Holding Deposit
Independent, Local, Exceptional
What is a holding deposit? Do I get it back?
Holding Deposits - usually one week's rent - can be required when you make an offer on a property. If, for any reason, you decide not to go ahead by an agreed date, the holding deposit or part of it will be retained against administrative costs already incurred. Otherwise, it will be off-set against the first rent and full deposit payments. If the landlord decides not to proceed then the holding deposit will be returned. The payment of a holding deposit in no way legally obliges either party to enter into the tenancy.
What money do I need to find at the beginning?
One month's rent in advance and a five weeks deposit, that is to be held as a deposit against damage (and the administrative charges noted above), six weeks if rent is above £50,000.00 per year.
Kerr and Co use TDS for Deposit Protection
One month's rent in advance and a five weeks deposit, that is to be held as a deposit against damage (and the administrative charges noted above), six weeks if rent is above £50,000.00 per year.
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