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Bromley | NIL Deposit Scheme

For Tenants

Finding a deposit when you’re moving into a new rental home can be tough when your previous deposit hasn’t been returned or you simply don’t have the funds saved, and you’re paying your first month’s rent and the costs associated with moving. At Belvoir we work alongside Let Alliance who provide a Nil Deposit Scheme which is an alternative to the traditional deposit.

  • You pay a Nil Deposit service charge equivalent to 1 week’s rent plus VAT direct 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, and the Scheme is renewable every 12 months as a minimum

Please refer to the Nil Deposit Scheme Tenant Terms and Conditions for full details - this is not an insurance policy

For further information please contact the Let Alliance Nil Deposit team and tell us your letting agent’s name.

 

For Landlords

Nil Deposit Scheme for your Tenants

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, and the Scheme is renewable every 12 months as a minimum

What’s in it 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