Holding Deposit help

Landlord Discussion
1

Hi, Please can someone advise on my holding deposit query as I’m struggling to find the answers anywhere!

My prospective tenant paid the holding deposit, I then paid for the references. All was going to plan, but just received a message that she no longer wishes to proceed!

I wish to be reimbursed for the price of the references at least. I also may need to pay to readvertise as the timescale for the original advert is nearly up so would like to know if I am able to use the holding deposit to pay to relist the property after its been paused.

Please can someone explain how I do so.
Thanks in advance

2

my understanding is you can keep the holding deposit if the tenant withdraws or gives false info.
Speak with openrent on the process, they are normally pretty responsive via email.

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3

Thankyou…i have messaged openrent so hopefully they will respond soon

4

Please can you let us know the outcome. Thanks.

5

Yes i will let you know

6

Openrent advised that tenant should cancel their application through their account. The holding deposit is then transfered to the landlord

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7

My withdrawing tenant says they can not see how to cancel on openerent site. Any ideas how they do this?

Thanks

David

8

Hi David,

The lead tenant will need to confirm the withdrawal through their Account, by clicking the “see cancel options” at the bottom of their screen.

If they have any issues then they can click the blue “need help” button at the bottom of their screen.

Note that because the lead tenant paid the holding deposit only they can initiate a withdrawal.

9

If you allow some other to take any money you will not have control. You keep the deposit. Next time take the deposit yourself then you dont have to go begging to anyone

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10

It depends whether you provided the prospective Tenant with the appropriate documentation and you followed the correct procedure before you received the holding deposit. If you have complied with all the procedures and acted within the correct deadlines, if the property has been off the market for 14 days + 1 day , you are entitled to keep the holding deposit , as they you are not the one who withdrew. You MUST send a 7 day notice to the Tenancy Applicant, referring them to the document you shared with them earlier and inform them that you have incurred cost and in the time that the property has been withdrawn you potentially could have secured another Tenant. The notice should warn them of your intention to retain the holding deposit if they do not complete and sign the AST as originally agreed and within the correct Timescale of 14 days.

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