At Property Genius, we believe in complete transparency, especially when it comes to financial commitments like the holding deposit. While the holding deposit is generally credited against your move-in money, there are specific conditions under which it may not be refunded.
Providing False or Misleading Information
If you provide false or misleading information that affects the landlord's decision to rent the property to you, the holding deposit will not be refunded. Typically this can happen if there's a discrepancy between what has been submitted on the initial application form, and what has been verified through referencing.
Failing Right to Rent Checks
All tenants are subject to Right to Rent checks as per UK law. Failing these checks will result in the forfeiture of your holding deposit.
Withdrawal from the Agreement
If you decide to withdraw from the proposed rental agreement after paying the holding deposit, it will not be refunded.
Failure to Take Reasonable Steps
If you fail to take all reasonable steps to enter into a rental agreement when the landlord has done so, your holding deposit will be retained.
Deadline for Agreement
If an agreement is not reached by the Deadline for Agreement (usually 15 days after the holding deposit has been received, unless otherwise agreed), and you are at fault, the holding deposit will not be refunded.
By understanding these conditions, Property Genius aims to ensure a fair and transparent rental process for both landlords and tenants.