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Holding deposits (student rentals)

2 replies

cramped · 22/06/2023 15:07

My son is at a London uni and looking for a flat with friends. They put down a holding deposit of one week's rent on the first flat they viewed, and have been sent forms to fill in for identity checks etc. My son will be naming me as a guarantor, so I have asked to see the paperwork. It says they will lose the deposit if they don't proceed, but getbit back if the landlord doesn't proceed. In the meantime, they have seen another (better) flat they want to view, with the same agent. My questions are:

  1. For the first flat, is it possible/likely that the agent has actually taken holding deposits from multiple groups, and that the flat will go to the first group that completes the paperwork, or perhaps just the group that the landlord likes best?

2. If they go and see a second flat with the same agent, and put a holding deposit down on that too, will it automatically be seen as pulling out of the arrangement for the first flat?

I'm not sure if they should be committing to one flat at a time, or having multiple irons in the fire. If the latter, then its important that it is the landlord that cancels the arrangements rather than them, which depends on whether its usual for multiple holding deposits to be taken.

Any advice, thoughts and experiences welcome!
OP posts:
cramped · 22/06/2023 19:37

Bumping for the evening crowd

OP posts:
Spirallingdownwards · 22/06/2023 19:42

The holding deposit of one week's rent can be retained to cover the landlords expenses so if they have done credit checks and drawn up paperwork such as the tenancy and guarantor agreements you are unlikely to get it back.

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