Hunters has teamed up with flatfair to bring deposit-free renting to tenants across its national network of over 200 offices.
The deposit replacement scheme will be available as an alternative to traditional deposits on ‘certain properties’, said Hunters.
Tenants making that choice would pay what is described a one-off membership fee at the beginning of the tenancy.
The non-refundable fee equates to one week’s rent plus VAT.
According to Hunters and flatfair, any end-of-tenancy charges are settled quickly and fairly on a pay-as-you-leave basis, giving improved transparency and more control to both tenants and landlords.
Carrie Alliston, Hunters lettings director, said: “We are pleased to be able to offer tenants an alternative to up-front deposits and believe the pay-as-you-leave approach brings several benefits to both tenants and landlords.
“We aim to make the lettings process as easy as possible for our customers and are committed to innovation.
“flatfair’s digital platform makes registration and resolutions quick, easy and accessible and is a welcome addition to our lettings proposition.”
Franz Doerr, CEO and founder of flatfair, said: “We are incredibly proud that Hunters has selected flatfair as their deposit alternative of choice in the UK.
“We strongly believe that our technology solution offers a safer, more streamlined approach in comparison with the numerous insurance products that have entered the deposit replacement market, and are pleased that Hunters has recognised that.”
The non-refundable fee equates to one week’s rent plus VAT. If its not a deposit, how does it work with no tenants fee’s?
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My understanding is that an applicant has to be offered a choice – they can choose a) to pay the premium or choose b) to pay a deposit,. So long as there is a choice, it is apparently ‘legal’.
However, I suspect with several of the corporates (remember these are the companies that led the industry to the tenant fee ban in the first place) that an applicant choosing option a) will result in the offer of a tenancy (and commission to the agent) whereas those applicants choosing option b) will be unsuccessful.
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