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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, for your landlord, up to a maximum of 6 weeks’ rent when a claim is made against the tenant. You will stand out from your competitors and let properties quickly.

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.

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 your business or your customers to undue risk.

Through our partnership with No Letting Go who have been supporting letting agents for the last 10 years, you also have access to their market leading inventory software, Kaptur, and a nationwide out sourced service option.

Call our Nil Deposit team on 01244 621 862 to find out more.

For Tenants

  • 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 and if not provided by Let Alliance, a copy of the insurance certificate is provided

For Landlords

  • Nil Deposit as an alternative to a traditional deposit encourages more interest and applications from tenants for properties offering this choice
  • Providing choice assists in renting properties faster and shortens void periods

 

Nil Deposit

Providing choice for tenants and landlords, and protecting the landlord's property.

Laura Rosenberg
Nil Deposit Manager

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