Has Holding Deposit turned into Security Deposit?Make Text Bigger
I’ve taken a deposit of £400 from a tenant in order to ‘secure’ a room for her (a holding deposit). That was two months ago. She’s re-scheduled moving in several times. She’s now decided not to take the property.
The Holding deposit was then to be set against the Security deposit (which happens to be the same amount) and protected with the DPS within the 30 days. It was protected as she was due to move in, thus becoming the Security Deposit.
No contact has been signed.
Where do I stand – I’m guessing it’s likely that the DPS will see this as a Security Deposit, which, as she has not moved into the property or signed the contract, there’s no rent arrears or damage to the property.
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