Welcome to the future of renting with The Acorn Group.
How will this package for tenants benefit me as a landlord?
Without having to collect a deposit from your tenant upfront we can move tenants into your property quicker, minimising void periods and tenants may pay higher rent
We can attract a wider range of prospective tenants as more people will be able to afford to rent if they don’t have to find a deposit and more will be attracted to renting through us to access this unique no deposit option
We will still carry out all necessary checks on your tenant, including referencing, right to rent and guarantor referencing
The scheme offers your tenant the opportunity to build up a positive credit score, taking into account the rent paid and reducing the risk of rental arrears.
What is the cost to the tenant if taking the no deposit option?
This product removes the large upfront cost to your tenant and replaces it with a manageable monthly cost for this service.
What happens if there is any damage to my property?
We will indemnify you, the Landlord, for any damage or dilapidation’s arising under the Tenancy provided the limit of indemnity will be a sum equivalent
to 7 weeks rent (the standard deposit for any tenant not participating in the scheme is 5 weeks rent). This indemnity would be used to cover dilapidations and damage first, with the surplus used for arrears if applicable. The tenant is still able to challenge any dilapidations through an independent third party arbitrator and we will consider the view of the arbitrator final.
Will you still provide an inventory?
Yes, an independent detailed inventory and schedule of condition will be provided at the start of the tenancy to protect your interests.
Is there a minimum length of tenancy that you offer this package for?
Yes, there is a 3 month minimum term and the tenant can give 1 month’s notice to opt out of the no deposit option at any point after the minimum term. The tenant will then have to enter into a new tenancy deposit agreement and pay the equivalent of five weeks’ rent as the deposit.
Can my tenant still make an advanced payment?
Yes, for a duration of 6 or 12 months. The cost of this service is then taken in advance for the same duration.
Is there a maximum amount of time my tenant will continue to pay you for the no deposit option?
There is a 3 month minimum term and the tenant can give 1 months’ notice to opt out at any point after the minimum term, as described above.
Once entered into a no deposit tenancy, can I change the tenant onto a standard deposit based tenancy?
No, once entered into the scheme the landlord accepts there is not the facility to change during the term of the tenancy agreement or any extension thereof. The tenant however can choose to revert back to a traditional deposit at any point during the tenancy after the 3 month minimum term.
With the tenant fee ban now in place, will you still be able to charge tenants for this package?
This is not a tenant fee, it’s an optional package we offer tenants who prefer not to have to pay five weeks’ rent up front as a deposit, and who wish to benefit from their rent going towards their credit history. Tenants that wish to pay a deposit may continue to do so.
