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Tenants Guide

April 30, 2018 by msib_admin

Holding Deposit:

A holding deposit equivalent to one weeks or two weeks rent (not subject to VAT) will be required at the same time as the administration fee (below). 

This is in order to reserve the property and remove it from our availability list. The holding deposit will be deducted from the first months rent due, should the tenant withdraw from the proposed letting, through no fault of the landlord or the agent, all or a proportion of the ‘Holding Deposit’ will be retained in order to cover any reasonable costs (which will be outlined in full). None of the Holding Deposit will be retained should the Tenant’s withdrawal be due to a breach of the proposed letting agreement by the landlord or managing agent.
The holding deposit shows good faith on the part of a prospective tenant enabling the landlord to take further action in the confident knowledge that the applicant is serious and fully committed to the property:

For example:

  • Cancel any advertising for the letting
  • Tell other applicants that the tenancy has been taken subject to satisfactory references
  • Prepare a letting agreement
  • Take up references
  • Carry out credit checks (some landlords make a charge for this – administration fee)

Administration/ Reference Applications

All administration/reference fees are due at the start of the application process once the offer has been verbally agreed and will secure the property for you subject to satisfactory references being received on behalf of all applicable tenants .

ADMINISTRATION FEE: £180 inclusive.

Inventory Fee: Landlord pays for check-in and Tenant pays for checkout. Inventory Check our fee varies from £90 to £300 depending on the property.

£40.00  per applicant per reference application.

Should a guarantor be required then a further £40.00  payment per guarantor will be required. These fees are fully refundable in the event of the landlord withdrawing from the deal.


It is imperative that you disclose all relevant facts that may adversely affect your reference outcome, prior to entering into the above. It may save you money.