Q- If we have paid our Holding Deposit money then change our minds about the house can we get our money back
A- When the Holding Deposit is paid that is the point at which we remove our advertising for the house, denying others the chance to go for it. It marks the point of no return, so sadly a refund after this time is not possible. To avoid losing money like this please raise all your queries before then, and make sure all of your group are 100% behind the decision to go for it before completing our Booking Form and paying the Holding Deposit.
Q- What’s the difference between a Holding Deposit and a Tenancy Deposit and Reposit!?
A-So, as described above the Holding Deposit “holds” the house exclusively for your group whilst the necessary referencing and Guarantor credit checks etc are undertaken. It is always £100 each. Assuming you proceed to having a Tenancy with us this money is not lost to you, rather it counts as a part payment of rent come October. A Tenancy Deposit is the traditional way that landlords protect themselves against tenants not paying all the rent due and/or damaging the house or contents. It is a fully refundable sum (assuming no claim is due against you for these reasons). Such money paid to us is then lodged by us with a Government approved body and not held by ourselves. We authorise its return to the Lead Tenant at the end of the tenancy. Reposit is the name of the Co we use that offers a more modern and affordable alternative to a Tenancy Deposit. It is a much smaller sum, which essentially buys you an insurance product to insure against the risk of non-payment/damage. It is NOT refundable. It is for your Group to choose whether they prefer traditional Deposit or Reposit. You cannot do both.