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Quick guide to securing a property
 
Posted 30 / 09 / 14
 
 
 

A financial commitment will be required by the landlord before a property can be reserved for you, which takes two forms:

 
Holding deposit
 

A holding deposit is paid by a prospective tenant to remove the property from the market while the references are taken up. A holding deposit is generally non-refundable, so you will lose it if you change your mind, or if your references fall short. However, it will be refunded if the landlord changes their mind about renting the property.

 

If the landlord changes their mind before a Tenancy Agreement is signed, all they are required to do is refund the holding deposit as compensation, leaving you with nowhere to live. This situation can arise where some of the group are on holiday over the summer, or live a long distance away, and the signing of the Tenancy Agreement is left until the day they all meet up to move in. This is why it is crucial to get the Tenancy Agreement signed as quickly as possible, even if it is sent through the post.

 
Retainer
 

The most common form of retainer is a non-refundable sum of money (generally 50% of a calendar month's rent); paid by the prospective tenant to the landlord to hold a property for them over the summer months.

 
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