SCHEDULES
SCHEDULE 2Treatment of holding deposit
5Requirement to repay holding deposit
1
The person who received the holding deposit must repay it if—
b
that person does not give the person who paid the deposit a notice in writing within the relevant period explaining why the person who received it intends not to repay it.
2
In sub-paragraph (1) “the relevant period” means—
a
where the landlord decides not to enter into a tenancy agreement before the deadline for agreement, the period of 7 days beginning with the date on which the landlord decides not to do so;
b
where the landlord and tenant fail to enter into a tenancy agreement before the deadline for agreement, the period of 7 days beginning with the deadline for agreement.