Professional Properties

Nil Deposit Option

 

Tenants can move in and pay NO Deposit!  Landlords still get up to 6 weeks rent cover!

Paying a Security Deposit when tenants move into a new rented property has always been the traditional way for landlords to protect themselves against any dilapidations or damage caused by the tenant when they leave the property.

However, finding the money to pay this deposit can be very difficult for ingoing tenants especially when the paying the first month’s rent and other associated costs with moving home. This can be made much more difficult if the tenant’s previous deposit has yet to be returned.

Our ‘Nil Deposit’ option allows the tenant to move into the property for just ONE WEEKS RENT plus VAT!

However, landlords will still receive the entitlement for any breach of the tenancy agreement up to a maximum of 6 WEEKS RENT – which is actually MORE than the 5 weeks rent cap recently announced by the Government!

Please call our team on 01332 300170

FOR TENANTS

A fantastic alternative to traditional deposits

  • Taking the ‘Nil Deposit’ option removes the requirement of finding a usual deposit – usually around 5 – 6 weeks rent – in addition to the first months rent and other moving costs.
  • The tenant will pay the equivalent of One weeks rent + VAT, as a non-refundable fee.
  • The tenant will remain liable for any breach of contract or damage caused to the property and will be required to reimburse the costs of against any claim. As with the traditional deposit, any disputed claim will be decided by an independent adjudicator.
  • For rentals with more than one tenant, a lead tenant is nominated.
  • Tenant’s Liability Insurance must be in place. This will protect any accidental damage to the property, fixtures and fittings.

What’s in it for you?

  • Less money required to move into the property.
  • No interaction required by the tenant with the Government Deposit Schemes
  • A much more simple way of ending the tenancy.

FOR LANDLORDS

More cover than a traditional deposit!

  • The tenant will pay the equivalent on One weeks rent + VAT as a non-refundable service charge.
  • The ‘Nil Deposit’ scheme manages the payment of any entitlement for any breach of the tenancy agreement up to a maximum of 6 weeks rent – more than a traditional tenancy deposit.
  • The tenant will reimburse the cost of any agreed dilapidation costs or, costs determined by an independent adjudicator in the case of a dispute.
  • Tenants’ Liability Insurance is in place for the duration of the tenancy and the tenant is required to provide a copy of their insurance certificate.

What’s in it for you?

  • NIL Deposit encourages more interest and potential applications for your property.
  • Your property is more attractive to potential tenants than similar properties without a Nil Deposit option.
  • Increased demand for your property will mean less void periods.
  • The quality of potential applicants is unaffected.

THE NIL DEPOSIT OPTION IS AVAILABLE ON SELECTED PROPERTIES ONLY DEPENDENT UPON LANDLORD REQUIREMENTS.

TERMS AND CONDITIONS APPLY