More Homes Group

info@morehomesgroup.co.uk

0203 355 1412

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Tenant Guide

Holding Deposit & Reservation Process

To reserve a property, a Holding Deposit equivalent to one week’s rent is required. This is calculated as:

(Monthly Rent × 12) ÷ 52 = One Week’s Rent

This deposit is non-refundable unless your references are successful, you pass the Right to Rent check, and sign the Assured Shorthold Tenancy Agreement within the required timeframe.

Deadline for Agreement

The required checks and documentation must be completed within 15 calendar days from the date the Holding Deposit is received.

Refund Policy

If the landlord’s circumstances change and the application is terminated, the Holding Deposit will be fully refunded to the applicant.

Circumstances Where the Holding Deposit May Be Retained

The Holding Deposit may be kept by the landlord or letting agent if the tenant:

  • Provides false or misleading information that affects their suitability to rent the property.
  • Fails the Right to Rent check.
  • Does not enter into the tenancy agreement by the deadline.
  • Fails to cooperate with the referencing process, causing delays beyond 15 days.
  • Withdraws from the property, unless the landlord or agent has imposed unreasonable conditions.
  • Does not take reasonable steps to complete the tenancy agreement while the landlord or agent has fulfilled their obligations.

Tenant Referencing & Income Criteria

Once More Homes Group has received the Holding Deposit, we will submit your reference applications through a professional referencing agency. Please ensure you complete and return these as soon as possible to avoid delays.

Income Requirements

To pass referencing, the combined annual earnings of all tenants must be at least 30× the monthly rent.
For example:

  • If rent is £1,000 per month, tenants must have a combined pre-tax income of at least £30,000 per year.
  • Self-employed applicants must provide either their latest tax return or an accountant’s reference confirming an income of 30× the rent after expenses.

Please note: Registering a business at the property is not permitted.

County Court Judgements (CCJs)

Applicants with a County Court Judgement (CCJ) within the last six years (settled or unsettled) will automatically fail referencing, and the tenancy cannot proceed. If you have a CCJ, you must inform us before paying the Holding Deposit.

Guarantor Requirements

If a landlord agrees to accept a guarantor, the guarantor must:

  • Have an annual income of at least 36× the monthly rent.
  • Pass all reference checks.
  • Provide valid photo identification and proof of address.

Tenancy Start Date & Paperwork Completion

If there are any delays in completing reference checks or returning necessary documents, the tenancy will still commence on the agreed date. However, tenants will not be permitted to move in until all paperwork is satisfactorily completed.