Nil Deposit Scheme

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.

www.letalliance.co.uk/letting-agents/nil-deposit/


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