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TENANCY DEPOSIT & HOLDING DEPOSIT
We ask for security deposits equating to 5 weeks rent on a tenancy. So for example if the rent is £700 per month, the deposit will be £807.69. However as per the Tenant Fee Ban Legislation 2019 we are allowed a holding deposit which equates to a week’s rent to hold the property for 15 days and commence referencing. This will go towards the final 5 week deposit. The deposit is registered with the Deposit Protection Service and is refundable at the end of the tenancy subject to contract, tenancy breaches and final inspection. Please also note that a month’s rent in advance will also be required before check in. All details on how to pay will be sent throughout the process and in good time.
The Tenancy Application
The referencing will be based on you satisfying the attached “Goodlord Referencing Criteria”. Please note if the referencing highlights that any of the information given below is incorrect you will lose the holding deposit and the property. We have sent you a separate email with some questions that need answering by each individual applicant.
The Holding Deposit (& next stages if accepted)
Thank you for applying to rent a property from one of our Landlords. Before your application can be fully considered, you will need to pay to us a holding deposit equivalent to one weeks’ rent for the property you are interested in. This document explains what happens to that holding deposit and the circumstances in which the deposit will / will not be refunded. It is important that you know your legal rights and accordingly you should feel free to seek independent legal advice before signing this or indeed any other document which we might put before you.
WE ARE NOT ASKING YOU FOR A DEPOSIT RIGHT NOW AND WILL ONLY IF YOUR APPLICATION IS ACCEPTED.
Once we have your holding deposit, current legislation stipulates that the necessary paperwork should be completed within 15 days or such longer period as might be agreed.
In the present case, it has been agreed that the relevant period will be extended to the number of days shown below, from when we receive your holding deposit.
If at any time during that extended period you decide not to proceed with the tenancy, then your holding deposit will be retained by our firm. By the same token, if during that period you unreasonably delay in responding to any reasonable request made by our firm, and if it turns out that you have provided us with false or misleading information as part of your tenancy application or if you fail any of the checks which the Landlord is required to undertake under the Immigration Act 2014, then again your holding deposit will not be returned. It will be retained by this firm and your Landlord.
However, if the Landlord decides not to offer you a tenancy for reasons unconnected with the above then your deposit will be refunded within 7 days. Should you be offered and you accept a tenancy with our Landlord, then your holding deposit will be credited to the first months’ rent due under that tenancy.
Where, for whatever reason, your holding deposit is neither refunded nor credited against any rental liability, you will be provided with written reasons for your holding deposit not being repaid within 7 days.
You will not be asked to pay any fees or charges in connection with your application for a tenancy. However, if your application is successful under our standard assured shorthold tenancy agreement, you will be required to pay certain fees for any breach of that tenancy agreement in line with the Tenant Fees Act 2019. In consideration of us processing your tenant application, you agree to pay those fees to us on request.
What ID documents do I need?
All prospective applicants will be asked to produce two forms of identification to include one form of photographic ID, such as a passport or a new style driving license and one proof of address such as a recent utility bill. If you are a non-UK resident you must provide a copy of your passport.
We use a 3rd party specialist referencing company called Goodlord who will verify your ID, credit history/score, employment reference & if renting currently a landlord reference If you require a guarantor they will be referenced in the same way minus the current residency checks.
What type of tenancy will I have to sign?
Under normal circumstances, you will sign an Assured Shorthold Tenancy (AST). In certain circumstances, it may be relevant for a different type of tenancy to be signed.
Can I keep pets at my rental property?
Pets are only allowed to be kept at the property with the express permission of the landlord and may affect the level of rent you will be asked to agree to.
Tenant Default Fees
Click here to see a full schedule of fees including details of the Tenant Fee Ban compliant Holding Deposit and Default Fees.
How do we ensure our tenants are protected?
We are a registered member of the Propertymark Client Money Protection Scheme. This is a client money protection scheme to ensure your money is handled in the correct manner.
Download a copy of our Propertymark Client Money Protection Certificate here.