Renters will no longer have to pay deposits under new tenancy scheme
There will still be some fees to look out for, however…
Tenants will no longer have to fork out for costly deposits when renting a home under a new tenancy scheme.
The majority of landlords require their tenants to put down a deposit in order to secure a property; on average, renters have to put down a £1,054 deposit to secure a tenancy, according to the Office for National Statistics.
But now, a new scheme launched by rent guarantor Housing Hand could very well be putting an end to expensive deposits.
Their scheme means that working professionals and students alike can move into a property without coughing up hundreds of pounds for a deposit.
Instead, renters will have to pay a £25 joining fee and and a one-off payment for the scheme.
The one-off charge is the equivalent of 20% of one month’s rent to Housing Hand, which is paid in monthly instalments stretched across the length of the tenancy.
For example: If you paid £500 rent a month for twelve months, you would need to pay £100 over one year – which works out at roughly £8.33 a month, plus the £25 fee up-front.
However, there’s a catch; landlords aren’t legally obliged to accepting Housing Hand as a rent guarantor, so there’s no guarantee they’ll agree to waiving a deposit.
Renters will also need to provide personal information in the application, such as proof of identity, proof of address, and evidence that you earn at least 1.5 times your share of the monthly rent if you are a working professional and not a student.
And, while Housing Hand says using the scheme will not affect your credit score, a missed rent payment means Housing Hand would pay the rent on your behalf, something renters would be required to pay back.
Oh, and tenants won’t get the fee they paid to Housing Hand back at the end of the tenancy, though I’m sure we can survive without £25.
However, experts have warned renters about using these type of schemes that offer the option to move in without a deposit.
Generation Rent deputy director Dan Wilson Craw said: “Renters should be careful about using schemes like this as they are not regulated and ultimately cost more than traditional deposit schemes as they aren’t refundable.
“We have heard from tenants who have used other deposit-free schemes and found that after paying for the coverage every month, they move out and are hit by a large claim for any damage or wear and tear that is very difficult to challenge.”
For more information, head over to the Housing Hand website.
NEW OPENING: The North’s first extended stay property is coming to Manchester
Just in case you’re wondering…the hotel is also pet friendly
The North’s first extended stay property is set to open in Manchester city centre and bookings are now open.
The luxurious Residence Inn by Marriott — part of Marriott Bonvoy ® ’s extraordinary portfolio of 30 brands — is set to open its latest UK aparthotel in May, making it the first in Northern England.
This latest addition will mark the brand’s fifth property of its kind with the other four located in London and Scotland.
From the brand renowned amongst airline crews for its ultra comfy beds, Residence Inn by Marriott Manchester Piccadilly offers a prime central location for those travelling into the city for work or play, looking for somewhere stylish to stay with comfort at the forefront.
Situated on Laystall Street, close to the city’s main transport hub and located next door to the hip and trendy areas of Ancoats and Northern Quarter, this opulent hotel has picked the perfect location for potential guests.
The 155-guestroom building will consist of sleek and spacious studios and one-bedroom suites to suit all including solo visitors, corporates, couples, families and friends — ideal for business or leisure.
And, just in case you’re wondering…the hotel is also pet friendly, meaning your furry family members can come along too.
Modern design sweeps through both the individual apartments and communal areas, with the use of warm, neutral tones that strike the perfect balance between feeling at home while away from home.
Every room comes with a fully functional kitchen, featuring microwaves, single ovens, two-ring hobs, refrigerators and dishwashers, with all the cookware you could possibly need to create a home cooked meal. All rooms come with Smart-TVs so you don’t miss your favourite shows.
The glossy new Residence Inn will also have an on-site state-of-the-art gym, self-service communal laundry services, a coffee shop with a ‘grab-and-go’ counter, plus a bespoke grocery delivery service.
And of course, those staying on the higher floors can also expect stunning skyline views across central Manchester.
Unique to the hotel, the centre will be an open-air courtyard, with a stunning outdoor seating area, providing the perfect spot to drink a coffee and read a book. It will also house two prime retail units on the ground floor available to let.
Meeting spaces can be transformed to suit diverse needs, as well as an outdoor seating area for those that like to dine, drink, or work al fresco.
