Nil Deposit

 Nil Deposit

We know finding a deposit when you move into a new home can be difficult, that’s why Let Alliance now offer Nil Deposit to over 2,000 tenants across the UK.

A Step by Step Guide to Nil Deposit

 

1Your letting agent will introduce you to Let Alliance and from there we’ll complete your reference(s) for you hassle free.

 

2Once your reference is confimed 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.

 

3You’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.

 

4Both you and your letting agent will receive certificates to confirm that the Nil Deposit is in place on your new home.

 

5Once 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.

 

6At 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.

 

7The 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.

 

8In the event of an Independent Adjudicator finds in favour of your letting agent, we will seek reimbursement from you directly.

 

* All applicants will need a UK credit file to be accepted for Nil Deposit and the scheme is not available to tenants with sole benefit income.

What Does Nil Deposit from the Let Alliance Cost?

Nil Deposit costs the equivalent of 1 weeks rent plus VAT. For example, if your rent is £200 per week, that is the cost of the Nil Deposit Scheme excluding VAT.

Is the Nil Deposit Payment Returned to me?

At the end of your tenancy, the cost of the Nil Deposit is not returned to you or offset against any entitlement request.

Is there a Renewal Charge I Need to Pay?

There will be a small extension fee of £15 inc VAT every 6 months which is payable to Let Alliance.

Do I Need Insurance?

Yes. You’ll need to have Tenants Liability Insurance in place when taking out Nil Deposit. This is to protect you and your landlord from any damages and can be purchased for a small monthly fee directly from Let Alliance.

How Does it Work with Multiple Tenants?

The lead tenant will be confirmed when applying for Nil Deposit, then the lead tenant is responsible for making payment and handling any disputes, etc.

What Happens if I Cause Damage to the Property or Fall into Rent Arrears?

This is settled between you and your letting agent and/or landlord at the end of the tenancy. If you cannot agree on damages or rent arrears with your letting agent, then Let Alliance will seek reimbursement from you. A charge for tenancy disputes is applicable, this will be disclosed to you from the outset and will be reimbursed back to you should the dispute go in your favour.

How Do I Get Nil Deposit?

Once referred by your letting agent, your reference must be passed as acceptable to be eligible for Nil Deposit. You must also hold a UK credit file and cannot be on sole benefit income. Contact your letting agent today for more information on the Let Alliance Nil Deposit Scheme.

The Nil Deposit Scheme is available on selected properties only and is subject to approval via your letting agent and landlord.

To find out more visit www.letalliance.co.uk.

Let Alliance Limited is registered in England and Wales, registration number 07338620. Registered Office: Dodleston House, Bell Meadow Business Park, Park Lane, Pulford, Chester, Cheshire CH4 gEP. This flyer is intended for the purposes of UK tenants, landlords and letting agents and any copying of this flyer is strictly prohibited. For more information on our insurers or underwriting processes, you can write to our head office address as listed above or email nildeposit@letalliance.co.uk.

Letting Fees Information

 

LETTING FEES WHERE APPLICABLE

The asking rent does not include letting fees. Depending on your circumstances and the property you select, Domans Residential may also apply the following upfront fees, all fees are plus VAT.

We strongly advise applicants to check agents fees first before securing a property and they should be clearly advertised as above as per new legislation 1st November 2013. 

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