Zero deposit for renters
There has been a lot in the press recently regarding the high cost of moving that tenants experience when renting. The government has passed the bill that will see the end to tenants paying any admin/set up fees to agents as of next year.
This will go some way in reducing tenants cost of moving but some tenants will still struggle because of the up front cost of the deposit. There is now a solution.
Property Cafe can now offer tenants an alternative in the way of an insurance backed bond* which gives the landlord cover to the equivalent of a 6 week deposit.
The difference to the tenant is rather than paying a returnable deposit, equal to 1 months rent, they pay a non returnable amount equivalent to 1 weeks rent.
Tenants will still have the option to go the normal deposit route but for some the bond scheme will allow them to either move quicker, afford a better home or allow them some spare cash for items for their new home.
The scheme works equally as well for landlords.
The new bill on tenant fees also includes the capping of deposits to only 4 weeks. It is well documented that deposits equivalent to 4 weeks deposit, in a lot of cases, don’t cover the cost of damage caused to property when a tenant has left. The scheme gives the landlord 6 weeks deposit cover.
For further details of the scheme please don’t hesitate to call us on 01424 224488.