We recognise that each tenancy is different which means that traditional deposit schemes might not be for everyone, and that’s ok! We promise to provide a supportive solution for those seeking a replacement to a traditional cash deposit.
You simply pay a small monthly subscription for the duration of your tenancy and, when you move out, settle up with your landlord for any damage or unpaid bills/rent that you may have caused.
Remember, you only have to choose our Deposit Replacement Membership if you WANT to. If you'd rather use a cash deposit that's OK - it should be your choice.
Moving home is one of the most expensive things you can do when renting. When you add the moving costs, first months' rent and the cash deposit together it can become pretty overwhelming.
Our Deposit Replacement Membership will cost most tenants £30 to set up and a small monthly subscription for the duration of the tenancy - starting at just £5 a month (which can be split between the household!). In fact, 9/10 tenants will pay less than £10 per month.
That means you have the option of either a 5 weeks' rent equivalent cash deposit or around one days' rent equivalent Deposit Replacement Membership plus the small monthly subscription.
You are still responsible for everything you would be responsible for with a traditional cash deposit.
That means you must still pay all the rent and bills you agree to in your tenancy agreement. You must also settle up with your landlord if you cause damage to the property, break something in the property or generally leave the property in worse condition. If you have any special clauses in your contract you must also stick to these.
At Ome, we are really big on transparency and fairness. We think it's only fair that you reimburse your landlord for their losses if you break something or don't pay the rent and bills you agreed to at the beginning of the tenancy.
Simple! You can either split the set up fee and monthly subscription between you and your housemates, or one of you can take control of the payments.
If one of you move out earlier than expected you can swap with the new, incoming tenant and they take over the payments. Or, if no one new is moving the remaining tenants can pick up your costs.
When you move out simply let us know by ending the tenancy in our portal.
After you leave the property you and your landlord will be able to discuss any End of Tenancy Settlements that you owe based on the evidence in the Check Out report. If you're happy with the proposed settlements you can pay the landlord and both part ways.
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Sometimes tenants and landlords need a little help reaching an agreement, and that's OK! We're here to help.
Our world class Resolution Team have been resolving deposit disagreements for mydeposits since 2007 (one of the traditional Government authorised tenancy deposit schemes).
You can find more about our Resolution process on our Resolution page.
Often when purchasing a new property a landlord has the option to pay with cash or to use an option to spread the load and improve their personal cash flow .By offering Ome's Deposit Replacement Membership alongside a traditional deposit you can give your tenants the same opportunity to manage their finances in a way that better suits their circumstances. Tenants who opt for the Deposit Replacement Membership can manage their cash flow by paying small monthly subscriptions whilst contractually agreeing to reimburse you to the same level as a traditional deposit. A happy tenant is a happy landlord.
When a tenant creates their Deposit Replacement Membership they contractually agree to reimburse landlords of their losses. We also contractually agree to cover those losses and directly reimburse the landlord if the tenant fails to pay the money their owe. We're also part of the Hamilton Fraser Group, a family of leading letting industry brands that include government authorised brands such as mydeposits, Property Redress Scheme and Client Money Protect.
The law requires you to always offer a traditional deposit alongside our Deposit Replacement Membership. Tenants must always be given the choice. We also ask that you make sure your tenants meet our minimum referencing criteria and conduct Check In and Check Out reports - things good landlords do anyway. Other than that, you just need to invite your tenants from your portal! No need to protect the deposit, no issuing of Prescribed Information within a time frame and no risk of fines of up to three times the deposit plus the deposit itself!
When they move out simply let us know by ending the tenancy in our portal. After they leave the property you and your tenant will be able to discuss any End of Tenancy Settlements that they owe based on the evidence in the Check Out report. If they're happy with the proposed settlements they can pay you and both part ways.
Sometimes tenants and landlords need a little help reaching an agreement, and that's OK! We're here to help.Our world class Resolution Team have been resolving deposit disagreements for mydeposits since 2007 (one of the traditional Government authorised tenancy deposit schemes).You can find more about our Resolution process on our Community page.
Don't fret! If, even after our Resolution Team decides the tenant owes you some/all of your End of Tenancy Settlements, they do not pay you we will step in and make sure you receive the money you are owed. Tenants contractually agree to reimburse us should such a situation arise and therefore we'll take over the responsibility of reclaiming the money from the tenant, by legal means if necessary. This means you can continue to be a great landlord and we'll sort everything else out on our end.
A healthy business runs on solid, positive cash flow. Sometimes when cash is tight it can be a struggle to meet your financial commitments. Being a tenant is not much different. So a property that encourages tenants to manage their money in a way that is suitable for them is extremely appealing. By offering Ome's Deposit Replacement Membership alongside a traditional deposit you can give your tenants the opportunity to manage their finances in a way that better suits their circumstances. Tenants who opt for the Deposit Replacement Membership can manage their cash flow by paying small monthly subscriptions whilst contractually agreeing to reimburse the landlord to the same level as a traditional deposit.
When a tenant creates their Deposit Replacement Membership they contractually agree to reimburse landlords of their losses. We also contractually agree to cover those losses and directly reimburse the landlord if the tenant fails to pay the money their owe. We're also part of the Hamilton Fraser Group, a family of leading letting industry brands that include government authorised brands such as mydeposits, Property Redress Scheme and Client Money Protect.
The law requires you to always offer a traditional deposit alongside our Deposit Replacement Membership. Tenants must always be given the choice. We also ask that you make sure your tenants meet our minimum referencing criteria and conduct Check In and Check Out reports - this is your responsibility to your landlords anyway. Other than that, you just need to invite your tenants from your portal! No need to protect the deposit, no issuing of Prescribed Information within a time frame and no risk of your landlord receiving fines of up to three times the deposit plus the deposit itself if you get it wrong!
When they move out simply let us know by ending the tenancy in our portal. After they leave the property you and your tenant will be able to discuss any End of Tenancy Settlements that they owe based on the evidence in the Check Out report. If they're happy with the proposed settlements they can pay you and both part ways.
Sometimes tenants and landlords (and agents!) need a little help reaching an agreement, and that's OK! We're here to help. Our world class Resolution Team have been resolving deposit disagreements for mydeposits since 2007 (one of the traditional Government authorised tenancy deposit schemes).You can find more about our Resolution process on our resolution page.
Don't fret! If, even after our Resolution Team decides the tenant owes your landlord some/all of the proposed End of Tenancy Settlements, they do not pay you we will step in and make your landlord receives the money they are owed. Tenants contractually agree to reimburse us should such a situation arise and therefore we'll take over the responsibility of reclaiming the money from the tenant, by legal means if necessary. This means you can continue to be a great agent to your landlord and other tenants and we'll sort everything else out on our end.
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