Tenant Zero Deposit
At JNP we know moving home can be costly, especially when most tenants are asked to pay the 4-6 weeks deposit at the beginning of the tenancy. The Zero Deposit Guarantee makes renting more affordable by replacing the traditional tenancy deposit and costs the equivalent of one week’s rent.
What is it?
The Zero Deposit is a guarantee for your landlord, which gives the tenants an alternative option (if the landlord has opted in) to the security deposit. The Zero Deposit Guarantee aims to make costs more affordable and costs the equivalent of one week’s rent.
How it works
1. Find an eligible property
Find a property to rent from JNP and find out if it's eligible for the Zero Deposit Guarantee.
2. Zero Deposit quote
If you would like to opt for the Zero Deposit guarantee, rather than a pay the traditional cash deposit, a JNP member of staff will arrange for Zero Deposit to provide you a quote, which will be equivalent to 1 weeks rent.
3. Review and purchase
If the quote seems right to you after reviewing it, you will be required to make the payment to Zero Deposit.
4. End of tenancy Inventory & Checkout
If the property has been returned in an acceptable state and your landlord does not wish to make a claim, the Zero Deposit guarantee will cease. If the landlord wishes to claim money from you for financial loss or damage due to dilapidations shown in the check-out report, you will be given an option to pay you this figure. If you cannot pay you the agreed figure, Zero Deposit will settle this amount and will seek reimbursement from you.
5. Disputes with Landlords
If you feel the amount your landlord wishes to claim from you is not fair, you will need to provide evidence of this which will be given to the TDS for expert evaluation. The landlord will be asked to do the same.
6. Claims resolved and settled
If the expert finds in the Landlords favour, Zero Deposits will settle the claim with your landlord and seek reimbursement from you directly. Failure to reimburse Zero Deposit will impact your credit history.
- The Zero Deposit Guarantee provides your landlord with protection if you do not pay them directly for the cost of any financial loss or damage due.
- A Zero Deposit Guarantee is offered to you as choice, so if you prefer to pay a traditional 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.
- You remain completely responsible for any financial loss or damage due to the landlord, as you would with a traditional 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 our expert evaluation partner finds in your landlord's favour, we will settle with them and then seek reimbursement from you. Failure to pay us at this stage will result in us passing your debt to a debt collection agency which may incur further costs for you and could affect your credit rating.
- There is a annual admin fee of £26 per tenancy collected every year by Direct Debit from the first anniversary until the end of the tenancy.
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 Zero Deposit on request.