The value of a a cash deposit is not just a financial transaction, it represents a commitment by the tenant to look after the property and hand it back in the condition that it was presented, barring fair wear and tear.
With the impending legislation from the Government to reduce the maximum amount of deposit to 5 weeks, some companies are offering tenants the opportunity to move in with no cash deposit and sign up to an insurance scheme which will underwrite any damage. By striving to get their deposits returned, I believe tenants are more likely to leave the property in a better condition at the end of the contract, which then allows for a faster turnaround and therefore minimising any void periods.
Campbell & Graham will always put the landlord’s interest at the forefront of our business and we will continue to ask for cash deposits, the only circumstance where we will offer an insurance-based shame is during instances in which there are joint lettings agents and the other agent opts for the insurance policy, we have to have a level playing field. Landlords however, can insist on a cash deposit.
