cities in the top ten are found in the north of England. York is located in northern England, while Newcastle is found in the northeastern part of the country. Meanwhile, Wales was only able to get one entry into the top ten, though this makes sense given that Wales has fewer cities than Scotland or England.

The 5 Worst Cities to Move to:

1. Brighton – Index Score 0.70 (total score 3.61)
2. London – Index Score 0.72 (total score 3.73)
3. Oxford – Index Score 0.73 (total score 3.78)
4. Reading – Index Score 0.76 (total score 3.92)
5. Bristol – Index Score 0.76 (total score 3.96)

On the other end of the spectrum, these five cities were considered the worst places to move to in the UK.

With a disappointing total score of 3.61, Brighton earned the reputation of being the worst city to move to.

With a mean house price of £502,672, Brighton is an expensive location to move to. Yet, the factor that was most damning for Brighton was the lofty council tax rates. In this seaside city, tax rates are a massive £2,119.

The second worst city on this list was London. As the capital of England and the largest city in the UK, it’s not surprising that London has the largest population. London has a massive population of 9,540,576.

House prices in this city are costly, which may be due to the high demand for accommodation in London. The average cost of housing in London is £518,900. Consequently, it is the most expensive city in the UK for housing.

London was also disappointing for health care, with a score of just 0.79. Plus, crime is a major issue here, receiving a whopping score of 53.82.

However, London performed well in some areas, such as superfast broadband connectivity. In addition, it has lower council tax fees than many other UK cities, including Brighton and Oxford.

London was followed by Oxford (3.78), Reading (3.92), and Bristol (3.96). An interesting observation is that all five entries at the bottom of the list are located in England.

How Was This Data Acquired?

This list was compiled by taking into account several important sets of data, such as:

• Average house price
• AHP (average house price) yearly change
• Mortgage affordability
• Crime rates
• Health care scores
• Average council tax
• Superfast broadband coverage

For each of these categories, every UK city was given an index score. These scores were then combined to give each city an index and total score. This made it possible to determine the five best and worst cities to move to in the UK.

This data was acquired from reliable sources, including World Population Review, Rightmove, and propertydata.co.uk. These reputable sites ensure that the data is accurate.

Final Thoughts

When looking for a new home, the location is perhaps the most essential consideration. If you wish to avoid extortionate house prices, loft council tax, and poor health care, it’s worth taking this list into account when planning which UK city you will move to.

Sources

https://labs.thinkbroadband.com/local/index.php?tab=1&council=2
https://worldpopulationreview.com/countries/cities/united-kingdom
https://www.numbeo.com/cost-of-living/
https://propertydata.co.uk/council-tax
https://web-uks-prod-hometrack-frontend.azurewebsites.net/uk/insight/uk-house-price-index/
https://www.rightmove.co.uk/