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If you’re looking for a property to rent, the chances are that during your search you will have noticed a number of different signs pitched out at the front of a property.
These posts generally either read ‘to let’, ‘let agreed’ or ‘let’. But what purpose do these signposts serve – and what exactly do they mean?
The purpose of a signpost outside a property for let has two major functions.
If you see a signpost emblazoned with the words ‘to let’, this means that a property is on the market; it is available to be rented and the landlord is actively listening to offers.
If you’re interested in the property, now is the time to make it known to the estate agent. As we have mentioned above, all the contact details you require should be included on the signpost.
‘Let agreed’ means that an offer has been accepted by the landlord of a property. A deal has been agreed in principle and, for all intents and purposes, the property is no longer on the market. In all probability, you should start looking elsewhere for a place to rent.
However, before the deal to let the property is signed off, the estate agent must first carry out appropriate checks on the applicant, including credit and personal references.
So, you may still wish to get in touch to register your interest – just in case the deal falls through at this late stage.
If a signpost reads ‘let’, this means that a deal has been agreed and successfully negotiated. All parties are happy and, if they’re not already occupying the property, the new tenants will be moving in soon. The property is officially no longer on the market.
From additional mortgage security fees and personal equity plans, to transfer deeds and local authority searches; in the world of estate agents, there is a whole vernacular of vocabulary that can seem hard to get your head around.
With that in mind, we thought it might be an idea to clear up any confusion that exists between the terms ‘let’ and ‘rent’. The words are more often than not used interchangeably but there is a subtle difference between the two – fortunately it’s pretty straightforward.
Let – a landlord lets a property to a tenant.
Rent – on the other hand, a tenant rents a property from a landlord.
As you can see, the two terms basically mean the same thing – it just depends which side of the fence you’re on.
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