Holding Deposits

20/06/19

It has always been our company policy to take one month’s rent to protect the landlord’s position during the referencing process.  Unfortunately, this has now become illegal.  However, we are able take 7 days money on your behalf.  We can hold this sum for a maximum of 15 days while referencing progresses. 

Obviously, this puts the landlord in a weaker position than before. Therefore, to try and minimise our Landlords’ exposure to risk, we are protecting your position by obtaining more information up front from tenants where possible, before we take their holding deposit.  

If the tenancy doesn’t proceed, the money must be repaid to the tenant in full within 7 days of either the 15-day deadline being reached, or the landlord deciding against the tenancy proceeding.

We still are trialling this new system, but the results to date are proving very positive.

Professional advice, qualified staff
If you’re unsure about any of the above, or are unhappy with your existing agent, come and talk to us. Call us on 01702 445 600 or visit our main office in Southend, located at 461 - 463 Southchurch Rd, Southend-on-Sea SS1 2PH and our team will be able to help you.


Marcus James is Lettings Manager at Pace, an independent Southend on Sea Letting Agent. He deals with every aspect of the property letting process, providing expert and candid advice together with tailor-made marketing plans for each property he lists for rental.

Marcus prides himself on ensuring our landlord clients get the best return in the right timeframe for their investments by conducting rental appraisals, letting viewings and oversees the running of the lettings department.


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