OpenRent Community

Holding Deposit query

If I pay the holding deposit and on viewing find out the property isn’t suitable for me, will I have the deposit returned?

You should get it back. Given that the purpose of the holding deposit is to give you exclusivity for a period, it seems madness to me that this is taken before you have even viewed the property.

2 Likes

Hi @A1111, in general it is best to view the property before placing a holding deposit.

During lockdown, of course, this may not always be possible.

In general, however, no; if you place a holding deposit, then you are committing to rent the property and if you change your mind without the landlord changing any of the proposed terms of the let, then you risk losing the holding deposit as forfeit.

Sam

How can you cancel the tenancy after paying holding deposit please?

Are you the landlord or the tenant Eda1?

Hi all,

I have a query on this relating to a double listed property. I have paid my holding deposit, and all the checks have gone through… but I now have cold feet as I can see that the landlord has set up a new advertisement for the same place! I thought that the whole point of placing the holding deposit was so that I have exclusive rights to sign the flat!

In this instance, although I have placed a holding deposit, I feel as though the landlord is not playing by the rules, and this irritates me as I now have a bad feeling about dealing with someone who is like this. I don’t really know where to turn to on this though. The thing that really gets to me is that I have been quite quick in acting on everything, but less than 48 hours from seeing the place to signing it, the new ad has appeared and it is definitely not an adjacent flat!

Does anyone have any advice on this matter? Effectively, I could proceed with this deal, but I am thinking that the landlord would have no hesitation in breaking free, if he prefers a different potential tenant! I really don’t want to deal with someone like this who is going behind my back. Even if I lose my holding deposit, I don’t really want to proceed. However, under this situation, I think it’s quite unfair considering I thought the holding deposit was meant to allow you the time to sign the property. The landlord has clearly accepted the holding deposit, keeping his options, and I feel powerless.

Has anyone had an experience like this before?

Sam

Have you asked him why he is re-advertising?

No, I have not asked but I have asked about other details and he has read but ignored my messages.
I’m a little bit nervous about this.
I have not received any communication from him since it has got to contract signing stage.
I feel uncomfortable about this situation.
I don’t think there is anything I can do?