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Agent FAQs.

Everything agents need to know about flatfair.

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    • What is the flatfair platform?

      The flatfair platform is the only tech solution where you can set up your deposit-free alternatives, deposit registration (via mydeposit) and conduct instant referencing (via HomeLet) all under one roof.

      Our core product is a simple, safe and affordable alternative to tenancy deposits. Instead of an expensive upfront cost, tenants simply pay a small one-off membership fee per flatfair tenancy, which costs one week’s rent (+ VAT) split evenly between each tenant moving in. They’re still liable to cover the cost of any end of tenancy charges (like damages or rent arrears), just like regular deposit schemes. But unlike traditional schemes, which only provide five weeks of security, flatfair provides up to 12 weeks of protection.

      We also help to settle any end of tenancy charges quickly, fairly and securely, whilst protecting everyone through the Independent Dispute Resolution.

      Agents using flatfair benefit from faster lettings, stronger safeguards and happier customers – all of which contribute to attracting more landlords.

    • How does flatfair’s deposit-free renting differ from a traditional deposit?

      By removing the need for tenants to pay an expensive upfront deposit, flatfair gives landlords a competitive advantage: properties become more affordable and attractive to more tenants – reducing voids.

      We also help to speed up the end of tenancy process when it comes to charges and disputes. This saves agents time and effort when coordinating the dispute process over lengthy email chains.

      Tenancy deposits are now capped at five weeks' rent, however flatfair allows landlords to propose end of tenancy charges for up to the value of 12 weeks' rent (with up to six weeks for rent arrears). Any charges can be recovered by flatfair with no extra cost to your landlords. The result? Your landlords are in pocket faster with more protection.

    • Why is flatfair better than an insurance product?

      Unlike other deposit alternatives, flatfair is NOT an insurance product. This is a big advantage for agents as there’s no risk of unknowingly mis-selling a financial product and incurring a hefty fine. It’s a big advantage for landlords too, because this means they won’t have to worry about whether an insurance company might try to avoid paying out or having to go through a nightmare claims process.
    • How much protection does flatfair offer?

      Tenants still need to pay for any lawful debts, and if they don’t, flatfair is able to offer up to 12 weeks’ protection for landlords. For any rent arrears or damage to the property, we may offer to purchase the debts owed to the landlord of up to 12 weeks’ rent (with up to six weeks for rent arrears), amongst other options. The options we offer are determined in our discretion, but historically we have taken on the recovery of landlord debt in the vast majority of cases'.
    • How much does it cost to join flatfair?

      For agents and landlords, joining flatfair is free. See our Help Centre for more information about the signup process.
    • How can I tell my landlords about flatfair?

      We’ve got a load of comprehensive resources so you can tell your landlords all about flatfair. These include:

      • Regular webinars
      • E-learning materials
      • In-person training

      And thanks to our integration with mydeposits, you’ll find traditional deposits and flatfair's deposit alternative all under one roof. This means that your landlords are free to choose the service they prefer.

      Here are the additional benefits of our deposit alternative:

      • Extra protection of up to the value of 12 weeks’ rent (with up to six weeks for rent arrears), with optional free recovery in the unlikely event that the sum of 12 weeks doesn’t cover the amount owed
      • Fewer voids and access to a larger group of tenants
      • Faster payouts in case of end of tenancy charges

      If you need any more info on how to talk to your landlords about flatfair, you can contact your account manager directly so they can supply you with a detailed how-to guide.

    • Why is settling disputes easier with flatfair than a traditional deposit?

      The end of tenancy process at flatfair is smart and simple, making it easier for both landlords and tenants to come to an agreement without the need for lengthy email chains.

      As a technology payment platform, flatfair invoices all tenants equally for the full amount of the proposed charges. If the tenant doesn’t agree, they can counter the proposed charges and negotiate until an agreement is reached. Automated email notifications keep both sides up to date on the status of the dispute, making the process much more informative and efficient than traditional deposit disputes.

      And if negotiations aren’t progressing? Either party can decide to formally dispute the end of tenancy charges and send them to our Independent Dispute Resolution adjudicators for an impartial and final decision, which are resolved within a maximum of 28 days.

    • How does flatfair work with the Tenants Fee Act 2019?

      On June 1, 2019, the Tenant Fees Act was introduced into UK law and bans most letting fees and caps tenancy deposits paid by tenants in the private rental sector in England. The Act aims to reduce the costs that tenants face at the start and duration of their tenancy.

      The reason for this was so tenants can have full transparency on what renting a property costs them without any additional hidden costs.

      Luckily, flatfair membership is not subject to the Act, as our deposit alternative option is optional for tenants. It’s a one-off cost with no fees for renewing or extending a tenancy.

    • What is the deposit cap?

      The Tenants Fee Act 2019 introduced a maximum amount a tenant can pay for a security deposit. Tenants cannot be asked to pay more than five weeks’ worth of rent if the annual rent is less than £50,000, or six weeks’ rent if the annual rent is more than £50,000.

      This stops landlords being able to demand eight to ten week deposits for tenants who own pets.

    • Is flatfair regulated?

      As a non-insurance based deposit alternative, the FCA innovation hub along with a government backed dispute resolution scheme advised that flatfair wouldn’t need FCA insurance regulation.

      Our innovative technology payment solution lets tenants and landlords move away from traditional deposits, meaning end of tenancy charges are easier than ever. And to add an extra layer of protection, flatfair is also insured by A-rated financial institution, who are themselves FCA regulated and protected by the FSCS.

      All of this ensures flatfair is safe and secure for agents, landlords and tenants.

    • Am I able to extend a flatfair membership if the tenancy agreement has been extended?

      When a tenancy agreement is extended, you can easily extend the term of the flatfair membership via the portal, you will just need to add the reason for the extension and details of any change of circumstances.If the flatfair membership was created before 1 December 2019, you will also need to provide an updated tenant referencing report to demonstrate that the flatfair eligibility criteria have been met.
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