Kinleigh Folkard and Hayward (KFH) has become the latest letting agency to sign up to the Zero Deposit guarantee, a tenant’s deposit replacement product that is being offered across the firm’s 45 letting agency branches in London.
A number of letting agents are now offering the Zero Deposit replacement product, launched earlier this year, allowing tenants to acquire an insurance policy in lieu of a deposit.
Tenants acquiring the insurance policy will be required to pay the equivalent of one week’s rent for a Zero Deposit guarantee, a regulated financial product that offers the landlord effectively the same cover as a six-week tenancy deposit.
Carol Pawsey, group lettings director at KFH, said: “At KFH we have an acute understanding of the London market and the evolving landscape for both landlords and tenants. After a trial of Zero Deposit from which we received a great response, it made absolute sense for us to roll out the product across our entire network.
“Vital to KFH was knowing that the scheme we selected was simple to use and gave our landlords genuine protection. We are delighted to continue to help shape the future of lettings in London, with Zero Deposit very much playing a role in that.”
Under the terms of the scheme, tenants remain accountable for any damage or unpaid rents, with any disputes over claims by the landlord handled by the Tenancy Deposit Scheme (TDS), which has an exclusive partnership with Zero Deposit.
Ben Harris, sales director of Zero Deposit, commented: “Zero Deposit is going from strength to strength with agents, landlords and tenants all seeing the benefits of a fully protected, regulated product that works well for everyone involved in the rental process.”