Tue 29 Jan 2019
If you have a pet, like many people do across Norfolk, not only will you know how important they are to family life, but also how restrictive they can be when looking for the next family home.
Changes in legislation
New legislation due to come into effect on 1st June 2019 intends to cap the amount landlords and letting agents can request as a damage deposit to five week’s rent. This reduces the amount of protection for landlords from the current industry standard of six weeks. Not only will landlords have less protection, but it has the real potential to make renting with pets even harder.
Currently people with pets often have to compete with potential tenants that don’t. At Sowerbys, we always want to advise our landlords to asses every application on merit and choose the best tenants possible. If tenants have pets, we can work with them to propose higher deposits and additional cleaning clauses to allow the landlord to move forward confidently with the best tenants and their four-legged friend.
With the impending cap on deposits, it takes from potential tenants the ability to differentiate themselves and find solutions. Landlords will be less likely to agree to higher levels of potential risk associated with pets and ultimately rents could rise on properties that do with decreased supply and higher demand.
Options for pet owners
At Sowerbys, we are always looking at ways to provide both landlords and tenants with exceptional levels of service across Norfolk. In order to support tenants and landlords moving forward after the cap on deposits we, are talking with our recommended insurance provider to ensure we can offer tenants and landlords suitable pet specific insurance policies.
Additionally, we continue to offer an alternative deposit scheme with flatfair. The flatfair membership costs tenants a non-refundable 1 weeks’ worth of rent in return for 12 weeks’ worth of cover for the landlord - more than double the protection of the soon to be capped traditional deposit. The inventory, check out and adjudication process remains the same, with tenants responsible for lawful claims against them.
We feel choice is important and both parties can benefit including those tenants looking to rent with pets. Properties with flatfair membership have been shown to let faster and attract up to 30% more enquires. With the average deposit costing £1,400, it allows tenants from all financial backgrounds to work smarter with their money. In addition to the increased cover, landlords benefit from an open and transparent platform which results in quicker resolutions and payments than previously seen. To find out more regarding Flatfair and how it could help please click here.
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