0:03 AM, 6th July 2023, About 8 months ago 16
Hello, has anyone used a Zero Deposit (ZD) scheme? I’m coming into the ZD scheme from fresh having always taken traditional deposits up front so I’m wary of the scheme at the moment. I have been advised it might be a way of getting tenants to come forward.
Despite the housing shortages, I rent in an area of not great wealth so tenants may not have the upfront cash for a deposit. I may need to look into this.
While it seems on paper straight forward – the ZD scheme covers 6 weeks’ worth of deposit, as the policy is taken out by the tenant, I can’t work out how the tenant pays for this and what happens if they themselves cancel the policy.
I assume if the policy is cancelled immediately so does any cover the LL had – plus no deposit. Then what?
Does anyone know?
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