Alexander & Zero Deposit - Tenants Pay Less Upfront

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Alexander & Zero Deposit

We’re very excited to announce the launch of Zero Deposit at Alexander & Co.

We understand that moving home can be costly, sometimes making it hard for tenants to find the deposit, first month’s rent and the other costs of moving. We have partnered with a Zero Deposit Guarantee company and all you need to pay is the equivalent of one week’s rent instead of the traditional six-week tenancy deposit.

How it works

  1. You ask us to send your contact details to Zero Deposit.
  2. Zero Deposit send you a quote online, with all of the necessary terms and conditions for you to review and decide if you want to buy.
  3. You will then make a payment online equivalent to one week’s rent and provide your Direct Debit details. The paperwork is then generated, and copies sent to all parties by Zero Deposit.
  4. Your landlord gets a guarantee for the same amount as a standard 6-week tenancy deposit and you remain liable for any damage or financial loss due to them.
  5. At the end of the tenancy, the inventory and check-out are completed and if you leave the property in a satisfactory condition with no outstanding rent or bills, there is no further action required.
  6. If there is any damage to the property or any unpaid rent, you will need to reimburse the landlord yourself. If you dispute the landlord’s claim, you and the landlord will be asked for evidence which will then be sent for expert evaluation by The Deposit Service (TDS), which is the same as a normal security deposit. .
  7. If TDS finds in the landlord’s favour, Zero Deposit settle the claim with your landlord and seek reimbursement from you directly. If you fail to reimburse Zero Deposit at this point, you may be liable for recovery costs and it could impact on your credit history.

 

If you have any queries about how Zero Deposit works, please don’t hesitate to get in touch with a team member at your local branch, who can put you in touch with the Zero Deposit team

  • This Guarantee provides your landlord with protection if you do not pay them directly for the cost of any financial loss or damage due
  • You remain completely responsible for any financial loss or damage due to the landlord, as you would with a traditional tenancy deposit
  • The cost of the Zero Deposit Guarantee is not returned to you at the end of your tenancy or offset against any claim by the landlord
  • If you dispute your landlord’s claim, and the expert evaluation partner finds in your landlord’s favour, Zero Deposit will settle with them and then seek reimbursement from you. Failure to pay Zero Deposit at this stage will result in your debt being passed to a debt collection agency which may incur further costs for you and could affect your credit rating

A Zero Deposit Guarantee is offered to you as a choice, so if you prefer to pay a security deposit, you can. With a traditional deposit your money will be returned to you if there is no financial loss or damage due to the landlord at the end of the tenancy

  • There is an annual admin fee of £26 per tenancy collected every year by Direct Debit from the first anniversary

For more information visit zerodeposit.com or call the team on 0333 200 2541

Zero Deposit is a trading name of Global Property Ventures Limited, the head office of which is at Business & Technology Centre, Bessemer Drive, Stevenage, SG1 2DX (company number 10328435). Global Property Ventures is authorised and regulated by the Financial Conduct Authority and can be found on the Financial Services Register (firm reference number 797026).  

The Zero Deposit Guarantee is provided by Great Lakes Insurance SE, UK branch office. Great Lakes Insurance SE is a German insurance company with its headquarters at Königinstraße 107, 80802 Munich. It is registered with the commercial register of the local court of Munich under number: HRB 230378. The UK Branch office is at Plantation Place, 30 Fenchurch Street, London, EC3M 3AJ. Great Lakes Insurance SE UK Branch is authorised by the German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation Authority.

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