The important difference between letting and letting agreed is then just that. The property has been let to a tenant and all contracts etc. have been completed. Let Agreed is when a prospective tenant has indicated that they would like to let a property and have verbally committed to let it.
In simple terms, there is a big difference between an agreed tenancy and a let property. The term "Let Agreed" means that a tenant has shown a serious interest in a property and has made a verbal offer to let it. This initial offer will have been accepted in principle by the landlord or letting agent and, as a token of the tenant's commitment, the tenant will have been asked to pay a refundable deposit to reserve the property, whilst 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 closed. Let Agreed 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 start the tenancy agreement.
If a potential tenant sees the details of the property with the words "Let Agreed" next to it, it is best to start looking for another property, or ask the letting agent if it is possible to be put on a waiting list if that particular property comes back on the rental market for some reason in the future. Although there are different types of leases covering tenancies that may exist between landlord and tenant, the vast majority of leases in the UK (for the private rented sector or PRS) are assured shorthold tenancies or ASTs. What is even more frustrating is to finally fall in love with a property only to see the words "agreed rent" next to the listing. There is a difference between renting and letting, but arguably, in terms of the real life consequences of using the wrong term, it is not that important.
Let Agreed" therefore means that an agreement in principle has been reached between the landlord and prospective tenants. Note: In all short-term rental agreements, security deposits must be placed in a government-backed tenancy deposit system or TDP. Once completed, the new landlord will have a buy-to-let mortgage, which is a specialised mortgage loan designed specifically for this arrangement. Once all the references have been completed and the tenancy agreement has been signed, the property is "let".
If the tenant decides to terminate the contract after the deposit has been paid, they cannot get it back. By seeing which properties go from being available to being "rented" and how quickly, tenants know what they are dealing with and what the average monthly rent is. Letting agreed means that there is an agreement in principle between the landlord and the potential tenant, but the contracts have not yet been signed and the checks have not yet been completed. The tenant's only responsibilities are to give honest information on their reference forms, pay deposits and rent on time and respect the property according to the terms of the AST agreement.
Another difference between rental and lease agreements is the fact that leases are not automatically renewed and can only be resumed by a new set of signed or updated documents.