In partnership with deposit alternative provider Zero Deposit, Pick My Pad estate agents, Worsley, are now able to offer deposit free renting, making moving into your student house considerably cheaper and easier.
How Does It Work?
Zero deposit renting is simple, affordable and easy. Instead of paying your traditional security deposit and one month’s rent, you simply have to pay a one-off non-refundable fee of one week’s rent (a Zero Deposit Guarantee) plus a £26 admin fee. Once you’ve signed the relevant paperwork, you’re all done – it’s now time to move into your new student house and use the money you saved to treat yourself to something nice!
At the end of your contract, if you owe any rent or you’ve damaged the property, you’ll be expected to pay to cover the costs. The Dispute Service settles all disputes over claims with their impartial arbitration process. If you’ve left your house as you found it when you moved in, you’ll have nothing to pay.
If you decide to stay in the same house the following year, you’ll only need to pay a small admin fee to Zero Deposit when you renew your contract.
For absolute peace of mind, you can rest assured that Zero Deposit is FCA regulated. You can find out more about the benefits Zero Deposit renting offers here and download our simple guide to deposit free renting here.
The Traditional Security Deposit
Since April 2007, landlords and agents have had to protect tenant deposits in one of three government-backed tenancy deposit schemes; mydeposits, the TDS (Tenancy Deposit Scheme) and DPS (Deposit Protection Scheme). If you would prefer this traditional method, we can still cater for your needs. No deposits are held by Pick My Pad.
Before moving in, you’ll need to pay a deposit to secure your property. Once we’ve received the deposit, we’ll make sure the property won’t be let to anyone else. As we let out the majority of our student properties on a room-by-room basis, every member of your group must pay their own deposit. This keeps you protected if one of your friends suddenly decides to leave the property without paying some of their rent. We’ll then provide you with an inventory of everything in the house and a description of the state of the property. It’s your responsibility to check that you agree with this inventory before signing it.
At the end of the tenancy, if your house is in the state you found it in, you’ll get your full deposit back. There are a few things for which your landlord can’t deduct from your deposit, including general wear and tear and issues which they were told about but did not act on to resolve. If there are only a few scuffs and marks on the wall, your landlord cannot use your deposit to redecorate the entire room.
If you’ve caused any damage to the property and haven’t reported it, or you’ve failed to pay rent, you’ll forfeit some or all of your deposit at the end of your contract to cover any costs. If the damage has occurred in a communal area, the cost of repairs will be divided between all tenants; if it’s in a bedroom, only that tenant will have to pay. We will always inform you if we intend to make a deduction. You have the right to appeal our decision, at which point your deposit protection scheme will work to settle any disputes.
If you would like to find out more about our deposit free properties, please contact the team on 0161 790 3999.
We are members of ARLA Propertymark which means we meet higher industry standards than the law demands. Our experts undertake regular training to ensure they are up to date with best practice and complex legislative changes so they can offer you the best advice. We are also backed by a Client Money Protection scheme which guarantees your money is protected.