Zero Deposit
A Step-by-Step Guide to Nil Deposit
To ensure your move to Wembley Park is hassle-free, we’re pleased to offer the Zero Deposit Scheme which allows you to pay just 1 week’s rent as a deposit.
1
Your letting agent will introduce you to Let Alliance and from there we’ll complete your reference(s) for you hassle free.
2
Once Your reference is confirmed as acceptable you’ll simply sign the Terms and Conditions and make payment of the equivalent of 1 week’s rent plus VAT – the paperwork is all done for you.
3
You’ll need to ensure that Tenant Liability Insurance is in place for the Nil Deposit to be valid, this can be done directly through Let Alliance in no more than a few minutes.
4
Both you and your letting agent will receive certificates to confirm that the Nil Deposit is in place on your new home.
5
Once in place you can continue with your Nil Deposit scheme by paying an extension fee of £15 including VAT every 6 months, or revert back to a traditional cash deposit by paying the equivalent of 5 week’s rent to your letting agent or landlord.
6
At the end of the tenancy, all check outs will be completed. If the property has been left in good condition, and there are no rent arrears, there’s nothing more you’ll need to do.
7
The liability for any damage or rent arrears lies with you as the tenant at the end of the tenancy. Any disputes will be handled by an Independent Adjudicator.
8
In the event the Independent Adjudicator finds in favour of your letting agent, we will seek reimbursement from you directly.
It’s important to remember…
The cost you pay at the start of your tenancy for Nil Deposit is not returned to you at the end of the tenancy or offset against entitlement request.
Throughout your tenancy you must have Tenant’s Liability Insurance in place - this will protect you against accidental damage to the landlord’s fixtures and fittings and can be purchased directly from Let Alliance for a small fee each month. Providing total peace of mind for both you and your landlord.
The Let Alliance Nil Deposit scheme is fair for everyone; upon the end of the tenancy you pay any damage or rent arrears. Any dispute will be handled by an independent adjudicator.
The Nil Deposit scheme is only available through letting agents, so speak to yours about how you can take advantage of Nil deposit from Let Alliance.