Security Deposit versus Holding Deposit

Landlord Discussion
1

Hi all, I’m after some clarification - hopefully someone out there can help!!

I am looking to rent a property via OpenRent and have found a suitable Tenant. I have created the terms of the agreement and set up the contract etc. My tenant is ready to proceed and my ad states a monthly rental of £675 p/m and a deposit of £675.

However, the website is only wanting to encourage her to pay a deposit of £155 based on the 1 week government guideline that was introduced last year. If this is the case, is it still possible to obtain £675 as a security deposit (not holding deposit) to cover me in the event of me having to address lots of repair work when she moves out?

Thanks, Steve

2

Hi Steve, assuming your property is England?

Yes, you can take a tenancy (aka security) deposit of up to 5 weeks’ rent. The holding deposit is limited to one week’s rent.

Sam

3

Hi, yes, the property is in England. Thanks for confirming. So where/how do I secure the Tenancy deposit via OpenRent?
Steve

4

Hi, thanks for that and yes, the property is in England. So where/how do I secure the Tenancy deposit,
Steve