Tenants Zero Deposit
At Davis Tate we know moving home can be costly, especially when most tenants are asked to pay the 4-6 weeks deposit at the beginning of the tenancy. The Zero Deposit Guarantee makes renting more affordable by replacing the traditional tenancy deposit and costs the equivalent of one week’s rent.
What is it?
The Zero Deposit is a guarantee for your landlord, which gives the tenants an alternative option (if the landlord has opted in) to the security deposit. The Zero Deposit Guarantee aims to make costs more affordable and costs the equivalent of one week’s rent.
What fees will you pay?
Read our fees that could be payable when renting a property
3. Review and purchase
If the quote seems right to you after reviewing it, make the payment equivalent to one week's rent.
6. Claims resolved and settled
If the expert finds in the Landlords favour, Zero Deposits will settle the claim with your landlord and seek reimbursement from you directly. Failure to reimburse may impact your credit history.
- The Zero Deposit Guarantee provides your landlord with protection if you do not pay them directly for the cost of any financial loss or damage due.
- A Zero Deposit Guarantee is offered to you as choice, so if you prefer to pay a traditional deposit, you can. With a traditional deposit your money will be returned to you if there is no financial loss or damage due to the landlord at the end of the tenancy.
- You remain completely responsible for any financial loss or damage due to the landlord, as you would with a traditional deposit.
- The cost of the Zero Deposit Guarantee is not returned to you at the end of your tenancy or offset against any claim by the landlord.
- If you dispute your landlord's claim and our expert evaluation partner finds in your landlord's favour, we will settle with them and then seek reimbursement from you. Failure to pay us at this stage will result in us passing your debt to a debt collection agency which may incur further costs for you and could affect your credit rating.
- There is a annual admin fee of £26 per tenancy collected every year by Direct Debit from the first anniversary until the end of the tenancy.