Frequently Asked Questions Flatfair
Rental deposits don’t come cheap, meaning that you can end up saving for months to find your deposit, which can be difficult if you need to move quickly.
If you’re considering moving and would like a cheaper alternative to a traditional cash deposit or insurance scheme, why not consider a Flatfair membership?
What is Flatfair?
Flatfair is a deposit free rental alternative which allows landlords to offer their tenants the option of renting without a traditional tenancy deposit. Instead, landlords and tenants agree to deposit scheme which acts as insurance instead of a deposit.
How does Flatfair work?
Flatfair works by allowing the tenant to use a Flatfair membership as an alternative to paying a cash deposit. Instead, a membership comes as a one-off fee, which is paid per tenancy, equivalent to one week's rent plus VAT.
Membership is designed to make renting effortless for landlords, tenants and estate agents, as renting becomes a more affordable prospective for tenants as there is no expensive deposit to save up for. Furthermore, it cuts down the admin time and costs, which can cause some delays when compared to traditional deposits.
With a no deposit scheme, tenants aren't required to provide a deposit, meaning that there is no cash to be handed over at the end of the tenancy. However, tenants will still be responsible for paying for any damages or unpaid bills or rent at the end of their lease.
Flatfair is not an insurance product, unlike other deposit free renting companies, therefore, there are no renewal fees. The tenant is only required to pay for the membership and for any accumulated charges at the end of the tenancy (if applicable).
What are the benefits of Flatfair?
There are a few benefits of a membership when you join Flatfair compared to other deposit free schemes which include;
- No Hidden Fees: As the membership is not insurance, there are no hidden fees such as admin. Flatfair members only pay a membership fee (+VAT), and any outstanding bills or fees at the end of the tenancy.
- Building up your rental reputation: Good tenants can build up a ‘Flatscore’. Tenant’s with positive Flatscores benefit from discounts when moving into their next accommodation. Helping to provide great rewards for great tenants.
- The Flatfair Portal: The Flatfair portal makes managing your tenancy simple. You can control everything from, moving in and out, rent payments and end of tenancy charges, all in one place. Helping to make staying on top of your finances easier.
How much does a Flatfair membership cost?
A Flatfair membership will cost the same as one week’s rent in addition to VAT. In addition to these costs, you may also be liable to pay additional costs at the end of your lease such as;
- End of tenancy damages or bills: If there are damages to the property or unpaid rent, then the tenant will be responsible for paying for said charges.
- Disputing charges: If you want to dispute the end of tenancy charges with your landlord, you will have to pay a fee of £100 plus tax. If the Independent Dispute Resolution provider agrees with your case, you will be refunded the administration fee.
What do I need to qualify for Flatfair membership?
Below are the criteria you need to fulfil if you wish to be eligible for a Flatfair membership;
- Right to rent: You must hold the right to rent in the UK.
- Annual earnings: Your annual earning must amount to no less than 30 times your share of the total rent amount at the accommodation.
- Reasonable credit record: No County Court Judgements (CCJs) or bankruptcies in the past 7 years.
- Previous tenancy reference: A reference from a previous landlord which states that you paid your rent on time (if applicable).
- Eligibility: You pass agency criteria (if applicable).
What if you are an existing tenant who already has a deposit?
If you have a minimum of six months left on your lease, you can ask your landlord or you lettings agent to convert your deposit into a Flatfair membership. Once your deposit is released, your deposit will be transferred to your bank account.
Is Flatfair safe?
Flatfair is insured by an A-Rated financial institution, who are a Financial Conduct Authority (FCA) regulated. Regulation ensures that tenants, landlords, and agents are safe and secure.