Government announces five-week cap on rental deposits- but Haybrook goes one better
The government has recently confirmed that it will cut the maximum deposit for rentals of less than £50,000 to five weeks, down from six weeks.
According to the National Landlords Association and the Residential Landlords Association, the reduction could force landlords out of the market.
However, Haybrook partnered with flatfair earlier this year to launch a solution which protects both tenants and landlords in equal measure.
The innovative service sees tenants pay a one-off membership fee, equivalent to one week’s rent and a commitment to pay any lawful claims at the end of the tenancy.
The scheme provides offers landlords protection equal to 12 weeks’ rent rather than five, while the tenant’s money is not tied up in a deposit.
Paul Sloan, Development Director for Haybrook, said: “The Government’s recent announcement regarding the reduction of the maximum deposit from renters has filled many landlords with dread – but not those who use our services.
“The flatfair scheme really is a win-win scenario for both landlords and tenants. The service mirrors the Government’s deposit protection scheme which gives tenants peace of mind alongside a much smaller deposit to pay, while landlords are given a higher level of protection than a standard scheme.
“Not only that, but flatfair reduces void periods as any claims at the end of the tenancy are resolved swiftly and flatfair provides the funds to make any necessary repairs or replacements – meaning that landlords don’t end up out of pocket.”
For more information about flatfair talk to your local Haybrook branch today.
For more information contact Molly Chesney. Email email@example.com or call 07919 076559