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Market your
property as normal,
or as "ASSISTED
DEPOSIT" offered
  Offer the tenant
the option of the
Deposit Payment
  Secure your
tenant, take
references and
agree a move date
with them
  Ask the tenant to
complete our
online application
form
  Collect the first
months rent
direct from
the tenant
  We will pay the
deposit, and you
then release the
keys to the tenant
 
     
 

Rental Deposits is a finance house set up to run in conjunction and affiliated with the Government deposit protection laws. We help tenants have a smooth transcission from one property to the next by paying their full deposit for them in exchange for them paying us a small fee. As you know when a tenant rents a new property they always have to pay their new deposit before they receive their current one back, leaving them with no funds or having to take temporary accommodation between moves until they receive this deposit back.

 

By coming through us we bridge the gap between moves and allow tenants to move from one property to the next very simply and without financial stress. We are simply paying the deposit on their behalf, we have no rights to the funds and are not named on any tenancy or related documents and at the end of tenancy its entirely between yourselves and the tenant to discuss and agree on any deductions that may need to be taken. We do not interfere with anything either during or at termination and do not need to know about any deductions, as if we suffer loss to the deposit we paid, we reclaim this direct from the tenant.

 

We have no input into the letting or management of the property so all negotiations and dealings with the tenants are exclusively between your agency and your clients. You or your client landlord will agree the rent, draw up the contract, check references, move them in, complete the inventory, and collect the rent. We simply provide your client landlord with the deposit on your tenants behalf and take care of the paperwork and required legal documents relating to the deposit.

 

Once you have secured your suitable tenant, (who if not already registered with us, will need to do so) agreed the rent, completed references, signed the AST and collected the first months rent, the deposit will then be paid by us on the tenants behalf (subject to the tenants completing our loan agreement and passed our relevant credit checks) to your client landlord. The deposit will then be registered and sent to the relevant government approved escrow account by us, and your client landlord will be forwarded confirmation directly from the scheme of this along with the certificate as issued by the scheme. Once they have received this and are happy everything is in order, you can then release the keys to your tenant.

 
   

Why would a tenant want a Tenancy Deposit Payment from Rental Deposits?

In 95% of circumstances a tenant has a temporary shortfall in funds due to a delay in receiving their previous deposit back and having to pay the new deposit in order for you to release keys ,often leaving them in temporary accommodation or expensive payday loans- Rental Deposits offers them the solution bridging that gap by paying these funds for them. All tenants that we supply deposits must professional credit healthy working professionals and be able to demonstrate their ability to afford to pay the deposit themselves under normal circumstances, however it makes financial sense for them to utilise 3rd party capital rather than tieing up their own funds for year, allowing them to keep a large sum of money in their own account for emergencies.

 

Does this is any way complicate or effect the tenancy ?

We have no input into the letting or management of the property so all negotiations and dealings with the tenants are exclusively between your agency and your clients. You or your client landlord will agree the rent, draw up the contract, check your own references, move them in, complete the inventory, and collect the rent. We simply provide your client landlord with the deposit on your tenants behalf and take care of the paperwork and required legal documents relating to the deposit. Its as if we were not involved in the process, and have NO interest or right to the deposit both during and at termination. We do not interfere with anything either during or at termination and do not need to know about any deductions, as if we suffer loss to the deposit we paid, we reclaim this direct from the tenant. The tenancy is entirely between the tenant and landlord as per any tenancy.

 

References

As the tenancy is an agreement between your agency/client landlord and the tenant, it is your responsibility to take any references you see fit. We will run independent credit checks on the tenants to assess their suitability to be approved for an Assisted Deposit. These checks are for financial loan purposes to be relied on by Rental Deposits only. In order for a Assisted Deposit to be supplied on behalf of a tenant the tenant must meet our criteria. Please click here to view criteria.

 

How and When is the Deposit Paid?

All funds are issued the day before the tenancy starts by bacs so long as both the agent and the tenant have returned their paperwork by 2pm the day before tenancy starts.

 

What happens at termination of tenancy if the deposit needs to be claimed?

This is dealt with in the same way any tenancy would be. The matter is solely between the tenant and landlord, we do not get involved in and have no rights to dispute any matter. The tenant and landlord agree if any deductions are to be made between themselves and the funds are allocated by the parties accordingly. If the landlord and tenant can not agree on deductions it goes to arbitration at the protection scheme like any tenancy, where the arbitrator will rule on the dispute.

 

Why do we not get involved in disputes as it is our funds at stake?

We do not need to get involved as the contract the tenant has with us means that should we suffer a loss to the funds we have supplied they will be liable to us for the repayment of this amount. If we do suffer a loss to the funds this matter is between ourselves and the tenant. Therefore if funds are deducted due to damage we reclaim this loss directly from the tenant plus fees after termination of tenancy.

 

How is the Deposit Registered?

The deposit is registered by us on your or your client landlords behalf and sent to a secure government escrow account to be held on trust in line with the Housing Act 2004 and the Tenants Deposit Rules introduced on the 6th April 2007, both your client landlord, and the tenant will be issued with the relevant government certificates and documents prior to you allowing your tenant occupation of the property.

 

How does my client landlord claim the Deposit should they need to?

This is very simple and full details are on the Claim Form. Download Claim Form >>>

 

 

How much does it cost?

This costs you as an agency and your client landlord nothing, the premium is paid by the tenant to us, in exchange for Rental Deposits paying their deposit. We will also pay a commission to your agency for every deposit we supply to your tenants, hence increasing your revenue levels.
 
As you will be aware moving home can be expensive for tenants and hefty deposits often cause delays. If the tenant can save a month's rent or more your properties will stand out from the crowd. Making your properties more desirable to tenants results in higher rents, less void periods & most importantly more letting revenues for your agency. Our aim is to make the lettings process faster and easier for you and your tenants, whilst giving you an edge over other agents.

 

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HOW TO PROCEED

 

1) Market your property privately as normal, or as "ASSISTED DEPOSIT" offered


2) Secure the tenant, take references, complete the AST.


3) Immediately ask the tenant to register and complete the online application, we will then contact you and arrange the deposit payment.


4) Collect the first months rent direct from the tenant


5) We will pay the deposit, and you then release the keys to the tenant


6) Complete your inventory with the tenants

 
Main Benefits:
arrow Deposit fully paid, registered, and held in Government Approved Escrow Account in accordance with the Deposit Laws.
   
arrow Arranged, secured and deposited prior to tenancy commencing. Certificates supplied. Account Access to update changes to deposit.
   
arrow FREE independent dispute adjudication provided by Government Approved and Registered Adjudicators.
   
arrow Guaranteed Deposit Funds available within 14 days should a tenant breach the AST.
   
arrow Will be easier and thus quicker for tenants to raise the funds to take tenancy, hence your property will be rented sooner
   
arrow FREE Tenancy Agreement supplied by Rental Deposits
   
arrow FREE Inventory supplied by Rental Deposits
   

 

 

         
 
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Rental Deposits is part of Capital Assured Deposits, CAD Ltd, Reg: 06802219 email:info@rental-deposits.com
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