What is a holding deposit?

Our holding deposit service is included in the Basic, Essential and Complete plans. A holding deposit is paid by the tenant when they apply to rent a property. This financial commitment shows their interest is serious and 'reserves' the property.

A holding deposit can be no more than one week's rent. Through the lettingaproperty.com platform, tenants pay their holding deposit once they have completed their application form and before referencing begins. The deposit is paid directly through the platform.

If the tenant withdraws from the process after submitting their reference forms, the holding deposit may be retained to cover referencing costs. This may also be the case if the tenant knowingly provides inaccurate information and consequently fails reference checks.  If the landlord chooses not to proceed through no fault of the tenant, the tenant will receive their holding deposit back.

A holding deposit is one of the few payments still permitted under the Tenant Fee Ban.