The health and wellbeing of our tenants, applicants, clients and employees is of utmost importance, as is delivering the high standards of service you have become accustomed to.
With this in mind, and given the current situation with COVID-19 (Coronavirus), we have put together a guide for our tenants and landlords to help navigate these uncertain times.

Goodlord Deposit Replacement Service

PAY LESS. LIVE MORE.

We have partnered with Goodlord to bring you an alternative to a traditional deposit.

A deposit replacement service is an alternative to a traditional deposit. Rather than the conventional method of paying a deposit, all we ask for is a service charge. This means you will pay a fraction of the price of a traditional deposit and potentially move in faster (as you won’t have wait to receive your previous deposit back!).

Normally, we would hold five weeks worth of rent as a deposit, but with our Goodlord deposit replacement scheme, you’ll pay a one-off, non-refundable service fee to Goodlord (equal to 35% of the monthly rent + VAT) instead, which will reduce your upfront costs massively. 

The whole process is straightforward:

  1. Find your new home
  2. Tell us you’d like to use the Goodlord deposit replacement scheme
  3. Complete your referencing
  4. Once you have passed referencing, you’ll pay your fee to Goodlord
  5. All done! You can now move into your new home. 

If you cause any damage during your tenancy or don’t leave it quite as clean as it was when you moved in, you’ll be charged for rectifying this after you vacate – but we know you’d never do that.

THE T's & C'S

  • The Goodlord deposit replacement service is not a deposit.
  • The service charge is non-refundable and cannot be offset at the end of the tenancy.
  • As a tenant, you are still fully responsible for keeping the Landlord’s property in a good condition and paying rent in a timely manner. If you do not, you will be expected to fully reimburse for any fair damage or financial loss the Landlord may experience at the end of the tenancy. If you default on these liabilities this could impact your credit history.
  • As a tenant, it is always your choice whether you rent a property by using the Goodlord deposit replacement service or a five-week security deposit to be protected in a deposit scheme.
  • At the end of tenancy, your Landlord may make a claim using the service. It is your right to either agree or dispute their claim and impartial third-party adjudicators, Hamilton Fraser, will review claims and disputes to determine the outcome.

ALTERNATIVE DEPOSITS FOR LANDLORDS

We have partnered with Goodlord to bring you a deposit replacement scheme. 

A deposit replacement scheme is an alternative to a traditional deposit that an agent can offer to your tenants on your behalf. Tenants will pay less in comparison to a traditional deposit in a one-off non-refundable payment

No action is required from you – every time we let one of your properties we will give the tenant the choice to pay a deposit or a smaller ‘Reposit Service Charge.’

If you would like a full breakdown of how the system works, please just get in touch with your account manager and they’ll send over the full t’s & c’s.

THE BENEFITS

  • More cover. You’ll get more protection for your property than a traditional deposit, with up to two months’ rent arrears covered, and dilapidations or damage to the property for the period of the tenancy
  • Let your property faster. Deposit Replacement Schemes means that new tenants don’t need to wait for their previous deposit to be released to make a move, so we can let your property faster and reduce your void periods.
  • Broaden your prospective tenant pool. Advertising a deposit replacement scheme alongside your property will expand your pool of prospective tenants by offering them a more affordable, quicker way to get into a new property.
  • Fast and fair resolutions. It’s easier to resolve claims for rent arrears or disputed damages at the end of the tenancy with the deposit replacement scheme. Impartial third-party adjudicators, Hamilton Fraser, review all claims and disputes and decide outcomes.