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Tenancy Information Reserving the Property Reserving a Property England, Wales and Northern Ireland Should you make an offer on a property and it be accepted by the Landlord, you will be asked to pay a holding deposit equivalent to one weeks agreed rent. This will remove the property from the market whilst reference checks and preparation of the tenancy agreement is undertaken. The holding fee is taken as a financial commitment from you, the prospective tenant to proceed towards entering into the agreement. Once paid, both parties will have two weeks to enter into a tenancy agreement however this may be extended if agreed by both parties in writing. Should the Landlord choose to withdraw from entering into the agreement, this money will be refunded to you. Retaining a Holding Deposit A Holding Deposit will be retained where a prospective tenant; Provides false or misleading information which is reasonable considered when deciding a let of a property Fails a right to rent check Withdraws from entering into an agreement for the property Fails to take reasonable steps to enter into a tenancy agreement Should any of the above occur, Purplebricks retains the right to deduct its reasonable expenses on a case by case basis which may include the administration, referencing or any other costs incurred.
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