Hi All, I want to continue the rent now process but can’t seem to by pass the holding deposit stage. The Tenant has agreed to pay the holding deposit to my account.
I am not sure if you can get by without a Holding Deposit when using Rent Now. Rent Now guarantees the tenancy set up is compliant. Just thinking logically, if you as the landlord were to handle the deposit outside of Rent Now, Openrent wouldn’t be able to guarantee that the tenancy is compliant. You could possibly take more than one weeks rent or even take more than one deposit etc etc. I’m sure others who know more will be able to advise.
Best
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You’ve paid openrent for ‘Rentnow’ to deal with holding deposit, tenancy creation and 1st months rent and security deposit. Their process doesnt allow you to pick and choose.
Suppose not paid holding deposit to OR - you could illegally keep marketing the property or even collect multiple deposit illegally - instead they receive and remove listing from viewing
Suppose they dont get 1st month rent - then rogue LL or scam LL can get £ and never handover keys - instead tenant is protected (£ not transfered till 10days after move in)
Suppose tenancy not created by OR. They have no basis to collect rent (either 1st month or any regular rent collection later)
Suppose tenant pays security deposit to you not OR - again not as safe for tenant as OR dealing with the funds
Good luck
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