Hi, I’ve used Rent to advertise and I want to do a contract but I can’t see how I can do it without them paying a holding deposit. I don’t want open Rent to take the money. I want that to come directly to me but I want to use their contracts anyone know how please?
Hi @Aysen,
Placing a holding deposit on the website is a requirement of using Rent Now, it’s not possible to skip this stage.
A holding deposit offers security for both parties while any reference checks are done and the contracts are signed. By paying a holding deposit the tenant(s) get reassurance that the property is no longer being advertised. Similarly the holding deposit can be claimed by you, as the landlord, as a way of covering any costs in the event that the tenant(s) withdraw their offer.
Once the contracts are signed the holding deposit becomes the first week’s rent. This means that the tenant(s) only need to pay the deposit and the remainder of the first month’s rent to settle their final balance. Therefore, placing a holding deposit does not cost the tenant(s) any more over all.
However, if you’d still prefer not to have your tenant(s) place a holding deposit then you are welcome to arrange the tenancy privately with them.
Not entirely accurate. Holding deposits are illegal in Scotland. There is an option for me (scottish Landlord) to select it as well. Maybe it should be greyed out for properties in locations where it does not apply. (perhaps harder to code that i guess).