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 >>>
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