NIL DEPOSIT SCHEME ON SELECTED PROPERTIES
SAVING TENANTS UPFRONT COSTS AND GIVING LANDLORDS PEACE OF MIND
Introducing Penny Joseph's Nil Deposit Scheme.
WHAT IS THE NIL DEPOSIT SCHEME?
Up to now, all deposits payed by the tenant are secured in a valid deposit protection scheme. There are rules how they are paid and on procedures to refunding deposits back to tenants once they cancel their tenancy.
For landlords deposits are necessary against property damage and nightmare tenants. For tenants it can be frustrating to have their money tied up in an account and cannot gain access to it until sometime after their tenancy ends and they move out.
The Nil Deposit Scheme eradicates all that. Instead it replaces the tenants deposit with common sense insurance cover. The tenant need only pay the equivalent of 1-weeks rent in lieu of a deposit and take out cover with us costing them only £7.28 per month.
For the landlord, he gets the equivalent of 6-weeks rent assurance as cover should there be any damage to the property when the tenancy ends.