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The Property Podcast

ASK404: ASK: Do "no deposit" schemes work? PLUS: Where to buy in Manchester?

The Property Podcast

Rob Bence & Rob Dix

News, Education, Business, Investing, Business News

4.82K Ratings

🗓️ 31 October 2023

⏱️ 8 minutes

🧾️ Download transcript

Summary

It’s time for another round of listener questions.  (0:42) Jeremy’s tenants have handed in their notice and his letting agent has suggested that he offer a “no deposit scheme”. Jeremy had never heard of this scheme before, and when looking into it, he couldn’t find much on the pros/cons of this for a landlord – so he’s hoping Rob & Rob could shed some light.  (3:25) Luke and his wife have three buy-to-let properties in the South Wales area, and they’re looking to diversify and purchase their fourth in Manchester. Luke’s wondering if they guys have any suggestions on where to buy in the city.  Enjoy the show?  Leave us a review on Apple Podcasts - it really helps others find us!  Sign up for our free weekly newsletter, Property Pulse  Send us your question by calling us on 013 808 00035 and leaving a message with your name and question (normal UK call rates apply) or click here to leave a recording via your computer instead.  See omnystudio.com/listener for privacy information.

Transcript

Click on a timestamp to play from that location

0:00.0

Hi, I'm Rob, and I'm Rob, and this is Ask Rob and Rob.

0:07.6

Welcome to Ask Rob and Rob, thank you for joining us for two more listener questions

0:11.4

and two more answers.

0:13.4

Those questions coming up in just a sec, but it's so easy Rob to send your question away.

0:18.1

It certainly is, we've collected it in all one lovely place for you.

0:21.7

If you go to propertyhub.net for slash ask, you can find our number, you can leave a message

0:26.7

directly there, and you can also leave questions for our weekly column in the Sunday Times.

0:32.2

What a lovely collection, and you can do it all at propertyhub.net for slash ask.

0:37.9

So if you have a question, make sure you get it in there.

0:40.4

I can't let's have a listen to our first question from Jeremy.

0:43.4

I'm Rob and Rob, it's Jeremy from Hertfordshire here.

0:47.9

I've got a property where my tenants have given notice, and the letting agent has suggested

0:53.6

that I offer a no deposit scheme, rather than just requiring a deposit to be taken at

1:00.2

the start of the next tenancy.

1:02.2

I'd never heard of no deposit schemes up until now, and I found a few articles about

1:08.0

the pros and cons from a tenant's perspective, but I haven't really found much from a landlord's

1:13.0

perspective, and I was wondering if you could help me by providing some information about

1:18.0

what the pros and cons are for a landlord in going down this route.

1:23.5

Jeremy, thank you for the question.

1:25.5

These schemes are relatively new, so it's not like there's lots of information and lots

1:29.5

of stories out there that you can go and look at to make a decision.

1:33.5

I personally never used one, and I prefer not to, and there's a couple of reasons for that.

...

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