'Let Agreed' ?

Weirdre

My son has been struggling to secure a rented flat and I'm wondering if it's because he views them, and then wants to think about it a bit.  It then seems within 24hrs, the flat is listed as 'let agreed'.  Does anyone know if that means the agent has received and processed an application, or if my son was a bit quicker and said after the viewing "yes, I will take it", would that be 'let agreed' then?  If he understands the 'rules' better, he may be able to secure the next good flat he sees.

Thank you in advance.

eddddy

It means that whilst your son was thinking about it, somebody else has made an offer and the landlord has accepted it.

In some areas, I know that prospective tenants will offer over the asking rent, or maybe say they'll sign a 2 year AST - to try to persuade the landlord to accept their offer. (I hear some landlords say they get 10 offers on the first day a flat is available for viewing.)

I've heard of people viewing a flat writing their offer email on their phone in advance, and the moment they see the flat, if they like it they hit 'send' - in order to get their offer in asap.

At the very least, your son should tell the agent he's interested and might make an offer - then maybe the agent will call him, before all the offers are put to the landlord.


But it may be different in areas with a 'cooler' rental market.

freesha

Rentals go like hot cakes round here. Each flat might have 15 people wanting it - in the time your son has dithered, someone has snapped it up.

Weirdre

eddddy said:

It means that whilst your son was thinking about it, somebody else has made an offer and the landlord has accepted it.

In some areas, I know that prospective tenants will offer over the asking rent, or maybe say they'll sign a 2 year AST - to try to persuade the landlord to accept their offer. (I hear some landlords say they get 10 offers on the first day a flat is available for viewing.)

I've heard of people viewing a flat writing their offer email on their phone in advance, and the moment they see the flat, if they like it they hit 'send' - in order to get their offer in asap.

At the very least, your son should tell the agent he's interested and might make an offer - then maybe the agent will call him, before all the offers are put to the landlord.


But it may be different in areas with a 'cooler' rental market.

That's exactly how it seems to be !  I'm shocked how quick they are going and feeling like he is being 'gazumped' constantly !  I do wonder tho that if you paid in advance but then didn't pass backgroud checks, would you lose the deposit/payments in advance?  Also, what is AST? ...sorry, the renting market is new to me.
Thank you for the great advice tho - I will pass that onto him and tell him to stop dithering ! :-) 

Weirdre

freesha said:

Rentals go like hot cakes round here. Each flat might have 15 people wanting it - in the time your son has dithered, someone has snapped it up.

Seems to be the case here too !  Will definitely have to have a word with him about his 'dithering' !! :-)  Thank you

cymruchris

If he wants to clinch the deal - he's going to have to act quickly. Faffing about 'thinking' will get him nowhere in the current market. If he likes it - go for it - if he doesn't keep on looking. Otherwise he'll be in this cyclical failure to achieve a property for quite some time. 

eddddy

Weirdre said:

Also, what is AST? 

Assured Shorthold Tenancy - it's the tenancy agreement or contract.

Most landlords like tenants who are going to stay for a long time (assuming they pay their rent and are they not a nuisance).

So a tenant who says 'I guarantee to stay for 2 years' might be preferable to one who says 'I only guarantee to stay for 1 year'.


A landlord has to pay an agent a 'finders fee' every time they find a new tenant - it might be one month's rent. So the longer tenants stay, the fewer 'finder's fees' the landlord has to pay.

 

Jaybee_16

 A year ago I was looking for my first rental. I viewed one flat and in the time I walked back to my car and thought about whether it was what I wanted, the flat had been let.
Second time I viewed, thought about it for a couple of hours and it had been let to someone else.
Third time I viewed and told the letting agent there and then that I would take it.

Flats don't hang around in this part of the world.

Murphybear

The rental market has been hot for years.  5 years ago we were looking for a rental.  We found one that was perfect and the agent said she would present all the offers to the landlord and let them make the decision.  We emailed them immediately and got a reply “it’s been let” so the LL never saw ours. 

The next one we saw was a house on a farm miles away from anywhere near Dartmoor.  The farmer and my husband bonded discussing his ancient Lexus SUV and he let us have the house, didn’t bother seeing anyone else.  It’s a funny old business house rentals.  

Weirdre

eddddy said:

Weirdre said:

Also, what is AST? 

Assured Shorthold Tenancy - it's the tenancy agreement or contract.

Thank you for that and the additional info - it's useful to know these things.  He's been living with me for a year while he gets some money behind him but I think we are both ready for him to move on now !  The problem is that he works nights so viewings a bit difficult.  I've viewed a couple for him and took videos, but that doesn't really help cos he then has to arrange to see it himself before agreeing if he wants it or now.  Just frustrating us both currently.

Weirdre

Jaybee_16 said:

 A year ago I was looking for my first rental. I viewed one flat and in the time I walked back to my car and thought about whether it was what I wanted, the flat had been let.
Second time I viewed, thought about it for a couple of hours and it had been let to someone else.
Third time I viewed and told the letting agent there and then that I would take it.

Flats don't hang around in this part of the world.

Thanks Jaybee - he sounds exactly like you were and needs to do the same as you.  However, it does seem a bit harsh to have to decide there and then, as all properites have their plus and minus and it's a big decision to make on the spot.  Thank you for your input :-)