Getting a holding deposit back

edinpar

Hi, I've got a question about getting a holding deposit back.

Me and some friends recently put a holding deposit down on a flat. We were told that the flat would be held for us for a week so we could get our applications in, but now one of the guys has pulled out. We're now a bit unsure as to whether or not we can just ask the letting agency for a deposit back, or whether we have to make sure our applications fail, e.g. not handing our forms in, telling character references to make us out to be degenerates etc.

Has anyone had similar experience?

BitterAndTwisted

What were the conditions attached to paying this holding-deposit?

Normally, should the landlord decline to offer you a tenancy, the holding-deposit would be returned. If you withdraw your application, it would not. Failing to hand your forms in would be you withdrawing, and you would forfeit the money.

If you don't get your holding-deposit back I would be looking to the one who has dropped out to repay it to you.

G_M

A holding deposit is intended to giveyou the security of knowing the landlord will not let the property to someone else. In other words to ... err... 'hold the property for you.

In the meantime, the LL has stopped advertising it, may have refused other interested tenants, may have had other potential tenants who would have applied, not apply.

So he has effectively lost the chance to let elsewhere which = delay which = lost rent.......

If you (or one of you) change your mind, you bear this cost.

Have you another friend who would be interested in joining you instead? Could you afford with one less person?

As suggested above, the one who changed his mind should bear the cost.