DEPOSITS
HOLDING DEPOSIT – EQUIVALENT TO 1 WEEK’S RENT
To secure a property and remove it from the lettings market (subject to the Landlord’s agreement). Application forms must be submitted at the same time.
If the Landlord or his letting agent should withdraw the offer of a tenancy, the holding deposit will be refunded to the tenant in full except where the offer is withdrawn as a result of false or misleading information supplied by the tenant.
Once a lettings application has been accepted and processed, if it is withdrawn by the tenant, the fee is non-refundable
SECURITY DEPOSIT – EQUIVALENT TO 5 WEEKS’ RENT
Held to cover possible dilapidations, damages, missing items, outstanding rent, letting agency fees or other accounts and costs arising from any breach of the Tenancy Agreement.
Deposits may not be used to cover the last month’s rent.
Nb. By law letting agents are no longer permitted to accept higher deposits from people with pets. Where a landlord may consider pets, a higher rent could be charged and if so, this will be made clear to prospective tenants at the earliest available opportunity.
