At the start of the tenancy progression journey – in the offer confirmation email to the tenant – there’s text that reads “The landlord’s acceptance of your offer is subject to and conditional upon you signing the holding deposit explained document, paying your holding deposit, passing referencing and paying both the tenancy deposit and 1st month’s rent.”. Therefore, the tenancy agreement is executed once all parties have signed the tenancy agreement and the tenant makes the move-in monies payment (deposit + 1^st month rent).