13 September 2018
The property management company Rushbrook & Rathbone have recently launched a new tenancy deposit replacement product aptly named Property Protect, which was authorised by the Financial Conduct Authority (FCA).
Property Protect has been launched in line with the tenant fee ban, making it unlawful to charge tenants for referencing, inventories, and admin fees; changes which are due to implemented next year.
The product is included as an element of the landlord’s insurance package, which consists of rent and legal protection, tenant referencing, protection of property damage, monitoring of tenant’s credit.
Property Protect includes deposit protection and is the first alternative product to eliminate the requirement of a tenancy deposit, therefore tenants are only required to pay the prescribed rent.
The Head of Product and business development at Rushbrook and Rathbone, Rona Shama discussed the prospects of Property Protect, stating:
“We believe this will be very appealing to a lot of tenants, but crucially there is no risk to the landlord.
Packing the four most important protection elements together significantly reduces moving in costs for landlords and tenants, meaning tenants can move in more quickly and landlords can reduce void periods.”
She also proposed that Property Protect solves the biggest hinderance for tenants by removing upfront fees, making the moving in process more efficient.
This article is provided free of charge for information purposes only. It does not constitute legal advice and should not be relied on as such. No responsibility for the accuracy and/or correctness of the information and commentary set out in the article, or for any consequences of relying on it, is assumed or accepted by any member of the law firm.
To find how our friendly and knowledgeable solicitors can help you, contact us today.
Make a free enquiry - Call now - 0151 659 1070
