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Smart Deposit Solutions 
 
Bayside has recognised the potential problems for both Landlords and Tenants when it comes to deposits on rental properties. 

With more and more legislation that Landlords have to adhere to for holding tenants deposits and the increasing cost of living, this may mean that tenants can’t afford the upfront cost of a deposit, so we thought it was about time something changed!  

This is why we offer Smart Deposit Solution, a warranty product which benefits both the Landlord and the tenant.
 
An attractive substitute to deposit schemes. You don’t have to take a deposit from a tenant. Instead, they pay a one off fee (non refundable) fee for our Smart Deposit Warranty.  

This product benefits both the landlord and the tenant its allows the tenant to move into the property without having to find a large, sometimes unaffordable upfront sum and it covers the landlord for the damage to the property and unpaid rental without them having to worry about holding a tenants deposit.  
 
How does it work? 
 
Once all tenants have successfully passed our referencing process, they pay a non refundable, one off fee to us for the Smart Deposit Solution, this avoids them having to pay a deposit. 

We then provide the Landlord with a Smart Deposit Solution warranty contract which covers them for damage made to the property on vacation by the tenants (up to a maximum of 2 months rental value will be provided for damage cover) 
 
Benefits for Tenants 
 
No large upfront deposit has to be paid, just a small fee to us for providing the warranty cover. 
 
Tenants can move into properties quicker as they won’t have to save for a deposit or wait for their deposit on a previous property to be released from a deposit scheme. 
 
Tenants become a more attractive proposition to Landlords as they can move in quicker. 

Tenants can move out without the worry of having to wait for their deposit to be repaid to them. 
 
Benefits for Landlords 
 
Landlords can attract a wider range of tenants by not having to ask them to provide a deposit. 
 
Landlords do not have to worry about holding a tenants deposit in a costly national scheme. 
 
Landlords have damage (dilapidations) cover for up to 2 months rental value. The normal deposit taken from a tenant is between 4 and 6 weeks rent, so the landlord actually has increased protection using our Smart Deposit Solution contract. 
 
Smart deposit covers the Landlord if the tenant vacates the property without paying the last months rental (or a proportion of it) as well as covering damages. 
 
Where a claim is accepted, Bayside process payment within 14 days, so the Landlord doesn’t have to wait too long. This may not be the case if requesting a tenant’s deposit out of a national scheme.

Smart Deposit Solutions - £275 +VAT

For more information on the Smart Deposit Solution please contact us on 01443 809836.