Holding Deposit
A holding deposit is a small deposit which is paid on application to secure a property. It is to allow the landlord or agent to check the suitability of the tenant(s). The holding deposit you are asked to pay is the equivalent of one week’s rent. On receiving your holding deposit, you will be given the right of first refusal on the property that you have applied to rent.
Deadline for Agreement
Should your application be successful, you will be expected to enter into an agreement called an occupation contract within fifteen days from the date on which the holding deposit has been received. This is known as the deadline for agreement. Should an occupation contract not be entered into within fifteen days from application, you will lose your right to first refusal, the property will be introduced to others and your holding deposit may be retained.
False or Misleading Information
When applying to rent a property, if false or misleading information has been given, we may retain the holding deposit.
Failure to Enter into a Tenancy Agreement
If after applying to rent a property, a tenant should choose not to enter into an occupation contract or fail to take reasonable steps to enter into an occupation contract, we may retain the holding deposit.
Entering into an Occupation Contract
On signing an occupation contract, the holding deposit paid will be put towards the first payment of rent or the security deposit.
Security Deposit
Deposits may vary depending on credit history and personal circumstances.
- A standard security deposit equal to one month’s rent will be required on taking occupation of an unfurnished
- A standard deposit equal to 1½ month rent will be required on taking occupation of a furnished dwelling
- An additional deposit equal to ½ months rent may be required where the contract holder has been given written authorisation to keep a pet at the property.
Payment of Security Deposit
You will be asked to pay your security deposit to Northwood (Wrexham) Limited by debit card or by bank payment.
Payment of Rent
Your rent should be paid by standing order from your bank account. No charge is made for this service. You will be advised into which bank account your rent should be paid, which may be different from the one used to pay your security deposit.
Payments in Default
A payment in default is a payment that you may be asked to pay arising from a breach of your contract whether late payment of rent or some other breach. These are the occasions where it would be unfair for the landlord or agent to be responsible for meeting the cost(s) as a result of the actions of the contract holder.
