Security Deposit versus Holding Deposit

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

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.


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

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