January 2019: The No Deposit Option has evolved to the Residency tenancy membership.
Leaders has launched a pioneering No Deposit Option (NDO) designed to reduce financial pressures on tenants during the moving process, while also offering more security to landlords.
So how does it work?
Finding a deposit to rent a home can be a challenge for many tenants. NDO works by removing this requirement from any new tenancy, allowing tenants to rent a home with no deposit whatsoever, saving a typical individual hundreds of pounds in upfront costs. Instead, the tenant pays a small monthly fee to take out NDO.
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What are the benefits of NDO for landlords*?
By making a property available to NDO tenants, landlords stand to benefit in several ways. Firstly, every rental property marketed under the scheme will be indemnified by Leaders for the equivalent of seven weeks’ rent – that’s 40 per cent more protection than a standard deposit of five weeks!
What’s more, Leaders will handle any discussions with tenants about potential damages.
It is also worth noting that with tenants motivated to improve their Experian credit history, many are more likely to pay their rent in full and on time to ensure no black mark is left against their name.
Properties marketed under NDO are also likely to attract greater tenant interest, potentially leading to quicker lets.
Landlords should be aware that the process of letting a property remains exactly the same under NDO; it simply comes with the added perks of having an extra 40 per cent protection in the form of Leaders-backed cover and all negotiations with tenants handled by our staff.
How are damages dealt with?
The tenant is still liable for any damages that are experienced during their tenancy or any cleaning costs incurred upon check-out. Leaders will continue to carry out the inventory and check-out process and liaise with the tenant to resolve any dilapidation issues.
Landlords can let with NDO in complete confidence that their interests are protected at all times.
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Leaders' No Deposit Option (NDO) is part of the Residency membership. With this option the tenant can pay the monthly membership fee without the need to have the traditional deposit amount tied up for the duration of the tenancy. The tenant will still be liable for any damages at the end of the tenancy and there is a monthly fee to be a Residency member.
* Subject to approval.
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