17.  Holding Deposit and Agreement Deadline

17.1  Any holding deposit is taken under the Tenant Fees Act 2019 and Schedule 2 to that Act. It is paid to reserve the Property pending agreement of a tenancy. It is not a tenancy deposit or advance rent and will be dealt with only as permitted by law.

17.2  The Deadline for Agreement is the statutory period under the Tenant Fees Act 2019 within which a tenancy must be entered into following receipt of the holding deposit, unless extended in accordance with this clause.

17.3  Where reasonably required to complete the letting process, the parties may agree in writing to extend the Deadline for Agreement.  This may be necessary where completion cannot reasonably take place within the statutory period, including, but not limited to: obtaining and assessing guarantor documentation, completing Right to Rent checks (including in-person verification), coordinating multiple joint tenants and aligning the tenancy documentation and execution process with the student academic cycle, particularly where agreements are intended to be completed on or after 1 February for a tenancy commencing on 1 August.

17.4  Any extension must be recorded in a written Holding Deposit Extension Agreement confirming the revised Deadline for Agreement. During any such extension, the holding deposit will continue to be held and dealt with in accordance with the Tenant Fees Act 2019.

17.5  During any extended period, the parties agree to act reasonably and in good faith to progress the proposed tenancy to completion, taking into account any unforeseen circumstances beyond their reasonable control.​

17.6  The holding deposit will be repaid, applied towards rent or retained strictly in accordance with Schedule 2 of the Tenant Fees Act 2019. This may include circumstances where a prospective tenant: withdraws from the proposed tenancy; fails to take all reasonable steps to enter into the tenancy within the agreed timeframe; fails to provide a suitable guarantor where required; fails a Right to Rent check or provides materially false or misleading information.

17.7  For the avoidance of doubt, no tenancy shall arise unless and until a tenancy agreement has been executed by all parties.