Walsall deposit help from rent bond scheme

Landlords in the private rented sector in Walsall as well as prospective tenants can get deposit help from a scheme created by the council. The local government officials provide assistance to families in poverty, older people, jobless, and the disabled as part of the Landlord Bond Scheme. The aim is provide some form of financial help to families on a low income so that they can afford to move into a flat or home.

This agreement needs the approval of multiple organisations. The property owner, prospective tenant and the Homeless Prevention Officer from the Walsall Council all need to agree to the bond guarantee scheme. If one or more of these groups does not approve, then the bond will not be an option.

Benefits to landlords in Walsall

The assistance is a form of financial help. While no cash is provided to either the tenant or landlord, the written agreement from the council will mean that the government is responsible for paying for any damage to the property at the end of the tenancy agreement. This will help encourage a landlord to let to a formerly homeless person. It also reduces the risk of the landlord’s in letting to a person with poor credit or a low income.

The bond scheme will also make the council responsible for paying any rental arrears. So if a tenancy agreement is agreed to by all parties, and if the tenant falls behind on their rent in the future, then the authorities from the Walsall council will make the property owner whole. This was set up to further reduce the risk to the landlord, and it may encourage more property owners to let to a family on a low income.

Other costs will be paid by the Walsall bond as well. There will be financial help given to the landlord in the private sector for any uninsured damage or loss to the house or its contents that need to be listed on the inventory as part of the tenancy agreement. This can pay for any room that the family is letting from the property owner.

There are other reasons for a property owner to use the Private Landlord Bond Scheme. They include the increased income for the owner. As they will now have more prospective tenants over a period of time, and the rent will be guaranteed by the council. So the income coming into the property owner will be higher. So long term lets can also be guaranteed by the deposit scheme.

Since any damages (beyond normal wear and tear) will be paid for by the Walsall Council, there will also be a free tenancy inventory completed by the authorities. This is done both before and after the tenancy agreement. So all conditions are documented. In addition additional financial assistance is needed by the individual, then help is given by a combination of the Walsall crisis support scheme as the credit union.

Applying for deposit help in Walsall

The landlord and prospective tenant need to agree to proceed. There are several criteria. One of the major barriers is that the Bond Guarantee Scheme will not pay the deposit or damages for any Housing Association landlord; this is only for private sector housing. Also the tenancy agreement is for a fixed 12 month period of time.

The property owner will also need to agree to be part of the Midland Landlord Accreditation Scheme (MLAS), and the flat or home will be inspected by the council’s Housing Standards Officer. On the other hand, the tenant needs to join the credit union in Walsall, where they can learn about financial aid for bills, savings, and other counselling. If the property is not safe to live in, the the landlord needs to complete any improvements (at their own expense) to make the home safe. If able to proceed, an application pack will need to be completed.

There are two ways to apply for the rent deposit guarantee. Ring the Homeless Prevention Officer, who is at the Walsall Council centre (telephone 01922 653439) or drop in the talk to the Housing Options Team. Their post is Walsall Council, Supported Housing, 2nd Floor Civic Centre, Darwall Street, Walsall, WS1 1TP.