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, or if the property you are renting has a rent that is lower then £500 PCM then the holding amount will be £500).
This holding amount will form part of the first months rent and tenant admin fees, and is paid early on to show commitment from the tenant. 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). Our process is much more simple. 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 to complete referencing and pay the final amount of money to us.
We will send you the holding agreement to electronically sign (can be done from anywhere in the world) via DocuSign and then we wait to receive your holding amount payment. Once we have the signed holding agreement and you have paid the required holding amount payment (to the bank account details listed on the holding agreement) then we will mark the property as “Let Agreed” and we begin your referencing and verification process within 1 working day.