Nil Deposit Scheme

At Belvoir we know moving home is an expensive time for tenants; pulling together money for a deposit, first month’s rent and other associated moving costs can be a real struggle, especially if their previous deposit hasn’t been returned.

We have teamed up with Let Alliance to offer a Nil Deposit Scheme and remove some of this struggle providing tenants with a more affordable alternative to the traditional deposit system.

How does it work?

> Instead of paying a full deposit, the tenant pays a non-refundable nil deposit service charge, significantly less than a traditional deposit, this can be as low as the equivalent of just 1 weeks rent plus VAT

> The Let Alliance Nil Deposit service manages payment of any entitlement for any breach of the tenancy agreement up to 6 week’s rent, via Belvoir.

> For rentals with more than one tenant, a lead tenant is nominated

> Throughout the tenancy the tenant will have tenant’s liability insurance in place – this will protect against accidental damage to your fixtures, fittings and furniture.

> The Let Alliance Nil Deposit scheme is fair for everyone; at the end of the tenancy the tenant remains liable for any damage or rent arrears. Any disputes will be handled by an independent adjudicator.​​​​​​

> The Nil Deposit Scheme is renewable every 6 months, with a renewal fee of £15 inc VAT which is payable to Let Alliance.

Who is eligable for the Nil Deposit Scheme?

> All tenants must be satisfactorily referenced confirming they are acceptable for the tenancy or with an acceptable Guarantor

> Tenants must have lived in the UK for 6 months minimum, evidence of residency will be required.

> The scheme is not available to applicants whose sole income is derived from benefits

> The tenant must have liability insurance as a requirement of their tenancy as advised above. ​​​​​​​

To find out more contact our office today.

Contact the Grantham team

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