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Renters Beware of No Deposit Tenancies Part 2

Renters Beware of No Deposit Tenancies Part 2

Jacqui, 22nd October 2020

Further to our news article on 18th September here https://bit.ly/2SXWCaG The Times have once again reported in an article on 10th October that No-Deposit Rental Schemes are not all they are made out to be.

The Times reports that these schemes (which are popular with some agents) mean that instead of a tenant paying up to five weeks deposit when they first start a new tenancy, with the No-deposit scheme the tenant doesn’t pay any deposit up front but pays extra on a monthly basis, which can in some instances end up being a far higher amount.

The article goes on to explain that there can be additional fees to pay, if for example the tenant needs to make a complaint disputing additional charges levied by the landlord at the end of the tenancy. 
At Fraser Wood we continue to use the Tenancy Deposit Scheme. We feel that this is the fairest scheme at the present time and that the no-deposit scheme is something of a gimmick, which may be helpful in the short term for potential tenants to be able to rent a property, but can cause potential problems in the future.

The full article from The Times can be read here https://bit.ly/353FwOj

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