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The Desposit Protection Service protects both you and the house you want.

Holding & Property Deposits

What is Holding Deposit?

In order to reserve a particular property, prospective tenants might be asked to pay a holding deposit to the letting agency. 

·       A holding deposit is taken to a reserve a property when the letting agency accepts your offer

·       The purpose is to cover administrative costs and to prevent prospective tenants from making multiple offers on various properties, potentially costing letting agencies/landlords money

·        A property may be listed with multiple letting agents, in this case a holding deposit does not completely guarantee that the property will be let to you as it will not be completely off the market

The holding deposit is usually the same amount as one week’s rent. If everything goes well and you become a tenant, this deposit may be used towards your first rent payment, alternatively, it may be used towards your security deposit.

Property Deposit

A property deposit is taken in case you break or damage anything during your tenancy, and in case of non-payment of rent. By law, your property deposit must be protected by a deposit protection scheme (see below).

Usually the property deposit is equal to your monthly rent. Or could be more, depending on the particular property, for example if the property has been recently renovated or is a new build, the deposit may be higher. You may also have to pay a higher deposit if you have a pet.

Protecting Your Deposit

A holding deposit is not compulsory, however if you do agree to giving one, make sure you ask for clear terms and conditions when receiving the invoice. You should also ensure you receive a receipt.

Family Homes use the Tenancy Deposit Scheme (TDS) to protect your deposit. This scheme is backed by the government and we will set this up and provide you with all the necessary information. With this scheme in place, your deposit will be held and protected by the TDS. At the end of your tenancy, depending on any costs that you may have incurred during your stay; a fair sum of your deposit will be returned to you.

How we can help

Family Homes are letting agents with offices in Sittingbourne and Faversham.  We have been in business for over 25 years and are the leading and largest independent specialists in property lettings and management in the area. If you need any advice, Family Homes are more than happy to help. We can talk over the phone or we can arrange an appointment. Simply fill in a contact form or call us on 01795 47 34 34. 


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