Residence Inn Manchester Piccadilly General Manager, Mustapha Henini said: “We are incredibly excited for the opening of Residence Inn in Manchester Piccadilly. This city is inviting, and our new hotel offers the perfect space for those looking for a spacious stay.”
PHH UK Advisor, Morris Katri, said: “The Ancoats and Piccadilly areas have seen significant redevelopment and investment over recent years, with Residence Inn set to add to the offering available further.
“This hotel will enhance the community with its unique long stay offering and beautiful interiors, plus bring more jobs to the area, boosting the centre’s economic growth.”
Prices start from £135 per night. Bookings for this exquisite new hotel are now open, with rooms available from May 1st. Click here to book your extended stay.
New images of Soho House Manchester released showing rooftop pool and gym
It has a rooftop pool and a gym!
New artist sketches of the exquisite Northern location of Soho House Manchester have now been released — and they won’t disappoint!
Currently being developed on the site of the old Granada Studios, in the St John’s district, Soho House Manchester is one of the most anticipated openings of 2023, and its modern members club will mark the first of the brand’s Northern locations.
You can register your interest now, but for those still holding back for more, you might succumb to persuasion when you hear that facilities will include a luxury rooftop pool, restaurant, chill out areas, work spaces, terraces and upscale bars.
And the new venue will also feature a state of the art gym – great news for all those workout-aholics – with Soho House revealing the entirety of the first floor will be dedicated to ‘an extensive members’ gym’.
Members will be able to workout in style as they make use of a free weights area, boxing zone, studio space, steam and sauna rooms, and an outdoor terrace. Changing rooms will be equipped with high end showers, vanity areas and relaxing ‘lounge spaces for members to unwind after training’.
The website says: “The city has reinvented its industrial past to become an exciting cultural hub, with a rich history in music and the arts and a thriving community of creative industries. Located within the former Granada Studios in the heart of the city, Soho House Manchester will have various spaces for members to eat, drink, socialise and workout.”
We look forward to seeing how plans for Soho House develop over the coming months. You can register you interest in becoming a member on the Soho House Manchester website.
Luxury MediaCity apartments available for as little as £60k under shared ownership
The interior designs for these luxury homes were inspired by the hit Netflix show, The Queen’s Gambit.
The MediaCity High Definition apartments by Latimer are now ready to buy.
Surprisingly affordable, homebuyers could snatch one of these glossy new apartments for less than 60k thanks to a shared ownership scheme.
Prices start from as little as £57,450 (based on a 30% share of £191,500) for a one bedroom apartment under shared ownership, so getting your foot on the property ladder might be more attainable than you thought.
Latimer, the development arm of Clarion Housing Group, has announced the handover of the first apartment block at its flagship £70m HD development in MediaCity, and the first residents have already started moving in.
A total of 100 apartments of the 280 will be available through Latimer’s shared ownership offering.
A shared ownership mortgage will allow people to part buy, part rent one of these properties while increasing their share of ownership over time until they own their property outright.
Some of the unique features for residents to take advantage of include modern and spacious communal areas such as a Club HD terrace lounge, co-working spaces and a multi-function private room – suitable for professionals on their working from home days.
There’s also a 24-hour concierge and audio door entry systems for high-spec security. And if that’s not enough to sway you, the interiors are inspired by the hit Netflix show, The Queen’s Gambit.
The communal area is decked out with comfy beanbags, curved retro sofas, leather reclining chairs, stools shaped like giant chess pieces and wooden tables with their own built-in wine bottle holders. And there’s a cocktail bar complete with wine fridge, as well as pool and table tennis tables.
Paul Walker, National Sales Director at Clarion Housing Group, said: “It’s fantastic to reach another key moment in the life of our exciting High Definition development as we see the first residents make it their home.”
“Straight away, they will be able to get the full High Definition experience, with access to the luxurious residents’ lounge and high spec co-working spaces, which will make the development feel more than just a home, but a vibrant community,” he added.
Overall, 132 one-bedroom, 136 two-bedroom and 12 three-bedroom apartments are available at High Definition. Prices for one-bedroom apartments start at £203,000. Two-bedroom apartments are available from £286,000 and three-bedroom apartments are available from £430,000.
A Second residential block at HD, Aria, is scheduled to handover in February next year.
You can find out more HERE.