A holding deposit of £200.00 to £500.00 (not subject to VAT) will be required at the same time as the administration fee (below).
This is in order to reserve the property and remove it from our availability list. The holding deposit will be deducted from the first month’s rent due, should the tenant withdraw from the proposed letting, through no fault of the landlord or the agent, all or a proportion of the ‘Holding Deposit’ will be retained in order to cover any reasonable costs (which will be outlined in full). None of the Holding Deposit will be retained should the Tenant’s withdrawal be due to a breach of the proposed letting agreement by the landlord or managing agent.
The holding deposit shows good faith on the part of a prospective tenant enabling the landlord to take further action in the confident knowledge that the applicant is serious and fully committed to the property:
For example:
- Cancel any advertising for the letting
- Tell other applicants that the tenancy has been taken subject to satisfactory references
- Prepare a letting agreement
- Take up references
- Carry out credit checks (some landlords make a charge for this – administration fee)
The Holding Deposit shall not be refunded in the following circumstances:
- If the tenants fails to provide a Suitable Guarantor
- If the tenant changes his/her mind and not wish to take the property for whatever reason.
- If the tenant is not able to provide the necessary documents
- If the tenants delays to provide the documents within 2 days.
- If the tenants give false information or hides his or her current status of employment, Housing Allowances, I.D, Income, Bank Details, CCJ, Evictions, or fake details of previous landlord.
When applying…
Be prepared to pay a holding deposit.
Be prepared for the paperwork and have the required documents ready.
Be prepared to be referenced and inform your employer and most recent landlord that they will be contacted.
Make sure you clearly state any requirements as a part of your application.