These are our holding deposit terms. All tenants will read and agree to these terms when paying a holding deposit via LettingaProperty.com. These terms do not apply to properties in Scotland.
Under our letting plan services, a holding deposit equivalent to one week's rent is secured after application and before reference checks begin. Please read the holding deposit terms below and note any deductions in lieu of settlement of our costs should the applicant not proceed.
A holding deposit is payable when a tenant applies to rent a property with lettingaproperty.com. When the holding deposit is received, landlord and tenant enter an agreement to reserve the property for the tenant, subject to satisfactory referencing results, Right to Rent and other applicable pre-tenancy requirements.
The property will be marked as Let Agreed and taken off the market whilst the applicant undergoes reference checks and the tenancy terms and guarantor agreement (if applicable) are negotiated.
The property will be placed back on the market if the applicant:
- Withdraws their application at any time
- Decides not to enter into a tenancy
- Fails reference checks
- Does not have the Right to Rent
- Has provided inaccurate or misleading information
- Seeks to impose tenancy conditions deemed unacceptable by the landlord or lettingaproperty.com
In the above circumstance, the holding deposit will be retained by lettingaproperty.com to cover any resulting losses. These deductions may include, but are not limited to:
- Reference checks (£49 per person inc VAT)
- Guarantor checks (£49 per person inc VAT)
- Tenancy agreement and guarantor agreement drafting (£149 inc VAT)
- Readvertising the property to let (£149 inc VAT)
Any remaining deposit amount will be paid to the landlord as compensation for the loss of opportunity to rent to another tenant whilst the property was off the market.
If the landlord decides not to proceed with the applicant for any other reason than those set above, the full holding deposit will be returned to the applicant.
If the applicant proceeds with the tenancy and enters into a tenancy agreement for the property, the holding deposit will be deducted from the first rent payment, minus any applicable fees.