Hi so I’m looking to rent a house I went to view yesterday I notice you pay the first weeks rent while checks are been made, say for instance the checks fail and the landlord decides not to go ahead with the tenancy, do I get my money back? If so how long does it take for me to recieve my money? I’m very confused thanks.
Some confusion here!
The tenant pays a holding deposit which is held by us, not the landlord, until the referencing checks are complete. The holding deposit amount is equivalent to the value of one week’s rent.
The terms according to which it is treated can be found in the OpenRent terms. If the landlord accepts your application, the holding deposit money is put towards the move-in monies. If the landlord rejects your application, the money is returned to you in full.
Here is a detailed guide to how holding deposits work.
Here is how to calculate one week’s rent.