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What is a holding deposit?

April 26, 2017deposit holding

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What is a holding deposit?

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A holding deposit is a sum of money, often equal to one month’s rent, given to the landlord to guarantee that the place will not be rented to anyone else before you move in.

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A holding deposit is a deposit against the administration costs that are incurred at the start of a tenancy and the reservation of the property by taking it of the market for a agreed amount of time. It is usually a nominal amount payable when you make a firm offer. If you subsequently decide to pull out then you will forgo the deposit. If the landlord pulls out it will be refunded to you. If the deal goes ahead then the deposit is offset against the Administration charges, the deposit and the advance rental.