Now You’ve Accepted an Offer From a Prospective Tenant, What Happens Next?
After you have accepted an offer from a prospective tenant, we will then request payment of a holding deposit from them in order to commence the referencing process.
Once the holding deposit has been paid, the property will be withdrawn from the market and viewings will be put on hold whilst we undertake reference checks on the tenants. This will include credit checks, sanctions checks, right-to-rent checks, verification of income and affordability, and, where applicable, a reference from their current landlord.
As the reference process relies on responses from third parties, it can sometimes take up to 10 working days, however, we will do everything we can to progress the checks as quickly as possible, especially where a provisional tenancy start date has been agreed for less than two weeks away.
Once satisfactory references have been obtained, we will be able to request payment of the tenancy deposit and issue the tenancy agreement for signature. After the tenancy agreement has been executed by all parties, it becomes legally binding. Until that point, the tenant’s application remains subject to contract.
Due to the rules introduced under the Renters’ Rights Act 2025, the first month’s rent cannot be requested until after the tenancy agreement has been executed, and it is not legally due until the tenancy commencement date.