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Zero Deposit with Northfields

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LANDLORDS RENT FASTER

Reduce void periods by lowering the upfront cost for your tenants. Keep the same protection as a traditional security deposit.

WHY DO LANDLORDS CHOOSE ZERO DEPOSIT?

  • SPEEDS UP THE RENTAL PROCESS Zero Deposit helps tenants reduce the upfront cost of renting, which can help speed up the process and reduce void periods.
  • PROVIDES SECURITY & PROTECTION A Zero Deposit Guarantee provides the same cover as a six-week tenancy deposit and is underwritten by Great Lakes Insurance SE.
  • HELPS TO ATTRACT A WIDER AUDIENCE By giving you the potential to attract a wider audience of tenants, you can increase demand and reduce the time taken to rent.
  • SUPPORTS ACCOUNTABLE TENANTS Tenants remain fully accountable for looking after your property and making rental payments, with Zero Deposit making payment to you in the event of a fair claim at the end of the tenancy. Claim disputes are settled by The Dispute Service (TDS) and paid to you within two working days.
  • REDUCES PAPERWORK & HASSLE

A Zero Deposit Guarantee is not a traditional deposit, so it doesn’t need to be registered with one of the deposit protection schemes, which can save landlords time and money.

HOW IT WORKS

  1. Your tenants make a payment equivalent to one week’s rent for a Zero Deposit Guarantee online and the paperwork is generated with copies sent to all parties.
  2. At the end of the tenancy, the inventory and check-out are completed and if your tenants leave the property in a satisfactory condition with no outstanding rent or bills, the Zero Deposit Guarantee expires with no further action required.
  3. In the event of any financial loss or damage due to you, this is settled by the tenant or if they dispute the claim the evidence is sent for expert evaluation.
  4. If found in your favour, we settle the claim with you and recover the costs from the tenants directly, along with any recovery costs. Non-payment may impact on the tenants’ credit history.

Zero Deposit does not mean zero responsibility. Bad tenants aren’t “let off the hook”. We pay approved claims directly to you and pursue the tenant for payment, with financial and credit record penalties if they fail to pay.

Less than 1% of tenancies end with a full dispute*, but when they do we’ve got your back. (*source TDS April 2017)

By having Great Lakes Insurance SE guaranteeing the payment of validated claims, agents and landlords can be assured that a Zero Deposit Guarantee provides effectively the same security as having a traditional deposit in the bank.

  • Our claims process means that any evidence undergoes an expert evaluation with the aim of ensuring a fair outcome.
  • We pay approved claims within 2 working days

Zero Deposit does not mean zero responsibility. Bad tenants aren’t “let off the hook”. We pay approved claims directly to you and pursue the tenant for payment, with financial and credit record penalties if they fail to pay.

Less than 1% of tenancies end with a full dispute*, but when they do we’ve got your back. (*source TDS April 2017)

By having Great Lakes Insurance SE guaranteeing the payment of validated claims, agents and landlords can be assured that a Zero Deposit Guarantee provides effectively the same security as having a traditional deposit in the bank.

  • Our claims process means that any evidence undergoes an expert evaluation with the aim of ensuring a fair outcome.
  • We pay approved claims within 2 working days

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FAQ

What is covered by the Guarantee?

You are covered for any financial loss or damage due to you, as outlined in your Assured Shorthold Tenancy agreement.

Who pays for a Zero Deposit Guarantee?

The Guarantee is paid for by the tenant, and the beneficiary of any claim is the landlord (or another person nominated by the landlord).

How do I make a claim?

If you have a claim, at the first instance you should contact the tenant and attempt to reach settlement with them. If they dispute the claim, you will need

to notify us to make a claim under the Guarantee. Alternatively we will deem you to have made a claim if we become aware that the tenant has failed to pay you at the end of the tenancy.

 

  • What if a claim is challenged by a tenant?

We always encourage settlement by negotiation. Where the tenant disagrees with a claim made, we will assign the case to The Dispute Service (TDS), our expert evaluation partner. They will review the  evidence provided by you and the tenant and decide whether to award the claim.

  • How quickly do I receive a pay-out if my claim is successful?

Whether agreed with the tenant or awarded by TDS, we will pay you within two working days.