Holding Deposit

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    Holding Deposit

    I've had a quick look around the site for the answer to this question but can't seem to find one.

    Having found some really nice tenants who passed their reference checks etc with flying colours and ticked all the right boxes with regards to what we want in a tenant we happily offered them an AST only to be told they could not move in straight away. Not a problem, I took advice and told them that we would take it off the market if they were prepared to show goodwill by paying a holding deposit to the tune of 1 weeks rent for every week we held the property for them. Fortunately they were more than happy to do this and promptly produced a cheque equal to one months rent, which we agreed would be used as the first months rent when they took up the AST. Next thing we know they are saying they want us to hold the property for a further two weeks and once again produced a cheque.

    The question is; although we agreed we would use the first cheque against the first months rent we did not agree the same for the second payment, do we have to refund the second payment?

    I have no wish to upset these tenants in anyway but by holding the property for six weeks we have potentially lost revenue. Are we allowed to recoup some of these potential losses or is there some legal reason preventing this?

    Any advice would be appreciated.

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