What is the Residency and how does it relate to the No Deposit Option?
The Residency is a tenant membership that is exclusive to Leaders tenants. For a monthly subscription fee, members will have access to a whole host of benefits like: the No Deposit Option, a discount portal that includes many of the big names, unlimited legal advice, a free will, a free cohabitation agreement, Experian tracking and advice and help with personal finances, protection and getting onto the property ladder.
The No Deposit Option, which is included in the Residency, allows you to rent your home with no upfront deposit. You’ll still be liable for any damage, missing rent or cleaning at the end of the tenancy, but will not need to tie your money up for the whole of your time in the home.
Can I apply to rent a No Deposit Option property if I’m not signed up to the Residency membership?
You need to be a Residency member to take up the No Deposit Option. However, you’re welcome to join the Residency whether you choose No Deposit Option or the traditional deposit.
If I see a property which is not on the No Deposit Option scheme, is there a way I can rent it through the No Deposit Option?
You could enquire at your local branch and we’ll get in touch with the landlord of the property to see if this is something they will consider.
How do I become a member of the Residency?
Simply ask your local branch.
What are the advantages of renting through the No Deposit Option as opposed to traditional deposit-based renting?
With the No Deposit Option your money is not tied up for the duration of your tenancy and so you don’t need to wait for it to be paid back to you when you want to move on, allowing you to move easily from one rental home to another. You are also able to move into a property sooner as you don’t need to save for a large deposit. At the end of your tenancy, you would be liable for any damages or dilapidations.
Landlords will need to list their properties under the No Deposit Option, so availability may be limited. If you’d prefer, all No Deposit Option properties are also available to rent with a traditional deposit.
Is the contract binding?
You can choose to switch to paying a traditional deposit at any point during the tenancy - you just need to provide one month’s notice.
What happens if there are any disputes at the end of a No Deposit Option tenancy?
There will be a third party adjudicator available for any disputes, the same as at the end of a traditional tenancy. You are then liable for any damages.
What’s the cost of the membership?
The Residency membership starts from as little as £30 a month (per property not per tenant).
Please note: The fees for the Residency do not act as insurance – at the end of your No Deposit Option tenancy you would be liable for any damages, arrears or cleaning charges.
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