position of the landlord in respect to taking a property off the market
[reserved to a prospective tenant] is commonly protected by the taking
of a holding, or reservation deposit. Such a deposit indicates the
prospective tenant’s commitment to renting the property, as the undertaking of reference checks.
may include a credit check, previous landlord’s reference, employment
status and references and may take up to 7 days to complete. Please note
the admin fee will be charged to cover reference checks.
holding deposit of one week of the rental value of the property is
required in order to reserve the property and remove it from our
availability list. All of the holding deposit will be non refundable if the prospective tenant withdraws from the proposed letting, through
no fault of the landlord/agent or if the prospective tenant provides
fraudulent references. If the prospective tenant provides false or
inaccurate information and the landlord suspects or identifies fraud he
will record this and may also pass this information to fraud prevention
agencies and other organizations involved in crime and fraud prevention.
the landlord changes its mind before a tenancy is signed all it is
required to do is to refund the holding deposit to the prospective
The holding deposit shows good faith on the part of a
prospective tenant enabling the landlord to take further action in the
confident knowledge that the applicant is serious and fully committed to
the property. The landlord agrees to:
· Cancel any advertising for the letting · Tell other applicants that the tenancy has been taken subject to satisfactory references · Take up references · Prepare a letting agreement
prospective tenant is always advised about these conditions on payment
of the deposit; and therefore the prospective tenant is not entitled to
reclaim repayment of the deposit from the landlord/agent. Holding
deposits are not subject to statutory tenancy deposit protection.
IF THERE IS ANYTHING ABOUT WHICH YOU ARE UNSURE YOU SHOULD SEEK INDEPENDENTLEGAL ADVICE FROM A SOLICITOR OR CITIZENS ADVICE BUREAU.
Correspondence Address: 92 Star Street, London, W2 1QF Tel: +44 (0)20 7262 6565 E-Mail: Info@OlympiaEstates.com Company Reg. No: 04032320