The Deposit Guarantee Partnership

The Deposit Guarantee Scheme is managed by the King Street Housing Society (This link will open in a new window) in partnership with South Cambridgeshire District Council. The aim of the scheme is to help people access private rented accommodation in Cambridgeshire by offering deposit guarantees to landlords on behalf of prospective tenants who cannot afford to pay deposits themselves.

How the scheme works

South Cambridgeshire District Council makes the decision to nominate you to the Society for assistance through the scheme. You may already have found a landlord willing to let a property to you or you may come to us hoping that the Society can put you in touch with a landlord.

When you are referred to the Society you will be asked questions about your circumstances and your requirements. You will also be given advice about the scheme and what you will need to do. Once you have found a landlord and reached agreement in principle you will be invited to a short interview at the Society's offices.

The Society will carry out a basic credit check following the interview.

Whether a Deposit Guarantee is given is entirely at the discretion of the Society. Once agreement is reached between all three parties we will meet at the property to carry out a full inventory and schedule of condition. When final agreement is reached the three parties will sign an agreement incorporating the inventory and the schedule of condition.

Please note the tenancy, its terms and conditions and any other agreement not involving the deposit guarantee are matters for the landlord and you. The Society will not act as an agent or representative of either party. The role of the Society is solely to facilitate the granting of the tenancy through the issue and settlement of the guarantee. Any matters which arise during the course of the tenancy i.e.. repairs or rent are matters between the landlord and you.

The deposit guarantee will remain in place for the duration of your tenancy or a year whichever comes soonest. You are strongly advised however to save during your tenancy to build up your own deposit fund for the future. The guarantee may not be renewed after the first year.

At the end of your tenancy a further meeting is arranged at the property to formally end the guarantee and agree any settlement. In the event of any dispute concerning the settlement the society will make the final decision. It will act as a fair and impartial arbitrator. Finally if the Society has to pay the landlord under the terms of the guarantee the Society will seek to recover the cost from you. It is therefore, most important that you conduct your tenancy in a responsible manner.

Key considerations

  • We cannot guarantee that we will be able to identify a landlord for your specific needs.
  • You will be encouraged to find a landlord yourself. You might find a landlord by looking in the local newspaper, asking a letting agent or by advertising in a shop window.
  • If you will receive Housing Benefit you must let the landlord know during the initial negotiations.
  • If you are due to receive Housing Benefit you must make sure that the rent you have to pay is reasonable. To do this you must make a Pre-tenancy Determination application to your local housing benefit office.
  • The landlord or his agent may ask for both a deposit and a month's rent in advance. They may also ask you to pay a placement, administration or legal fee. The Society will only guarantee the deposit.
  • You will be expected to save to replace the guarantee with a deposit of your own. Continuous access to the deposit guarantee may depend on proof of saving.
  • Please note that the society will not act as an agent for, or as a representative of, either party. We simply facilitate the granting of the tenancy through the guarantee.
  • By signing the Deposit Guarantee Agreement you will have a legal obligation to repay to the Society any monies paid to the landlord or agent under the terms of the guarantee.

Advice and assistance from King Street Housing Society

  • Advice on finding your own tenancy.
  • Assistance with an application for a pre-tenancy determination if you will be in receipt of housing benefit.
  • A Willingness to give information to a prospective landlord or his agent on your behalf during initial negotiations.
  • If you have any questions about the Deposit Guarantee Scheme please contact us on 01223 312294.

 

 

Stonewall, Gay and Lesbian Charity - opens in a new windowBeacon Authority logoInvestor in People logo