Initial Holding Deposit Form
Once you have found a good candidate for a tenancy, you are then faced with the task of signing up the tenant. Taking an initial holding deposit is an excellent way of ensuring early commitment from a prospective tenant.
The RLA Initial Holding Deposit Form offers the following benefits:
- Happy Prospective Tenant - Use the RLA's Initial Holding Deposit Form and your prospective tenant will feel a lot happier handing over such a deposit - as all terms are clearly laid out.
- Secure The Best Tenants - By showing that you are a professional and trustworthy landlord, you will secure the best tenants.
Please note - ensure you explain to your prospective tenant the conditions for the initial holding deposit and also give them a copy of the RLA Tenancy Agreement.
From June 1st 2019, landlords and agents in England are prohibited from taking a holding deposit of more than 1 week rent in total. You are also prohibited from taking more than one holding deposit for a property at the same time. In addition, the holding deposit may only be retained in certain circumstances. This restriction will be extended to Wales in September 2019.
The RLA has updated its holding deposit form to be compliant with this new restriction and you should update your existing document as well as any tenancy agreements.
Please read the document thoroughly to understand when you may be able to retain your holding deposit.
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