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Tenants authorise debit cards to landlord company at start of tenancy

Tenants at a Newcastle-upon-Tyne Build To Rent scheme are being offered deposit alternatives by the developer-cum-management firm, The High Street Group.

The development, called Hadrian’s Tower, completed towards the end of last year and tenants have been told they need only pay a one-off check-in fee of £24 if they sign to flatfair’s No Deposit service. 

Tenants must authorise their debit card at the start of the tenancy and settle bills at the end – in the words of flatfair this “is as they would at a hotel.”

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flatfair claims this “has been proven to improve trust between tenants and landlords by making the conversation around end-of-tenancy costs wholly transparent.”

Franz Doerr, flatfair’s chief executive, says: “Last year was a difficult one for all corners of the economy — not least the property sector — so we are thrilled to kick off 2021 with another strategic partnership, this time with The High Street Group. 

“flatfair has quickly become a trusted and recognised player in the PropTech industry, helping landlords, agents and tenants to establish a more transparent and productive relationship."

 

Gary Forrest, chairman at The High Street Group, comments:  “As more and more people continue to demand a higher-quality, more integrated standard of city living, so too are they demanding more straightforward and progressive procedures when it comes to money and finance. 

“We are delighted, therefore, to be offering renters at our landmark Hadrian’s Tower scheme the chance to save potentially thousands of pounds on up-front costs.”

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    What happens if the bank a/c has no money in it ?

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    Correct!

    Can't afford the deposit, can't afford the rent!

    Next please!

     
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    Tenants must pay a £24 one off fee??? Isn’t this in breach of the tenant fees act? Thought you can’t charge tenants for sweet F All and not third party arrangements eithet

    Kristjan Byfield

    You can't force them to take this option- they must have a choice between a cash deposit or an alternative

     
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    So they authorise the debit card and then a week or so before the end of the tenancy they empty the bank account, or even close the account completely. What happens then? The landlord has no chance of getting any money owed to him then!

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    Exactly, not rocket science is it.

     
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