An Affordable and Secure Option to Renting
Zero Deposit is an alternative way of renting for tenants that does not require the traditional 5 weeks’ deposit upfront and offers the same level of protection to landlords.
For tenants, moving home can be costly, making it hard to find their deposit, first month’s rent and other costs of moving. The Zero Deposit guarantee allows tenants to pay less upfront and free up cash by paying a fee, equivalent to one weeks’ rent. This also enables tenants to move into their chosen home faster.
For landlords, the Zero Deposit guarantee offers them the same amount of protection as six weeks’ tenancy deposit and allows their property to appeal to a wider audience of tenants, thereby enabling the property to be rented quicker and minimising void periods.
How Does It Work
- The tenant(s) review their Zero Deposit Guarantee quote online, having been introduced via Ernest View. The tenant then makes a payment equivalent to one week’s rent for a Zero Deposit Guarantee online and then the paperwork is generated with copies sent to all parties.
- At the end of the tenancy the inventory and check-out are completed and if the tenant(s) leave the property in a satisfactory condition with no outstanding rent or bills, the Zero Deposit Guarantee expires with no further action required.
- In the event of any financial loss or damage due to the landlord, this is settled by the tenant or if they dispute the claim the evidence is sent for expert evaluation to an independent adjudicator.
- If found in the landlord’s favour, Zero Deposit settle the claim with the landlord and recover the costs from the tenants directly, along with any recovery costs. Non-payment may have an impact on the tenants’ credit history.
Ernest View has partnered with Zero Deposit to provide tenants and landlords an alternative arrangement to the traditional deposit, so our customers can benefit from a smooth and affordable approach to renting. Our Lettings Team will be happy to provide you with further details should you wish to, so feel free to contact us.
