Initially, it's used as a fee to reserve the property you are interested in. After the tenancy begins, the holding deposit will be credited towards your first month's rent. As a result, move-in monies will consist of the security deposit and first month's rent, less the amount of the holding deposit already paid. Again, this is because the holding deposit is credited towards your first month's rent.
Sample Move-in Monies Payment based on a monthly rent of £1000.00
|Security Deposit (5 weeks' rent)||£1153.84|
|First Month's Rent (in advance)||£1000.00|