Nil Deposit Scheme
Finding a deposit when you’re moving into a new rental home can be tough when your previous deposit hasn’t been returned, and you’re paying your first month’s rent and the costs associated with moving. The Let Alliance Nil Deposit Scheme provides an alternative to the traditional deposit.
How does it work?
- You pay a Nil Deposit service charge equivalent to 1 week’s rent plus VAT to Let Alliance
- Our Nil Deposit service manages the payment of any entitlement to your letting agent, up to a maximum of 6 week’s rent, for any breach of the tenancy agreement agreed by you
- You will reimburse Let Alliance for the sum agreed by you, or determined by an independent adjudicator in the case of a dispute, within 14 days of notification
- For rentals with more than one tenant you nominate a lead tenant
- You have tenants’ liability insurance in place for the complete tenancy term and provide a copy of your insurance certificate
- In the case of tenancy extensions a Nil Deposit extension service charge of £25 plus VAT is payable to Let Alliance
Please refer to the Nil Deposit Scheme Tenant Terms and Conditions for full details - this is not an insurance policy
If you would like further information, please feel free to drop us a line at firstname.lastname@example.org or give us a call on 02392 735863