Holding Deposit: In consideration of the Landlord agreeing to process the application and stop advertising the property for the Prospective Tenant, the Relevant Person (tenant / lead tenant) will need to agree to pay a Holding Deposit of one weeks' rent.
This Holding Deposit relates to an agreement to set up a tenancy of the above property address from a future date. That agreement is subject to:
A. Satisfactory references/credit status being established.
B. The property still being available for the Landlord to let, for example not damaged by fire or flood etc
C. Any current occupants moving out before the anticipated commencement date.
D. All relevant occupiers passing Right to Rent checks under the Immigration Act 2014.
Costs:
Should the Prospective Tenant:
- Withdraw before entering into the tenancy agreement,
- Provide false information for referencing,
- Fail to act reasonably to enter into the tenancy before the deadline for agreement,
- Fail Right to Rent checks, they will be liable for the reasonable costs incurred by the Landlord and his Agent up to the value of the Holding Deposit.
The following costs will be deducted from the Holding Deposit. Any surplus of the Holding Deposit will be returned to the Relevant Person, without interest, as soon as possible. The costs that may be deducted from the Holding Deposit can include, but are not limited to, the following:
- Costs of any references or credit checks sought
- Costs of any administration undertaken to prepare for the tenancy
- Costs of re-advertising the property to let
- Costs of any guarantor agreements
- Costs, in lieu of rent, of keeping the property empty for the tenant
Withdrawal by the landlord:
Should the Landlord withdraw from the agreement, including the events listed in A to C above, the Relevant Person will be entitled to return of the entire Holding Deposit.
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