Oakfield Estate Agents are thrilled to announce our exciting new partnership with Zero Deposit.
Zero Deposit is an innovative new product aimed at improving the rental process for both Landlords and Tenants. They offer a product where Tenants can purchase a guarantee for the costs of one week’s rent that gives a Landlord protection equivalent to a six-week cash deposit.
As a forward thinking proactive agent Oakfield see Zero Deposit and similar products as ways to help Tenants by reducing the upfront costs associated with moving and Landlord’s benefit from the fact it takes Tenants less time to have the funds in place and therefore reduces void periods.
If a Tenant takes a property with Oakfield and choses the Zero Deposit option they are still referenced to the same standard, our quality of Tenant will not be changed by our offering of this service, we are simply trying to make the moving process easier for Tenants and Landlords.
A Landlord’s protection is the same as that of a conventional cash deposit, as with a cash deposit Tenants remain fully accountable for looking after the property they’re renting and the Guarantee offers cover equivalent to six weeks rent. The Guarantee is backed and underwritten by Great Lakes Insurance SE which means there are safeguards in place to help ensure you get a fair and transparent product with no hidden risks.
At the end of the Tenancy if there are issues and deductions that need to be made Zero Deposit are partnered with the TDS the longest running Government backed deposit scheme and they will provide independent adjudication in the event of a dispute. A key benefit of this Guarantee is that their time scales for paying funds out in the event of a dispute are far less than they are when there is a cash deposit.
We believe that by offering this product, our landlords will potentially now be able to open their property up to a wider audience of tenants by making it stand out from the crowd.
We look forward to giving our customers the choice of how they approach funding a new tenancy and considering the best use of their finances, over what is often a long-term decision to rent rather than buy.
Further information can also be found on the Zero Deposit website.
Neil Newstead, FARLA MNAEA MIRPM
Chief Executive Officer
Zero Deposit is a trading name of Global Property Ventures Limited (10328435), which is registered at Business and Technology Centre, Bessemer Drive, Stevenage, SG1 2DX. Global Property Ventures is an insurance intermediary and is authorised and regulated by the Financial Conduct Authority. You can find details of this at register.fca.org.uk, by searching for the company name or reference number, which is 797026.
The Zero Deposit Guarantee is underwritten by Great Lakes Insurance SE. Great Lakes Insurance SE is a German insurance company with its headquarters at Königinstraße 107, 80802 Munich. Registered with the commercial register of the local court of Munich under number: HRB 230378 UK Branch office: Plantation Place, 30 Fenchurch Street, London, EC3M 3AJ. Great Lakes Insurance SE UK Branch is authorised by the Bundesanstalt für Finanzdienstleistungsaufsicht and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request.