When is a HOLDING deposit not a holding deposit?
Well, in the UK, it's not!
Holding deposits are the upfront payments that are demanded when a renter selects a home. Most landlords/agents won’t process the tenant’s application until “holding deposit” is paid. And some rental agents won’t even put forward your offer to the landlord until you pay over the holding deposit which, according to the new law, can’t be more than the equivalent of one week’s rent.
But the UK government forgot to put anything in place to ensure that the landlord or rental agent will actually HOLD (i.e. reserve) the home for the renter during the application process. The landlord is therefore still free to continue marketing the home and if a better offer is received the renter will lose that home in spite of the fact that they paid over a so-called holding deposit.
I don’t know what you think but, to my mind, that’s an extremely unfair and unreasonable state of affairs. We do our utmost to ensure that our corporate clients’ renters are protected against bad landlords and bad rental agents.
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I must say that without a doubt, Saunders 1865 are the most thorough, organized, and responsive professional we have worked with in all of our UK dealings. Thank you for your hard work and commitment to excellence. You have made our last and our current relocations seamless – we truly couldn’t have gotten this far without saunders 1865!
Esi Minta-Jacobs, Dallas
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