A Zero Deposit policy exists as an alternative to the traditional security deposit, it also provides landlords with the same cover and protection.
However, from 1st June as part of the Tenant Fee Act 2019, the government are bringing in a five week deposit cap for all tenancies with annual rent of less than £50k.
Zero Deposit will still be able to offer six weeks cover to the landlord even after the five week cap has become law.
If a landlord offers the choice of a Zero Deposit, tenants can choose between Zero Deposit and the traditional cash deposit. Financial loss or damage at the end of the tenancy remains the tenant's responsibility. In the event of a dispute the evidence is sent for expert evaluation and a final decision is made. Full details can be found at zerodeposit.com
Faster renting. Better protection.
Zero Deposit™ landlords are guaranteed six weeks of security. As a landlord, you don’t pay a penny.
A Zero Deposit™ Guarantee replaces a traditional tenancy deposit, giving landlords the same cover and protection as having a tenancy deposit in the bank, whilst making renting more affordable for tenants.
Tenants pay a low upfront cost for a Zero Deposit policy, which is non-refundable and gives you effectively the same cover as a 6-week tenancy deposit. Tenants remain fully accountable for any damages or unpaid rents.
In the event of any financial loss or damage due to you, this is settled by the tenant or if they dispute the claim the evidence is sent for expert evaluation.
If found in your favour, we settle the claim with you and recover the costs from the tenants directly, along with any recovery costs. Non-payment by the tenant at this stage may impact on the tenants credit history.
Why would landlords choose Zero Deposit?
Say hello to a world of great renters
By removing the barrier of a traditional cash deposit, you open up a whole world of trustworthy tenants ready to move in right away. All tenants have to pass thorough reference and credit checks, so you remain in control of who moves into your property.
Admin? What admin?
Setting up a Zero Deposit™ Guarantee is the easy alternative to managing a traditional deposit. No need to collect and protect money from tenants or worry about the paperwork that goes with it. Instead, once your tenants purchase a Guarantee you get even greater protection than a traditional deposit could offer.
Get claims moving as soon as your tenants move out
Any issues after the tenants moved out? Just let us know how much you want to claim, you don’t even have to send evidence to get the process started. If your claim is found to be successful, we aim to pay you within two working days.
As fair for landlords as for tenants
Because we're independent of you and your tenant, we resolve all claims fairly – based solely on the agreement you both signed at the start of their tenancy. As we partner with the Tenancy Deposit Scheme (TDS), you’ll get all the protection of a traditional deposit if there is a dispute.