Once an offer is accepted tenants will be sent a “Holding Agreement” and will be asked to pay a £1000 holding amount (sometimes higher for higher risk tenant types like overseas tenants).
We send you the holding agreement to electronically sign (can be done from anywhere in the world) and we wait to receive your holding amount payment (the holding agreement must be signed and the holding agreement must be signed within 24 hours of the holding agreement being sent out).
Once we have the signed holding agreement and the holding amount payment we mark the property as “Let Agreed” and we begin your referencing and verification process immediately.
The holding amount will form part of the first month's rent and tenant admin fees. The holding amount is paid at the start of the application process to show commitment from the tenant and to give the landlord confidence to wait for that tenant to have a reasonable amount of time (3 working days) to complete the referencing application process. Some letting agents in St Albans ask for lower “Holding Amounts” than us, however, they might then continue to market and continue to take offers on the property until after you have completed referencing (which can take up to two weeks depending on your employer and previous landlord). Then you might lose out on the property and lose your tenant admin fees because the property was let to someone else. Not with us, however, our process is much simpler. Once we receive your Holding Amount we remove the property from the market and stop taking offers on the property altogether and you get a set amount of time (3 working days) to complete referencing application process, and further time for the references to come back once you have done your part, before the "Balance Payable" is due to us, by which time your referencing should be completed fully, then you pay the final "Balance Payable" money to us and you are sent the tenancy agreement to electronically sign.