Holding deposit paid to who?

An agent has been advertising my property for a while now; there have been some viewings but nothing concrete yet.

There was an offer after the first viewing; but later the agent told me the tenant never paid the holding deposit hence it didn’t work out.

Now I want to change agent to use OpenRent so I am telling current agent to take the property off the market. Right after I told them, I was told there has been a new offer already but again no holding deposit yet; they forgot to update me on the offer and still waiting for the holding deposit. (Sounds untrue to me!!!)

My question is, as a landlord, how do I know whether a holding deposit has been paid? Is it paid to the agent’s account or mine?

Normally how soon should a holding deposit be expected to be paid once an offer is made?

If the holding deposit is paid to the agent directly, and the agent doesn’t tell me it has happened and subsequently the tenant failed the referencing checking, can’t the agent just keep the holding deposit and I would have no idea all this has happened?!

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@Mark10 Any idea Mark? Hope you dont mind tagging you directly.

I don’t really understand why someone made an offer but doesn’t pay the holding deposit.
The agent just told a family viewed last week and offered on Monday but still no holding deposit yet. It’s said still some issues to be negotiated before taking a deposit. Feels like the agent is not being truthful but hard to tell.

Personally I would pick up phone and clarify all points with agent direct, however, if at such an early stage they have failed to inform you of something then it’s another reason to get rid.

The agent will typically deal with all deposits. I expect they would keep the deposit in event of tenant lying on application, depends on contract. I think it should be split between agent and LL. Deposit can’t be kept just for failing referencing and credit check.

If a tenant is serious they will pay the holding deposit the same day or thereabouts. If they don’t they need forgetting about. Sounds like agent is stalling.

If you want to sack agent, check contract, give them a cut off point, and if you haven’t had satisfactory result by then give formal written notice. Gut instinct goes a long way.

It’s a very hot market right now. You should had have loads of enquiries if the price is right.

Is the property listed on RightMove? If is isn’t then there’s a big problem.

It was listed on Rightmove and Zooplar. Now I have asked them to take it off.
I must say it’s not cheap as the property is in very good condition and it’s only about 10 years old.

Just needs to be priced similar to comparables in area.

Just called and was told the tenant is unsure about the moving date…
They want to move in in middle July and now ask me whether that’s ok.
I said no, that’s too long to wait for; now they ask me what date do I want and they will try to match.
I don’t like this and also don’t like the agent not keeping me in the loop.

The viewing happened a week ago and initially they want the property unfurnished; I said no as there is too much hassle for me to move out all the furnitures. Now I want to change agent and suddenly all these information flows in. Definitely something is not right.

No it doesn’t sound very good and I don’t think you will ever be happy with this agent once they have been giving such a poor service. Unless your property is very overpriced compared to the local properties then they should have easily found you a tenant in the current market.

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I just terminated their service today.
It was a mistake to go to them in the first place.

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