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- Holding deposits are charged at a rate of one week’s rent.
Upon a successful application & with the consent of a tenant(s) the holding deposit will be put towards the balance of the tenancy deposit.
What is a holding deposit?
A landlord or agent can take a holding deposit from a tenant to reserve a property whilst reference checks and preparation for a tenancy agreement are undertaken. A holding deposit is an amount of money paid to a landlord or letting agent to reserve a rental property before the signing of a tenancy agreement. A holding deposit is normally non-refundable if you were to withdraw your application for the tenancy. If the tenancy proceeds, the amount of the holding deposit is deducted from the rent or tenancy deposit.
Where might a tenant lose all or part of the holding deposit (in accordance with the Tenant Fees Act 2019)?