The Zero Deposit Guarantee allows you to rent your next home without paying an expensive security deposit. The scheme provides your landlord with more protection than a traditional deposit and only costs you one weeks rent!
1. You choose to purchase a Zero Deposit Guarantee to replace your traditional security deposit. Your landlord gets a guarantee for the same amount as a 6-week tenancy deposit. Tenants remain liable for any damage or financial loss due to them.
2. At the end of the tenancy, if there are no damages or unpaid rent, then the Zero Deposit Guarantee will end and there is no further action required.
3. If there are any damages or unpaid rent at the end of the tenancy, you’ll still be liable to pay for them. Any disputes that can’t be resolved with your landlord will be referred to TDS for adjudication.
Some landlords may not accept the Zero Deposit scheme, in this case, you will need to pay a tenancy deposit into a traditional rent deposit, which will be protected under TDS. It’s the landlord’s choice whether to offer deposit free renting
A Zero Deposit Guarantee is offered to you as a choice. You have the right to pay 6 weeks security deposit. With a traditional deposit, your deposit will be returned to the tenant(s), in the circumstances where no financial loss or damage is due to the landlord at the end of the tenancy.
The Zero Deposit scheme works with multiple tenants to make all tenants jointly liable for any financial loss or damage suffered by the landlord. Each person signs the joint Zero Deposit Guarantee and shares the cost of fees. When a tenant moves out, we’ll update your documentation. New tenants moving into the property will pay a £40 admin fee. There is an annual admin fee of £26 per tenancy, which is collected each year from the first anniversary.