At Hawes & Co we know moving home can be a costly process, especially when the majority of tenants have to pay a 5 week deposit at the beginning of the tenancy. The Zero deposit guarantee makes renting more affordable by replacing the traditional security deposit with the equivalent of one weeks rent. The Zero deposit guarantee makes renting better for everyone involved as the landlord will still receive protection equal to a six week deposit, even after the deposit cap.
Zero deposit for tenants
Zero deposit for landlords
How does it work?
1. If the landlord offers the choice of Zero Deposit Guarantee the tenant is given the option to use Zero Deposit or a traditional deposit. The landlord will still be protected with six weeks security guarantee cover.
2. The tenant will then be provided with a quote for a Guarantee. The Guarantee costs the same as one week's rent, which is a non refundable payment. This is paid to Zero Deposit online which we will assist you with.
End of tenancy
3. When the tenancy comes to an end if the tenant leaves the property in a good condition with no damages and paid the rent on time no further action is required by the tenant or the landlord. If the landlord wishes to make a claim against any damages or financial loss the tenant will have the option to pay this to the landlord. If there is a disagreement and the payment isn't made by the tenant Zero Deposit will try to resolve the dispute informally. If the tenant still isn't happy Zero Deposit will ask the Tenancy Dispute Service to adjudicate, just as they would with a cash deposit.