Landlords Zero Deposit
If you're a Landlord, you can be better protected and attract tenants faster with the Zero deposit guarantee scheme. This scheme allows you to lower the upfront cost for tenants so they only pay one weeks rent rather than a heft upfront deposit.
The scheme can provide you with the same security and protection whilst speeding up the rental process and attracting a wider audience with potential interest in your property. As it is not a traditional deposit it also saves hassle which can save you time and money when renting out your property.
How it works
1. Zero Deposit opt in
As a landlord you can decide if you want to opt in to the zero deposit scheme on your property. If you decide to go ahead the tenant will pay one weeks rent upfront
If you the landlord choose to opt in to the scheme, the tenant will make an offer equivalent to one week's rent for a Zero Deposit Guarantee. You will receive protection equal to a six week deposit.
2. End of tenancy
At the end of the tenancy if the inventory and checkout are completed as usual with no damages or unpaid rent the guarantee will end with no further action to be required.
3. Disputes with tenants
If there are any damages or unpaid rent which cannot be settled between you and the tenant the claim with evidence will need to be sent to the Tenancy Deposit Scheme (TDS) to be reviewed. If the claim works out in your favour and is approved you will receive the funds withint two working days.