Properties in the UK are undeniably hot commodities. Despite the high price tag and the often small area, regardless if the property is in the city center or in the suburbs, you can expect the market to remain competitive.
As a landlord, whether you are seasoned or new in the business, it never hurts to make sure
that you are in the know about all the relevant terms and concepts in the real estate world. This is where trusted experts like Oasis Living come into the picture.
Know the definition of what does let agreed means and how it plays in the UK property rental industry. Understanding the basic know-how of this real estate term will get you a step ahead in your property renting.
What Does Let Agreed to Mean?
When a verbal agreement is made about a property, the parties involved—the tenant, the landlord, or a leasing agent—are said to have “let agreed.” A let agreed signifies that the landlord has recognized the tenant’s serious interest once the tenant expressed it.
The process begins with the landlord advertising the rental property. A prospective tenant then inquires and can make an offer that the landlord can either accept or decline. If the landlord agrees, then the two parties will now begin discussions regarding the rental agreement.
In such cases wherein the landlord is unable to represent himself during the discussion or, by
preference, would rather have a professional firm facilitate the discussions, then a third-party agency or a property manager will take over the rental procedures.
One of the most important steps in this process is conducting the tenancy check. This is where the tenant’s ability to pay rent and other issues with renting are evaluated and are often the make or break of the deal.
A contract is made and signed once the two parties have reached a final understanding. Payments are collected, and documents are processed so that the new tenant becomes legally allowed to rent the property. Safe to say, entering a letting agreement is the beginning of the rental process.
Does Let Agreed Mean Renting The Property?
With so many terms in the real estate business, we understand that it can be confusing. A great example of this would be the difference between letting and renting. But let us not overcomplicate things. The simple difference between the two terms depends on whose point of view is being addressed.
We use the term letting if you are a property owner allowing someone to occupy your property. On the other hand, renting is used when talking about the tenant. Simply put, a tenant rents a property. So, in a nutshell, it is the same concept, but still with significant differences.
Does Let Agreed Mean A Safe Transaction?
Establishing let agreement is not legally binding, and that is a fact. However, even if this step in the rental process is not yet a legal commitment, it is still highly regarded by both parties, especially because the tenant has expressed a great intention to occupy the property, and that was acknowledged by the property owner. A let-agreed set-up is a safe arrangement and is very common in real estate. In fact, the landlord can require a holding deposit from the prospective tenant, depending on the agreement.
If, as a landlord, you want to ensure that you are taking all the right steps in letting your property, it is very much recommended that you engage with professionals in this field of business. Doing so will give you the opportunity to acquire some skills of your own to aid in managing your rental business more effectively.
Final Thoughts
Increase your investing opportunities by being familiar with all the terms and procedures used in this rental process. A thorough understanding of letting will give you a wider reach in the market. You can receive assistance from a trustworthy company like Oasis Living during the entire rental procedure. Take this opportunity to learn all the ins and outs of letting a property with reliable experts by your side. With their level of skill, you’ll undoubtedly advance to becoming an expert yourself.
