Rent deposit help is available in the Lambeth borough from a scheme that is run in partnership with the council, landlords, and tenants who need assistance. The Home Finder Deposit Guarantee scheme is the main programme for helping prospective tenants pay the rent deposit on a property in the private sector.
There is help for applicants that do not have cash, that are on benefits or government welfare, and that do not have children either. Of course, applicants also need to be local to the Lambeth council. The applicant needs to have some source of income to pay the future rent on the home or flat. If needed, the Lambeth council as well as citizens Advice can help tenants as well if needed.
Applications are processed by the council at the housing centrea. But the assistance is for private sector homes. It will not pay for council housing.
Since the financial help is for the private sector, the schemes requires that the landlord also participate. As they need to agree to the Lambeth Council certificate guarantee. The landlord does not get cash from the council, but rather the certificate guarantee will be used in case the tenant damages the home or they do not pay future rent.
The landlord is key to the Home Finder Deposit Guarantee. As they are most at risk from renting a property. The property owner needs to be comfortable in dealing with the council as the Lambeth authorities will be the one to pay for any fixes to the home or future rental arrears that the tenant may incur.
The council will also prospective tenants find a new home. As they have a list of properties in the private sector housing market that the landlords agree to participate in the Home Finder Deposit Guarantee scheme. But even if the council’s housing authority helps the tenant find a home or flat, the property owner still needs to agree on a one off basis.
The scheme is also good for landlords too. The reason being is it can help them find a tenant for a home, thereby maybe increasing their income as the property will not be vacant. In addition, since the Home Finder Deposit Guarantee will pay for the repairs to a damage property, or it will pay for any missed rent payment, the landlord has less risk in renting the property. The landlord is covered if any bad, or even the worst possible income, occurs to their property.
In addition to eliminating risk and helping to increase the income of the landlord, the Lambeth Council works with the tenant on long term housing stability. They will help tenants find a job r more pay, address credit or debt arrears, offer budgeting and money saving workshops and give other help. All of this will help make the tenant more financial stable.
It is run by the council. They provide information as well as applications from the Lambeth housing advice centre. Call them at 020 7926 4200.
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