What is flatfair No Deposit and how does it work?

flatfair No Deposit is an optional alternative to paying a cash deposit which could be several weeks’ rent.

Instead of providing a cash deposit, eligible tenants pay a smaller, one-off service fee to join No Deposit. The fee is not held on your behalf and is not returned at the end of the tenancy.

What happens when I join No Deposit?

1. Your letting agent creates a No Deposit plan for the tenancy.
2. Each named tenant receives their own invitation.
3. You check the tenancy details, fee, cancellation information and terms.
4. You complete the required registration steps and pay the amount shown.
5. The plan becomes active after the required tenant actions and tenancy checks have been completed.

Paying your individual fee does not necessarily activate the whole household plan. Check that your account shows the plan as active before relying on it.

What does No Deposit change?

You do not pay a traditional cash deposit for the participating tenancy.

This reduces the amount of money you need to provide at the beginning of the tenancy and means you can keep more of your money available for moving costs, furniture, bills, savings or other expenses.

What does No Deposit not change?

You must still:

• pay the rent in full and on time;
• look after the property;
• follow your tenancy agreement;
• pay any valid charges for which you are responsible; and
• respond to any end-of-tenancy case within the stated deadlines.

If your tenancy agreement makes the tenants jointly and severally liable, you may be responsible for an amount owed by the household and not only an equal share.

Is No Deposit insurance?

No. No Deposit is a protection service and is not insurance for you, your landlord or your letting agent.

It does not pay your rent or end-of-tenancy charges for you.

What should I check before choosing No Deposit?

Before accepting and paying, make sure that you understand:

• No Deposit is optional;
• the joining fee is a non-refundable service fee rather than a cash deposit;
• the fee cannot be used towards rent, damage or another amount you owe;
• your normal responsibilities under the tenancy agreement continue;
• every required tenant must complete their registration steps;
• cancellation rights are limited once the tenancy or service has started; and
• the plan is not active until its status confirms this.

Compare the No Deposit fee with the cash-deposit option offered by your agent before deciding which is right for you.

Check that your name, property address, rent, tenancy dates and the other named tenants are correct. If anything is wrong, stop and ask your letting agent to correct the plan before you accept the terms or make payment.