New No Deposit solution to end landlord headache

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Residential property management is set to become less of a headache for landlords following the launch of a new No Deposit Policy.

Now, the days where landlords and tenants could find themselves embroiled in a tussle over tenancy deposits are likely to be over.

The new scheme, offered by Paragon Advance, could be cheaper for both parties too.

For a fixed £145 fee that is likely to be paid by the tenant, a rental property can be insured against loss or damage.

Managing director of Paragon Advance, Bryn Cole, suggests that the new No Deposit product offers "peace of mind".

He added: "[Landlords] will be able to recover the cost of any dilapidation or damage to their property, without requiring the tenant to tie up their money for the duration of the tenancy."

Deposit protection for residential lettings became compulsory in the UK in 2007, but many landlords have complained that the new rules make withholding deposits too difficult.


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