Holding Deposit - how it works

Have “clicked” on the request for a holding deposit.
When the prospective tenant pays this:

  1. How will I be informed that they have paid it
  2. Where does the money go
  3. What happens if they fail the reference checks
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Dead simple have the holding deposit sent directly to you why complicate matters with a third party involvement, then simply return it on default.

Hi @Charles4

As soon as a tenant pays a holding deposit we will protect it in our client funds account and we’ll let the landlord know by SMS and email so that they can decide whether or not to accept the offer as soon as possible.

Once paid, the holding deposit must be treated in line with the Tenant Fees Act 2019. We’ve got a guide to your options if a tenant fails referencing in our help centre.

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I would like answers as well to Charles4 questions which don’t see to have all been answered.
How much is the holding deposit?
Where does the money go?
When does it get to my account?

A holding deposit is a weeks rent
It stays with OpenRent and is then deducted from the 1st months rent if the tenancy application is successful

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Can I move in without deposit rent money

Do you mean deposit or rent? If deposit, do you mea securith deposit or holding deposit?

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