If you’ve browsed Rightmove or Zoopla, you’ll have seen properties marked “let agreed”. But what does let agreed actually mean, is it legally binding, and does it apply to holiday lets?

In this guide, we explain the term in plain English, from the holding deposit to signing the tenancy. We also look at why holiday lets work differently.

Let agreed means a landlord has accepted a tenant’s offer on a rental property. However, the tenancy agreement hasn’t been signed yet.

In other words, the property is reserved while the final checks take place. Most agents stop arranging viewings at this stage, although the deal can still fall through.

Once everything is complete and both sides have signed, the status changes from let agreed to let.

No. Let agreed is not a contract. Until both the landlord and the tenant sign a tenancy agreement, either side can still walk away.

For example, a landlord could change their mind, or a tenant could find somewhere else. That’s why it pays to move quickly through the next steps once an offer is accepted.

At the let agreed stage, the agent or landlord usually asks for a holding deposit. This reserves the property while the agent carries out checks.

In England, the Tenant Fees Act 2019 sets clear rules:

• The holding deposit can’t be more than one week’s rent.
• The landlord can only take one holding deposit per property at a time.
• Usually, both sides have until the 15th day to agree the tenancy, unless they agree a different deadline in writing.
• If the tenancy goes ahead, the landlord refunds the deposit or puts it towards the first rent or the tenancy deposit.

The landlord can only keep the holding deposit in certain cases. For example, if the tenant gives false information, fails a Right to Rent check or pulls out.

Next, the agent carries out referencing. This usually includes credit checks, proof of income, previous landlord references and a Right to Rent check.

Then, once the checks are complete, the landlord sends the tenancy agreement for both sides to sign. Since 1 May 2026, the Renters’ Rights Act also limits rent in advance to one month, which landlords can only ask for after signing. It also bans bidding wars above the advertised rent.

On average, the let agreed stage lasts one to two weeks, although it can take longer.

Sadly, not every let agreed property becomes a signed tenancy. Common reasons include:

• Failed referencing or affordability checks
• The tenant changing their mind
• The landlord deciding not to go ahead
• Delays with the current tenant moving out

If that happens, the property simply goes back on the market.

Not really. Let agreed is a term from long-term lettings, where tenants sign a tenancy agreement.

Holiday lets work differently. Guests don’t have a tenancy. Instead, they book a stay under the owner’s booking terms and conditions. As a result, the tenancy rules above don’t normally apply to genuine holiday lets.

For holiday let owners, the equivalent of let agreed is a confirmed booking. Usually, that means the guest has paid a deposit or the full balance, and the dates are blocked on every booking channel.

If you’re deciding whether to let your property long term or as a holiday let, think about income, flexibility and effort.

• Long-term lets give steady monthly rent, but less flexibility and stricter tenancy rules.
• Holiday lets can earn more per night and let you use the property yourself. However, they need marketing, cleaning and guest management.

That’s where a management company helps. At Ridgestone, we handle bookings, guests, cleaning and maintenance for owners across the Lake District. Find out how we can manage your holiday let, or read our guide to holiday letting management.