Yes, a reservation fee is required when a landlord has given their approval for a tenant to proceed with a property. This fee is equivalent to one week’s worth of rent and serves as an advance payment towards the first month’s rent. Once the reservation fee is paid, we can mark the property as “let agreed” and begin processing the tenant’s application.
It’s essential to note that if the information provided by the potential tenant turns out to be false and the referencing process fails, the tenant will forfeit their reservation fee, which will be retained by us. Therefore, it’s crucial to provide accurate and truthful information during the application process to ensure a successful tenancy arrangement.