- Expensive deposits are no longer needed for tens of thousands of tenants as new partnership agreed between deposit-free renting provider flatfair and Spicerhaart
- flatfair provides a simple, safe and affordable online alternative to tenancy deposits distributed through more than 100 letting branches across the UK
- Instead of an expensive deposit, tenants pay flatfair an affordable membership fee at the value of one week’s rent and for any lawful claims after the tenancy has finished
London: March 26, 2018 – Tens of thousands of renters are set to benefit after deposit-free platform flatfair signs a major deal with the UK’s largest independent estate agency Spicerhaart.
The online portal will offer its ‘membership’ service to potential tenants renting properties through Spicerhaart, which has 100 lettings branches and thousands of available properties with its local brands haart, Felicity J Lord, Darlows, Haybrook and Butters John Bee.
With more people renting than ever before, flatfair believes that renting should be more accessible, in particular to those who are vulnerable and/or low-income individuals. That’s why they developed a simple, safe and affordable alternative to expensive tenancy deposits – for example an average deposit in Greater London is £2,1441. Frustrated renters, who often face paying double deposits in between tenancies, will now instead have the chance to pay a one-off membership fee equal to the value of just one week’s rent.
Other benefits include full transparency into claims with an Independent Dispute Resolution service to protect all parties against bogus claims. There are also future discounts for ‘good’ tenants who pay rent on time and care for their rented home. Tenants have access to the online platform at any time, and in the case of a lawful claim for damages, simply pay at the end of their tenancy.
For landlords, flatfair offers double the protection of up to 12 weeks’ rent instead of a limited 6-week deposit, free debt recovery for any additional claims, quicker payouts, and access to a larger pool of reputable tenants leading to faster lettings and fewer lengthy voids. The online portal – insured by an A-rated financial institution (A.M. Best) – also cuts out all unnecessary paperwork.
Chris Phillips, Chairman of tenancy deposit-free platform flatfair, said: “We’re thrilled to have partnered with such a well-established and progressive estate agency group that fully supports deposit-free renting.
“Deposit-replacement schemes have proved hugely popular in Germany and Switzerland. It’s our mission to improve financial freedom in the residential property market through the use of technology.
“With the current financial pressures of rising prices and wage stagnation in the UK, many people are feeling the financial pinch. It can be particularly acute when moving home and you have to pay for two expensive deposits that overlap between tenancies. Anything that can ease the pain and free hard-earned cash has to be a good thing.
“For far too long, tenants have had to grin and bear it but now they have a choice. Our technology offers a simple, safe and affordable alternative, while keeping the best bits of the government’s deposit protection scheme.
“flatfair also ensures tenants have an easy, fair and transparent way to pay for – or dispute – claims made by their landlord or letting agent. We’re helping to level the playing field.”
Paul Sloan, Lettings Development Director at Spicerhaart, added: “This is terrific news for our tenants as there are huge benefits for them. Not only will they be able to dramatically reduce the upfront costs between tenancies by avoiding having to pay double deposits but they’re also protected against any unfair claims.
“This is good news for landlords too. We have finally found an innovative product that landlords can have confidence in because of its extra protection and faster payouts so if something goes wrong they can still re-let their properties quickly.”