What is the holding deposit for?
When a prospective tenant pays a holding deposit and a landlord accepts it to secure a house, a mini-legally binding agreement is formed. The landlord must hold the house for you until you sign the agreement subject to the terms of the holding deposit. In other words upon accepting your holding deposit Leydon Lettings agree to be legally bound to let the house to your group and no other. You have bought our promise to keep the house for you. Leydon lettings will not later accept a better offer from other tenants after accepting your holding deposit. If you change your mind after confirming you wish to reserve a house then you break this mini agreement, and you may have prevented others from securing the house instead. You will also cause the landlord additional administrative time and costs to find suitable replacements possibly after the main season for letting has passed. If you break your part of the agreement you could lose your holding deposit – so you must not take this decision
