In Torbay, we offer a range of options to help people to access and maintain tenancies in the private rented sector including a Deposit Bond Scheme.
The aim of our Bond Scheme is to help people to rent a home in the private sector where they cannot get a deposit together. This provides assistance to people who cannot afford a cash deposit and Landlords/Letting Agents are instead offered a Bond by us replacing the traditional cash deposit.
The Deposit Bond Scheme can help those who are unable to afford the deposit to be able to move into a home in the private sector. The Bond is an agreement between us, the Landlord/Letting Agent and the incoming tenant. This agreement explains the terms and conditions of how and when a claim can be made by the landlord should they need to.
A Bond is not a transfer of cash, but a written guarantee issued to the landlord on behalf of the tenant to cover the deposit for their new home. The maximum value of the Deposit Bond is normally the monthly rent for a tenancy. If the tenant has a pet, this may be enhanced for damage caused by pets on agreement with us.
This Bond will cover the deposit for 2 years, in which time we would expect the tenant to have saved to cover their own deposit under our Tenancy Deposit Savings Scheme. This is explained further in the FAQ’s for tenants and landlords along with further information related to the Bond Scheme.
The Bond is an agreement that the tenant will sign with us. At the start of the tenancy the tenant and their Landlord/Letting Agent must also sign up to the conditions of the Bond agreement with us. This agreement outlines the terms and conditions of the Bond.