HOLDING DEPOSIT EXTENSION AGREEMENT

 

Property:                   (Insert address of Property)
Landlord:                   (insert name(s) of Landlords)
Tenants:                    (insert tenant names)
Holding Deposit:       (insert sum) (being one week’s rent)
Date Holding Deposit Paid (dd/mm/yyyy): (Insert date received)

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a) The holding deposit is typically paid prior to entering into the tenancy agreement.

b) “Tenant(s)” means the individuals named above, being the prospective tenants of the Property.

c) A holding deposit demonstrates a genuine intention to proceed and should only be paid if applicants wish to proceed, as it may be retained in certain circumstances in accordance with the Tenant Fees Act 2019. Upon receipt, the Property will be reserved for you. While it may be continue to be advertised, no further holding deposits will be accepted and enquiries will be informed that it is currently reserved unless the holding deposit is returned or retained in accordance with the Tenant Fees Act 2019.

 

1. Consent to Extend the Deadline for Agreement

The Tenants consent to extend the “Deadline for Agreement” (as defined in the Tenant Fees Act 2019) 

from 15 days after receipt of the holding deposit to (insert date, month, year).

 

The Tenants consent to this extension to allow time for:

• the completion and return of guarantor documentation, as reasonably required by the Landlord;

• verification of the Tenants' Right to Rent documentation; and

• arrangements required to complete the tenancy agreements in line with the agreed schedule.

 

2. Consent to Retain Holding Deposit

The Tenants consent to the Landlord retaining the holding deposit until the earlier of:

• the tenancy agreements being signed and dated by all parties; or

• the extended Deadline for Agreement stated above.