What Is a Holding Deposit?
A holding deposit is a payment made to reserve a rental property while your application is being processed. By paying a holding deposit, you confirm your intention to rent the property, and we will take it off the market while we carry out referencing checks with Let Alliance.
How Much Is a Holding Deposit?
Under the Tenant Fees Act 2019, a holding deposit cannot exceed the equivalent of one week’s rent.
Once paid, we will complete reference and affordability checks with Let Alliance. If your application is successful, the holding deposit will be applied to your first month’s rent or refunded to you.
When Might a Holding Deposit Be Retained?
In some cases, the holding deposit may be retained if:
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You decide not to go ahead with the tenancy.
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You fail the right-to-rent checks.
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You provide false or misleading information.
If XV Sales and Lettings decides not to proceed with the tenancy for reasons unrelated to your application, your holding deposit will be refunded in full within 7 days.
For any questions about holding deposits, please contact your local XV Sales and Lettings branch.