Nil Rental Deposit

Our Nil Deposit Scheme provides an alternative to taking a traditional deposit from the tenant and provides a guarantee to you, the landlord, up to a maximum of 6 weeks rent when a claim is made against the tenant.

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For LANDLORDS

When a tenant moves into a new rental home finding a deposit can be tough when their previous deposit hasn’t been returned, and the tenant is paying their first month’s rent and the costs associated with moving. The Let Alliance Nil Deposit Scheme provides an alternative to the traditional deposit for your tenants.

How does it work?

  • Your tenant pays a Nil Deposit service charge equivalent to 1 week’s rent plus VAT to Let Alliance
  • The Let Alliance Nil Deposit service manages the payment of any entitlement for any breach of the tenancy agreement up to a maximum of 6 week’s rent, via Daniel James
  • The tenant will reimburse Let Alliance for the sum agreed, or determined by an independent adjudicator in the case of a dispute
  • For rentals with more than one tenant, a lead tenant is nominated
  • Tenants’ liability insurance is in place for the complete tenancy term and the tenant provides a copy of their insurance certificate
  • When a tenancy is extended, the Nil Deposit scheme can be extended with the tenant paying an extension service charge of £25 plus VAT to Let Alliance

What’s in for you?

  • Nil Deposit as an alternative to a traditional deposit encourages more interest and applications from tenants for your property
  • Your property is more attractive compared to others, where only a traditional deposit is required
  • Providing choice assists in renting your property faster

For TENANTS

Finding a deposit when you’re moving into a new rental home can be tough when your previous deposit hasn’t been returned, and you’re paying your first month’s rent and the costs associated with moving. The Let Alliance Nil Deposit Scheme provides an alternative to the traditional deposit.

How does it work?

  • You pay 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 Daniel James, up to a maximum of 6 week’s rent, for any breach of the tenancy agreement agreed by you
  • You will reimburse Let Alliance for the sum agreed by you, or determined by an independent adjudicator in the case of a dispute, within 14 days of notification
  • For rentals with more than one tenant, you nominate a lead tenant
  • You have tenants’ liability insurance in place for the complete tenancy term and provide a copy of your insurance certificate
  • In the case of tenancy extensions, a Nil Deposit extension service charge of £25 plus VAT is payable to Let Alliance

For further information please contact us by calling 020 8767 7001 or click here to message us directly.