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Nil Deposit Scheme - For Landlords

Belvoir have teamed up with Let Alliance to bring you a Nil Deposit Scheme We have recently int...

Belvoir have teamed up with Let Alliance to bring you a

Nil Deposit Scheme

We have recently introduced a brand new initiative to give a much needed boost to the lettings market.

According to industry professionals, the average rent in the South East in September was £1,001 pcm
For a couple to move into a property at this level of rent, they would have to have to find approximately£2,798

With one in four UK families having less than £95 in savings you can see at least one reason why the letting market has slowed in recent years.
 
As we approach the end of the year, the market will inevitably slow down further and will not normally bounce back until early Spring and with the Government set to abolish tenant fees in the Spring the chances are that many who are considering a move will now hold out until then.
 
Should your property come a available for re-letting during the next coming months we would like to advertise your property as taking part in the ‘Nil Deposit Scheme’
 

So how does it work?

  • Your tenant pays a Nil Deposit service charge equivalent to 1 week’s rent plus VAT to Let Alliance
  • The Let Alliance Nil Deposit service manages the payment of any entitlement for any breach of the tenancy agreement up to a maximum of 6 week’s rent, via your letting agent
  • The tenant will reimburse Let Alliance for the sum agreed, or determined by an independent adjudicator in the case of a dispute
  • For rentals with more than one tenant a lead tenant is nominated
  • Tenants’ liability insurance is in place for the complete tenancy term and the tenant provides a copy of their insurance certificate
  • When a tenancy is extended, the Nil Deposit scheme can be extended with the tenant paying an extension service charge of £25 plus VAT to Let Alliance

 What’s in for you?

  • Nil Deposit as an alternative to a traditional deposit encourages more interest and applications from tenants for your property
  • Your property is more attractive compared to others, where only a traditional deposit is required
  • Providing choice assists in renting your property faster

 You will be required to participate in Let Alliance’s Rent Guarantee scheme at a cost of £216 including VAT per annum to be eligible, but as many of you are already benefiting from the scheme there will be no additional charge to you as a Landlord.
 
Alternatively if you are not currently benefiting from the scheme and would like to join, please feel free to drop us a line at southsea@belvoir.co.uk or give us a call on 02392 735863

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