Make letting agents pay double the holding deposit for cancelling a tenancy.

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Petition Action

Make letting agents pay double the holding deposit for cancelling a tenancy.

Petition Details

Currently, letting agents require future tenants to immediately pay holding fees which is later offset against administration and referencing fees. However if letting agent chose to cancel the tenancy, they just return the holding fees and not any interest rate or penalties.

Additional Information

If a letting agent cannot make the property available as per agreed tenancy start date And if the tenancy agreement was not signed by both parties until that time, then tenant has no rights and has to bear substantial consequential losses. If tenant decides to negotiate and threaten to take to property ombudsman (for breach of implied contract), the letting agent can cancel the offer for tenancy by returning just the initial monies with no interest rate and with no penalty.

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