Changes over time for: Cross Heading: Holding deposit
Status:
Point in time view as at 01/09/2019.
Changes to legislation:
There are currently no known outstanding effects for the Renting Homes (Fees etc.) (Wales) Act 2019, Cross Heading: Holding deposit.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Holding depositE+W
3E+WA payment of a holding deposit is a permitted payment.
4E+WA holding deposit is an amount which—
(a)before the grant of a standard occupation contract, is paid to a landlord or a letting agent;
(b)is paid for the purpose of reserving a right of first refusal in relation to the granting of the contract, subject to suitability checks to be carried out as to the prospective contract-holder and agreement between the parties to enter into the contract;
(c)does not exceed an amount equivalent to one week's rent under the contract.
5E+WWhere an amount required in purported compliance with this paragraph exceeds an amount equivalent to one week's rent under the contract, the amount of the excess is a prohibited payment, with the remainder falling to be treated under Schedule 2.
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