How long can a Holding Fee hold a rental property for?

kipendo

Hello all,

I'm about to rent on my own for the first time - have so far lived in shared private houses / as a lodger...

I'm starting to look around at properties but just wondered what the maximum space of time might be between putting down a holding fee on somewhere, and having to pay the first month's rent / deposit & move in?

I'm looking to move in mid-late July, as this works around the current property I'm in, and gives me time to get the money together, but if for example, I see somewhere this week (available immediately) that would be suitable, and can put down a holding fee, is that like to be too far off to be acceptable?

Many thanks!

G_M

Once you sign a tenancy agreement both you and the landlord are commited. The LL might want a down payment (holding fee? advance rent? be clear what it is & whether refundable) as a gesture of good faith.

Rent and damage deposit payable when the tenancy starts.

kipendo

Thanks G_M...I'm happy to pay a down payment, sign tenancy agreements etc, but I just need time to get the rest of the money together...

So if I see a property I like this week, and put down a holding fee and start arrangments, am I going to be able to pay the rest of the money, ie. first month's rent, deposit etc mid-July or are they likely to insist on all of that happening sooner?

KateLiana27

Very much depends on the individual landlord, letting agent and circumstances. I held a property for 6 weeks with no fee, but I was in an ideal position and the landlord wanted someone like me (single professional non-smoker etc) after a nightmare previous tenant. Other properties may have a tenant who isn't planning to move out until mid-July anyway, so your circumstances won't be a problem. Usually a hold of 2-3 weeks is acceptable and the only thing you would pay during this time would be the referencing fee (about £200 or so) if going through a letting agency.

Start calling around and explain your circumstances upfront before you go to view a property - it shouldn't be a problem for most, but it's better that you check beforehand to avoid wasting time. Oh, and remember to sell yourself as a lovely reliable tenant (if you are!)

kipendo

Thanks - that's really helpful. Although my credit rating isn't the best, I've got no CCJS etc, and I'm a single professional with good references...so hopefully it will work in my favour!

G_M

kipendo wrote: »

...
So if I see a property I like this week, and put down a holding fee and start arrangments, am I going to be able to pay the rest of the money, ie. first month's rent, deposit etc mid-July or are they likely to insist on all of that happening sooner?

I said:

Once you sign a tenancy agreement both you and the landlord are commited.

Whether a landlord is willing to sign a tenancy agreement with a start date that far ahead is another question.

If you are a very attractive tenant (oops) a LL might wait.
If it means the property will be empty ie no rent for weeks, LL might not be willing to wait.
If there is still a tenant in place, LL might be willing to sign so he has a tenant ready when current one moves out.
But if he knows his business he won't, in case current tenant fails to move out as expected leaving him in breach of contract to you.

kipendo

Thanks, so it's worth me starting to look around now but I should be prepared for the LL to not be willing to hold out...?

I'm looking at properties through letting agencies, rather than privately (there don't seem to be many around where I'm looking), so I can usually find out easily whether the property is vacant / waiting for tenants to move out.

I work long hours during the week so only really have Saturday mornings free to view properties; I'm trying to balance out everything so that timings / finances all work out right!

hellokitty08

we keep an empty property for you for 4 weeks. If its got a tenant in and you can move in quickly or if its empty and you can move quickly try negotiating the rent.