HOLROYDS LAUNCHES NIL DEPOSIT SCHEME

HOLROYDS LAUNCHES NIL DEPOSIT SCHEME

Posted on Friday, January 18, 2019

We are pleased to announce we are the first agency in Keighley and Bingley to be able to offer properties with no deposit to tenants when moving. This is to combat high move in fees for tenants, as well as damages caused to the Landlords property.

 

How does it work?


It’s simple really, when a tenant has chosen a property, instead of the traditional method of taking a deposit of one months rent or more and holding it in a government scheme – the tenant pays a small amount to open the scheme which then protects the tenancy for up to six weeks’ worth of rent.

This works out to be one weeks rent which is paid prior to moving in and provides the landlord with the same cover as a cash security deposit, with the tenant retaining responsibility for any damage or unpaid rent at the end of the tenancy.

Landlords benefit from reduced void periods as there as less upfront costs for tenants, the same protection as a traditional security deposit and less hassle and costs.

Tenants benefit from paying a fee of one week's rent to move in rather than an expensive deposit, freed up cash to rent a nicer place or take a holiday and fair decisions at the end of tenancies.


For more information pop into either of our offices for a chat!

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