What is a holding deposit?
A holding deposit is a small amount of money (maximum 1 week of the total rent) that can be held whilst a landlord completes referencing checks on the tenant to check their suitability to rent the property.
How do I take a holding deposit?
You should use the NRLA holding deposit form when taking a holding deposit. You should also pause any other viewings on the property whilst you hold the funds. Once you have taken a holding deposit you have 15 days to make a decision as to whether the tenancy will go ahead. This can be extended if both parties agree to a date in the future.
Where can I find a holding deposit form and more information?
The NRLA offers guidance on holding deposits that can improve a landlords understanding.
Where can I find training on this topic?
The NRLA offer a multitude of courses for our members to increase their knowledge and improve their skills as a landlord. You can find training on Landlord Fundamentals and other topics. You can attend these courses in a classroom, eClassroom or eLearning depending on your preference.