Everything You Need to Know About the Deposit Scheme for Landlords

Landlords | Mon 23 Mar 20
Do you rent out your home? If you started an assured shorthold tenancy after 6 April 2007 and you use a traditional security deposit scheme, as a landlord you are legally required to put your tenants’ deposit in a tenancy deposit protection (TDP) scheme.
Everything You Need to Know About the Deposit Scheme for Landlords

A government-approved scheme which protects you and ensures your tenants receive their full deposit back when they move on, it makes perfect sense for landlords like you and would-be renters.

The Zero Deposit™ Guarantee, meanwhile, offers renters freedom from a traditional deposit while landlords and agents are still protected. 

Tenant Disputes Are More Easily Resolved

With a  deposit replacement scheme like ours, you’re also protected if you enter a dispute with a tenant. However, if you don’t use a Zero Deposit Guarantee and instead use a traditional deposit scheme and you’ve received a holding deposit from a prospective tenant, you don’t have to protect it, though, but it’s worth knowing that once they’re living in your property, you must do so.

Making Everyone’s Lives Easier

Deposit replacement schemes for landlords are designed to make both the tenant’s and landlord’s life easier. You’re better protected; with the Zero Deposit Guarantee scheme,  the landlord enjoys six-weeks protection as opposed to the standard five-week cash deposit.

You can also attract tenants faster, which is as beneficial for you as it is for them. When you choose a Zero Deposit Guarantee you’re speeding up the process and reducing void periods. This is because you’re lowering the upfront cost of renting for would-be tenants.

Removing Hassle

No Deposit schemes for landlords remove the traditional hassle you might endure if a claim is made against you. With the Zero Deposit Guarantee, claims are adjudicated by The Dispute Service (TDS) and you’ll receive the awarded amount within just two working days.

Ready to hear more? Go to our Zero Deposit Landlords page for more details.

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