What is “Let agreed” and what does it mean

Lettings agent responsibilities to landlords

Once a property is let agreed, the lettings agent takes charge of several responsibilities.

Communication

Your letting agent plays a crucial role in facilitating communication between all parties to finalize rental terms, including payment frequency (such as weekly or monthly) and any specific conditions of the tenancy agreement.

References

Letting agents play a crucial role in vetting tenants and guarantors by obtaining references to assess their suitability. These references typically include employment, previous landlord, and financial checks to ensure tenants can meet rental obligations.

Tenancy agreement

The letting agent is also responsible for ensuring that all parties involved thoroughly understand and agree to the terms outlined in the tenancy agreement. They facilitate the signing process, addressing any questions or concerns raised by the landlord or tenants.

Payments

Letting agents are also responsible for collecting any initial payments, such as the deposit and first month's rent. They ensure that all deposits are registered with a deposit protection scheme.

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Landlord responsibilities

While the lettings agency handles the above tasks, you, as the landlord, have your own responsibilities to fulfil.

Inventory report

You need to arrange a comprehensive inventory report detailing every aspect of the property, including its contents and their condition. This report serves as a crucial document, as it provides a thorough record of the property's condition at the beginning of the tenancy. It includes details such as the condition of walls, floors, furniture, appliances, and any other fixtures or fittings within the property.

Having this detailed inventory is essential for accurately assessing any damages or discrepancies at the end of the tenancy, which may affect the return of the tenant's deposit. Therefore, ensuring the accuracy and completeness of this inventory report is vital to protect both you and your tenant's interests throughout the tenancy period.

Regulatory compliance

As the landlord, it’s your responsibility to ensure the property meets stringent safety standards. You need to confirm that all furnishings comply with fire regulations, organise gas safety checks by certified engineers, and obtain electrical safety approvals.

These measures are crucial to safeguarding the well-being of your tenants and complying with legal requirements, helping to create a secure living environment within your rental property.

Utility accounts

You must also ensure tenants set up utility accounts in their names and transfer relevant services. This entails guiding them through the necessary steps to establish accounts for electricity, gas, water, and other essential services, ensuring a seamless transition of responsibilities from landlord to tenant.

Clear communication and assistance during this process can help prevent disruptions in service and ensure that tenants are equipped to manage their utility needs effectively throughout their tenancy.

Tenant responsibilities

Prospective tenants also have obligations once a property is let agreed.

Credit check and references

Tenants are required to undergo thorough credit checks to assess their financial reliability and provide references from previous landlords or employers.

Documentation

Tenants need to sign essential documents outlining preferred payment methods for rent and providing updated contact information.

Deposit

Tenants need to be ready to make the deposit payment, covering any required fees or expenses associated with securing the property.

Alternatively, you may explore deposit-free options, such as flatfair membership, which can offer financial flexibility and convenience for both landlords and tenants.

Inventory check

Tenants should review the inventory report to ensure accuracy. Taking the time to thoroughly inspect each item listed, comparing it against the actual condition of the property.

Moving day

Once all formalities are completed, a mutually convenient moving day is agreed upon. The lettings agency, if involved, releases keys to the tenants, and if applicable, provides contact details for property management services.

Congratulations on successfully letting your property!

Looking to let your property?

Understanding ‘let agreed’ is essential whether you're a landlord, tenant, or prospective renter.

If you're considering letting your property, Darlows is here to assist you every step of the way. Contact our dedicated lettings team for expert guidance.

Have questions? Get in touch with us today!