We know tenants currently face a lot of financial pressures, from raising the initial deposit and costs of moving, to saving up to buy their first home. That’s why we offer a No Deposit Option for renters – here’s what you need to know…
Moving home can be costly, particularly when tenants are required to provide a tenancy deposit at the start of each new tenancy. This can place a significant financial burden on renters and may impact their ability to move home when needed.
As part of its commitment to supporting tenants, LV PROPERTY offers the In-House Concierge Option (IHC) as an exclusive benefit available to eligible members of the IHC Lifetime Membership Programme.
The IHC is designed to help reduce the upfront costs associated with moving home by providing an alternative to a traditional cash tenancy deposit, subject to landlord approval, eligibility criteria, and the terms and conditions of the scheme.
The IHC is not an insurance policy and does not remove a tenant’s contractual obligations under the tenancy agreement. Tenants remain fully responsible for complying with the terms of their tenancy, including payment of rent, any damage beyond fair wear and tear, cleaning obligations, and any other liabilities arising under the tenancy agreement.
The availability of the IHC is subject to status, referencing requirements, landlord acceptance, and continued compliance with the membership terms and conditions. LV PROPERTY reserves the right to withdraw or amend the scheme at any time.
Full details of the IHC, including eligibility criteria, exclusions, limitations, fees, and member obligations, are available upon request.
What is the Deposit Alternative Scheme from In House Concierge?
The innovative IHC membership option (IHC) allows tenants to move quickly, and easily, with no rental deposit. Rather than paying a large deposit upfront each time you move, you can instead pay a one of fee and enjoy deposit-free renting for life. It is part of The IHC membership, and in exchange for this fee, tenants will benefit from:
- Deposit-free renting – allowing you to move home more quickly.
- Transferable – Covers all tenants even if they decide to rent separately at a later date.
- Faster move in process – Fast track your move in process once you’re a member of IHC.
- Access to legal helpline – you’re entitled to free and impartial legal advice via legal helpline HF assist. (Subject to availability)
- One off payment – This allows you to become a member with no hidden charges.
- No more fees – Once you are member you will no longer be liable for lost keys, contract variations and changes to sharer charges.
- First-time buyer advice – and you’ll also get access to free advice on how you can take a step onto the property ladder, if this is a goal you’re working towards.
- Local Discounts – Get unto 20% local business’s in the Jewellery Quarter when you become a member of the IHC with LV PROPERTY. (Subject to availability)
What are the main benefits of the IHC scheme for tenants?
“Under the traditional deposit scheme, tenants often delay moves in order to save up the upfront deposit. Not only does this often delay moves but, it can also make moving from one rental property into another increasingly difficult, as the deposit for the new property is often required before the deposit from the existing property has been released and in some cases never returned due to charge backs for works required to the property. With deposit free renting, this is no longer an issue.
What does the deposit replacement scheme mean for landlords?
When piloting this new product, many landlords asked the same two questions; “How can there be no deposit?” and, “What happens if the tenant damages my property?”
Landlords can rest assured that, properties marketed under the deposit alternative scheme option will be covered by In House concierge – If there are damages at the end of the tenancy, we will liaise with the tenant during the check-out process to ensure any issues are rectified before the next tenancy begins. (Please see landlord terms of business)
Tenants are incentivised to look after the property and to ensure that no breaches of the terms or AST occur, this in turn allows them to rent deposit free with LV PROPERTY.
Looking for your new home? Check out our No Deposit Option properties.
