When Will My Deposit Be Returned?

Understanding when and how your holding deposit will be returned is a common concern for tenants. At Property Genius, we aim to make this process as transparent as possible.

Crediting the Holding Deposit

The holding deposit you pay is credited against your move-in money, which includes your first rental payment and the tenancy deposit. This means that the holding deposit is not an additional cost but part of your initial financial commitment towards the property.

Conditions for Refund

If the landlord decides not to proceed with the tenancy, or if an agreement is not reached before the Deadline for Agreement with satisfactory referencing in place, your holding deposit will be refunded in full. The Deadline for Agreement is typically 15 days after the holding deposit has been received, unless otherwise agreed in writing.

How is the Deposit Returned?

The holding deposit is usually refunded by making an equivalent deduction from the move-in monies required from you before check-in. This ensures a smooth transition and less financial strain on the tenant. If the tenancy is not proceeding, once you have provided your bank details, and the funds have cleared by the card company, this will be returned to you in within 48 hours.

Transparency and Fairness

We understand the financial commitment involved in renting a property, and we strive to be as transparent and fair as possible regarding the return of holding deposits.

By clearly outlining the conditions and timelines for the return of the holding deposit, Property Genius aims to provide peace of mind for both landlords and tenants.