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Flat rental holding fee
zudecke
Posts: 582 Forumite
Hi guys,
My LA has requested a holding fee of £600 on a property I'm looking to rent.
The landlord has agreed to my offer in principle and now I've been told to pay up £600 as a holding deposit. However, this money is non-refundable in the event that my tenant checks fail.
Can I just waive the holding fee, run the checks, and if it all comes back ok, then pay the deposit etc as normal?
What is standard practice?
Cheers,
Z
My LA has requested a holding fee of £600 on a property I'm looking to rent.
The landlord has agreed to my offer in principle and now I've been told to pay up £600 as a holding deposit. However, this money is non-refundable in the event that my tenant checks fail.
Can I just waive the holding fee, run the checks, and if it all comes back ok, then pay the deposit etc as normal?
What is standard practice?
Cheers,
Z
0
Comments
-
standard practice is that holding fess are refundable if credit checks fail
you're dealing with a shark, I would walk
YMMV0 -
I thought that was a bit weird! Because references are pretty much at the landlords discretion and it says clearly "for the avoidance of doubt, if your references are unsatisfactory to the landlord, your deposit will NOT be refunded".
So to confirm, that is NOT standard practice?
Cheers,
Z0 -
http://www.oft.gov.uk/shared_oft/reports/unfair_contract_terms/oft356.pdf
page 21 clauses 3.41/42
and
http://www.arla.co.uk/media/37411/appendix_b_arla_code_of_practice.pdf
clause E.III page 5/60
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