We have have had an application for our property. In past experiences people who want our flats act quickly but this applicant seems to be taking a long time with everything. When he viewed he said he was going to place holding deposit as soon as he got home, 4 days later he actually did. I can understand that it can take some time to think things over but it has now been 5 going on 6 days and he has only got half way through referencing/credit check forms.
How long would you leave it before thinking its a waste of time or its just taking too long and what would your next steps be? I don’t want to cancel the application if I have to pay to readvertise and refund holding deposit but then again I don’t want to leave it too long and he just doesn’t complete to application
5 or 6 days since the viewing or a further 5 or 6 days after placing the holding deposit?
sometimes life gets in the way with stuff - people get ill emergencies happen people can have a busy week at work and a lot of social commitments. It can take time for people to organize info for referencing if they’ve not prepared it before - ask tenant when they expect to complete and if there’s a problem ? Tell them if it takes more than 10 ? 14?) days after the holding deposit without good reason you will have to assume they aren’t serious and will cancel. How long you give is up to you but personally if someone is taking more than 2 weeks to complete referencing forms then I would want a good reason for the delay - while not everyone does things by return/next day, more than a week seems slow and doesn’t give a good impression. However if they seem to be a perfect tenant (if you already have bank statements etc ) you might give them more leeway..
Remember you accepted holding deposit and took off market. If they withdraw you can keep holding deposit. But having given you the holding deposit they have no need to act urgently - unless you agree a timescale with them.
If you or tenant cancel the referencing you won t get the £ back for that but your listing will go back live assuming there is still time left on the period you paid for (check but OR live till let, paid extra sites - rightmove etc - is 3months)
Thank you for your reply. Sorry should have made that a bit clearer it has now been 6 days after the holding deposit was placed. Please don’t get me wrong I do understand life is busy and things can happen. I have messaged the tenant to make sure everything is ok and offer any assistence but have had no reply. As for agreeing a timeline tenant has specified he wants to move in ASAP.
As a comparison, out of around 20 applicants I’ve never had any take longer than about a week to provide completed form and paperwork. All have paid deposit immediately.
The legal deadline is 15 days to provide, only if they go over this can you keep deposit.
Another good reason not to take holding deposits. SOme applicants treat them as an excuse to take the foot off the gas and all the while, no one else can see your empty property.
Next time, tell applicants that if they really want the property that they’re in a race with everyone else who wants it and you’ll process applicants as and when they get their paperwork together and will take the first applicant that meets all your criteria.
Problem here is that you have included OR to deal with your affairs. If you deal with everything yourself, deposits, rent collection ect you have control. If it was me I would of given him a call after 2 days, complete within a day or I will go to the next people. Like someone said they feel they can take their foot of the gas and you are kept waiting until they probably mess you about and fail and you are weeks down the line, having to start over. TAKE CONTROL.
I was very lucky with my most recent listing.Tenant informed that has been chosen on Thursday pm, same evening holding deposit paid. On Monday 10 am all references ready, full rent and deposit paid. Was i the only one to have it done so quick?
We have had it done very quickly in the past which is what made me question it. He jas completed the references now and I can see why he took so long as it was very quickly rejected. But you win some you lose some.
I’d view this as a win - the referencing process doing its job and helping you decide to reject someone you otherwise would have taken on
(It’s like insurance- it’s a win when it’s not needed to be used as still provides the assurance it’s there if necessary, it’s not a ‘waste’ paying for insurance even when you don’t have to make a claim)
I’m more careful now, but in the past I had few good tenants with a bad credit score and even ccj’s. Maybe I was naive and lucky, wouldn’t do it these days. I always listen to the gut feeling when choosing tenants, it hardly ever let me down.