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What It Means

Holding Deposit

This is a deposit paid to reserve a property for the tenant whilst either the application is being processed or there is a an amount of time between the tenant agreeing to take the property and when he or she actually is ready to move in.

Holding deposits do vary from £300 - £500, dependant on the property and any additional requirements and are deducted from the final balance to pay when a tenant moves in to the property.

Once a holding deposit has been placed by a tenant, then that property is with-drawn from advertising and no other tenants are shown this property.

If for whatever reason the tenant decides to withdraw from proceeding with the property, then the holding deposit is used to pay the agency administration costs and the cost of re-advertising the property.

Assured Shorthold Tenancy Agreement

Tenancy agreements are legal contracts between the tenant and the Landlord and outline the terms and conditions of the rental. Tenancy law is quite complex and therefore it is essential for both the Tenant and the Landlord that all tenancy agreements are up to date and inline with current legislation. The Assured Shorthold Tenancy Agreement is a fixed term tenancy agreement for either a 6 or 12 month period, whereby both the Landlord and Tenant agree to rent the property for the said period at the agreed rental payment. At the end of the period, the tenancy is renewable provided both parties are happy to do so. If either party wish to end the tenancy, then the correct notice should be given prior to the end of the tenancy. The Landlord would have to give a minimum of two months notice and the Tenant a minimum of one months notice, both from the usual rent due date.

Inventory

An inventory is a report with photographs on the condition of the property before it is rented to the Tenant. The report will include details of any fittings, furniture or appliances in the property, as well as listing any defects that there maybe, such as marks on the carpet, or scratch on walls, missing light bulbs, etc., etc. We feel that it is an essential document to produce as it represents a very good comparison on how the property should be left when the tenancy terminates and eliminates disagreements at the end as both the Landlord and Tenant have a clear description of the initial condition of the property.