Our Nil Deposit Scheme provides an alternative to taking a standard deposit from the tenant.
Providing choice for your landlords and tenants, our Nil Deposit Scheme also provides a guarantee to you, our landlords, up to a maximum of 6 weeks’ rent when a claim is made against the tenant. It will enable your property to stand out from the rest and encourage more applicants. This means renting out your house faster, reducing void periods.
The scheme is arranged through us Belvoir Stoke, but is administered and managed by Let Alliance, who currently also provide our Rent Guarantee, referencing and other insurance products.
Our Nil Deposit Scheme reduces time spent administering cash deposits, fees payable to the deposit schemes and time spent dealing with disputes, deductions and repayment of deposits.
By replicating a cash deposit scheme, our Nil Deposit Scheme does not expose you or your property to undue risk. In fact Belvoir Stoke has calculated that on average our deposits are equivalent to 5 weeks rent. With this scheme, you will be able to claim for any damage etc up to 6 weeks rent. Unemployed tenants will not be able to access this. Only employed tenants. This nil deposit scheme is attractive to a whole range of tenants, from those struggling with cashflow because of time lags in repayments of a previous deposit or more affluent tenants renting larger houses who may just prefer to keep the deposit and use it on moving costs or other household expenditure.
Claims are made in the usual way against the tenancy agreement in respect of the condition of the property at the end of the tenancy period. Let Alliance negotiate with the tenant in the case of disputes and arrange adjudication when required.
For more information, just give us a ring - 01782 478444.
How it works:
- The tenant pays 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 you from your tenant, up to a maximum of 6 weeks’ rent, for any breach of the tenancy agreement mutually agreed
- The tenant reimburses Let Alliance for the sum agreed, or determined by an independent adjudicator in the case of a dispute, within 14 days of notification
- For rentals with more than one tenant, a lead tenant is nominated.
- Tenants’ liability insurance is in place for the complete tenancy term, so tenants can claim for any damage during their tenancy itself, to prevent deductions at the end of the tenancy