Nil Deposit is an alternative to a traditional deposit which encourages more interest and applications from tenants for properties offering this choice.
Nil Deposit Scheme provides a guarantee to a tenant and a landlord, up to a maximum of 6 weeks’ rent when a claim is made against the tenant.
The tenant pays a Nil Deposit service charge; significantly less than a standard deposit, this can be as low as the equivalent of just 1 weeks rent plus VAT. Tenants’ liability insurance will need to be in place for the complete tenancy term.
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 who provide this scheme would negotiate with the tenant in the case of disputes and arrange adjudication when required.
Let Alliances Nil Deposit Scheme provides extra protection for each landlord due to the requirement of a current tenant’s liability insurance policy throughout the terms of the tenancy, which provides up to
£5,000 worth of cover to landlord’s fixtures and fittings.
To qualify for the Nil Deposit Scheme all tenants would need to pass a credit check.
For more information please call our Lettings Department on 01244 343 355 or get in touch using the enquiry form below.
Natalie joined Residential Estates in January 2014 as Short-Term Lets Manager. She now has 6 years of experience in the property industry.
Katie joined Residential Estates as Business Development Manager in February 2021. She has over 4 years experience in the property industry.
Alicia has been a member of the Residential Estates Short Term Let Team for just over a year, joining in July 2019.
“Residential Estates was my lettings agency for five years and were always very helpful. Any problems we had they looked to get resolved straight away. Never had any problems getting in touch with them either. Great team over there who will support you throughout your tenancy.”
“Good service, very informative and worked around me very well. Would recommend!!”
“Very helpful during the moving in process, majority of issues were resolved very promptly with a few taking a little longer, but mostly due to third party companies not being reliable! Would recommend Residential Estates to students (as postgraduates ourselves) in the future … (Residential Estates) have been a great help in sorting many many issues and generally answer any queries promptly.”
We have been working in partnership with Michael H and his team at Residential Estates for over three years now and they are such a great company to do business with and I can’t recommend them enough!
Excellent communication skills and a can-do attitude to boot, always working with their clients’ interests at heart which can somewhat be a rare ethos to have in the Property Investment sector. Keep up the great work guys and I look forward to working with you on your next development!
We met with Residential Estates 11 years ago. They managed our property and were very helpful with everything. After 11 years, we are now moving this month but we are retaining our house with Residential Estates. They have always dealt with every request we have made. I would highly recommend this agency to anyone looking for a reliable real estate agent. Thank you, H Yilmaz