This deposit means that the property has been taken off the market, but the transaction has not yet been closed. At this point, the property becomes a "rental contract". The landlord or agents now follow up with references and checks. In simple terms, there is a big difference between a leasehold and an agreed property.
A tenancy agreement means that a tenant has shown a serious interest in a property and has made a verbal offer to rent it. This initial offer will have been accepted in principle by the landlord or letting agent and, as a sign of the tenant's commitment, the tenant will have been asked to pay a refundable deposit to reserve the property, while the necessary reference checks are carried out. The deposit is limited to one week's rent in the case of fixed-term tenancies. The term "Let Agreed" means that a prospective tenant has expressed a desire to rent the property in question, has made a verbal offer and the landlord has accepted it.
The tenant will also deposit a deposit to pass the property to Let Agreed, but the agreement is not yet finalised. Let Agreed is used when a prospective tenant has indicated that they would like to rent a property and has made a verbal commitment to rent it. However, the process is far from complete. The term "agreed tenancy" is used to explain that a tenant has been found for a property and the terms and conditions have been agreed.
As a result, the potential tenant will deposit a bond to guarantee that the landlord or letting agent will "hold" the property for them. Basically, the deposit is like a "reservation fee". The agreed rent is almost the equivalent of "sold subject to contract" when buying a property. Even if a property says "rented subject to agreement", the property will still appear on the market for some reasons.
The agreed rent means that the property is no longer on the market. A tenant has been found and the landlord or letting agency is in the process of signing the documents that initiate the lease. Agreed tenancy simply means that when a property has been put up for rent, the landlord has agreed to let it to someone while the relevant paperwork is being completed. It means that the property is already on the open market, but has not yet been fully withdrawn.
Rental agreements can fall through for a number of reasons, such as a prospective tenant failing a credit check or not being able to find the earnest money. Most rental agreements go through, but there are occasions when something goes wrong. With the huge increase in demand for Private Rented Sector (PRS) housing in the last year, more homes than ever are coming onto the market for rent, however, even this new level of supply is not meeting demand, so this also means that many properties are coming back off the market as quickly as they entered it. Once all the referencing has been completed and the rental contract has been signed, the property is "let".
But what does "renting" really mean? After all, if a property has been rented, why is it still being advertised? Landlords will want to see references, carry out checks and obtain signed documentation before agreeing to sign a tenancy agreement. Some may not do this at the request of the landlord until everything has been agreed and the deposit paid, but this is unlikely to happen particularly often. If the property is advertised on a property website such as Zoopla or RightMove as 'for rent', it means that applications are open, however, if it is advertised as 'rent agreed', it means that the landlord is in the process of agreeing the tenancy with someone else. To let means that everything has been agreed, signed and that the tenant is either moving in or already in the property.
A rented property is still theoretically available, but it usually means that there is a tenant in the process of checking with a view to taking over the property. It is just another way of letting potentially interested tenants know that terms have been agreed with a tenant, but that there is no official contract. Alternatively, the tenant may agree to a monthly rent or sign a new contract, but it may now be at a higher price. Yes, lease agreements can and do fall through, which is one of the main reasons why they keep advertising on real estate websites to ensure that if the deal falls through, they can quickly change the advert and start accepting applications again.
Most reputable agents and estate agents will state that the security deposit is refundable, and if the deal goes wrong for any reason, it will be returned to you. As mentioned above, there are a number of reasons why a potential rental agreement may fall through.