Landlords Zero Deposit
If you're a Landlord, you can reduce the void periods by lowering the upfront cost for your tenants with the Zero Deposit Guarantee and will still be able to keep the same protection as a traditional security deposit.
How it works
1. Zero Deposit offer
If you decide to take part in to the scheme, we will give the tenant the option of paying the traditional cash deposit, or they can chose to purchase the Zero Deposit guarantee scheme. The cost to the tenant is equivalent to one weeks rent. The landlord is not required to pay anything.
2. End of tenancy Inventory & Checkout
If the property has been returned in an acceptable state and no claim is to be made, the Zero Deposit guarantee will cease. If you wish to claim money from the tenant for financial loss or damage due to dilapidations shown in the check-out report, the tenant will be given an option to pay you this figure. If the tenant cannot pay you the agreed figure, Zero Deposit will settle this amount and will seek reimbursement from the tenant directly.
3. Disputes with tenants
If the tenant does not agree with the proposed figure you wish to claim, you will need to provide evidence of your claim which will be given to the TDS for expert evaluation. The tenant will be asked to do the same. If Hydegate are managing the property on your behalf we will handle this for you.
4. Claims resolved
The experts from the TDS will adjudicate how much the tenant will be required for pay. If found in your favour, Zero Deposit will settle this amount and will seek reimbursement from the tenant directly. If the tenants fail to reimburse Zero Deposit this will impact their credit history.
Why choose Zero Deposit?
The rental process is quicker
A Zero Deposit helps tenants reduce the upfront cost of renting, which can help speed up the process and reduce void periods.
Security & Protection
A Zero Deposit Guarantee provides the same cover as a six week tenancy deposit.
Helps to attract a wider audience
By giving you the potential to attract a wider audience of tenants, you can increase demand and reduce the time taken to rent.
Supports accountable tenants
Tenants remain fully accountable for looking after your property and making rental payments, with Zero Deposit making payment to you in the event of a fair claim at the end of the tenancy. Claim disputes are settled by The Dispute Service (TDS) and paid to you or your agent within two working days.
Paperwork & hassle reduced
A Zero Deposit Guarantee is not a traditional deposit, so it doesn’t need to be registered with one of the deposit protection schemes, which can save landlords time and money.