Holding Deposit Terms (Wales)

Silver Oak Property Limited

These terms explain how Holding Deposits are handled by Silver Oak Property in accordance with the Renting Homes (Fees etc.) (Wales) Act 2019. By applying for a property and paying a Holding Deposit, the applicant confirms that they have read and agree to the terms below.
 

1. Purpose of a Holding Deposit

A Holding Deposit is paid to reserve a property and remove it from the market, subject to referencing, contract signing, and final approval.

• Holding Deposit Amount: The Holding Deposit will be calculated as monthly rent divided by 4.35. Silver Oak Property will round the amount down where required, so the Holding Deposit does not exceed one week’s rent. The exact amount will be confirmed in writing before payment is requested.

• Payable: Within 24 hours of application acceptance

• Deadline for Agreement: 15 calendar days from payment of the Holding Deposit (unless an alternative deadline is agreed in writing)
   

2. Property and Contract Details (Specified Information)

Before paying a Holding Deposit, the applicant will be informed in writing of:

• Property address

• Amount of holding deposit

• Agent and/or landlord contact details

• Monthly rent amount and rental period

• Security Deposit required

• Nature and duration of the occupation contract

• Proposed move-in and contract start date

• Whether a guarantor is required and, if so, any relevant conditions

• Reference checks to be undertaken

• Information required from the applicant

• Any proposed additional terms, modifications or exclusions, or confirmation that there are none

This information will be provided by email or within the formal offer message.
 

3. Referencing and Checks

The applicant agrees to complete the referencing process and provide all documents within the 15-day deadline. Full checks may include:

• Credit check

• Affordability assessment

• ID verification

• Previous landlord and/or employer references

The applicant must respond promptly to all requests for information.
 

4. How the Holding Deposit is Used

If the contract proceeds, the Holding Deposit will be deducted from the first rent payment or from the Security Deposit at move-in. The applicant will be told in writing how the Holding Deposit has been allocated.
 

5. When the Holding Deposit Will Be Refunded

The Holding Deposit will be refunded in full if:

• Silver Oak Property or the landlord withdraws from the proposed contract, or

• The contract is not completed by the 15-day deadline for reasons not caused by the applicant

Refunds are issued within 7 days of the deadline or decision.
 

6. When the Holding Deposit May Be Retained

The Holding Deposit may be retained (not refunded) if the applicant:

• Withdraws from the application

• Fails to take reasonable steps to enter into the occupation contract

• Fails referencing due to false or misleading information

• Does not provide required documents or responses within the deadline

• Does not sign the contract by the deadline (15 days or agreed alternative)

In these circumstances, the property will be re-advertised.
 

7. Security Deposit

A Security Deposit will be payable before move-in and will be protected in a government-approved scheme for the duration of the occupation contract. The exact amount will always be confirmed in writing for each property.
 

8. Contact Details

Agent: Silver Oak Property Limited
Email: Greg@SilverOakProperty.com
Phone: 07595 939335
Website: www.SilverOakProperty.com
 

9. Acceptance

By ticking the box on the online application form, the applicant confirms that they:

• Have read and understood these Holding Deposit Terms

• Agree to the 15-day deadline

• Understand when the Holding Deposit may be refunded or retained