How is the holding deposit returned to the tenant?

If the tenancy goes ahead, the holding deposit is returned to the tenant as a deduction from the first month’s rent. Tenants will be asked to pay their first month’s rent after they sign the tenancy agreement and pay their tenancy deposit.

If referencing has not been completed within 14 days, the holding deposit will automatically be refunded to the tenant’s bank account.

If the landlord withdraws from the process through no fault of the tenant, the holding deposit funds will be automatically returned to the tenant.

Learn more about holding deposits: What You Should Know About Your Holding Deposit