Landlord
The Tenant Fees Act limited cash deposits Landlords could take to 5 weeks’ worth of rent. This limits the amount a Landlord can expect to receive reasonably quickly following resolution of a dispute. Centurion settles all amounts within 2 working days of receiving the required information.
The Tenant is also at a disadvantage as their capital is tied up during their tenancy and if they chose to move properties they cannot use their existing deposit for the new property. This means that the Tenant will often have 10 weeks of rent tied up in deposit scheme.
Centurion provides twice the cover of a traditional deposit at no extra cost to the Landlord. It also ensures that Tenants do not have cash tied up unnecessarily. The Centurian claim process is quick and simple to use with a balanced approach for both parties.
Centurian ADS is not for everyone and you must consider the overall situation.
To use Centurion all Tenants must pass minimum criteria to be ellgible for the offering, which includes affordability and referencing checks. The minimum criteria includes matters such as the annual income being at least 30 times the monthly rent.
Tenants remain fully liable for all dilapidations and rent, along with any other matter noted in the tenancy agreement. Even if Centurion pay the Landlord the Tenant remains responsible and Centurion will pursue the Tenant to recover the amounts.
No the ADS Guarantee is not an insurance policy, the Tenant still remains fully liable for all matters under the Tenancy Agreement.
Centurion ADS Guarantee is an insurance backed guarantee, should Centurion be unable to meet its commitments then the Landlord has recourse to the Insurer.
The use of a third party insurers provides security and peace of mind to Landlords.
No, Centurion must be offered as a choice to Tenants, it is classed as a non-mandatory fee. All Landlords and Tenants must agree to using Centurion. We cannot accept applications where only some Tenants want to use Centurion and the remainder wish to use a traditional cash deposit.
Tenants
After the start of the tenancy the fee payable to Centurion is non-refundable. In addition the fee payable cannot be used to offset the amount payable to the Landlord.
Just like a normal deposit you are liable for all rent and end of tenancy charges. What you may be liable for is included in your tenancy agreement. There is no limitation on your liability.
The difference with Centurion is that you only pay for what you owe at the end of the tenancy, rather than locking up cash for the duration of the tenancy.
Our fee table details all of the fees that may be charged, typically you will pay an initial fee and then annual fee each renewal. There are additional charges should you wish to dispute any end of tenancy charges or change Tenants etc.
The full table can be found here.
You cannot use both a cash deposit and Centurion, should the Tenant select Centurion then they will not be required to provide a cash deposit as well.
Landlords are still required to offer the traditional cash deposit and cannot force Tenants to use Centurion.
Yes, the normal application process will need to be followed and once Centurion ADS Guarantee is in place your Landlord should release your cash deposit.