1. Who are Blinc-UK?
Blinc-UK are a company specialising in letting services with our core business being tenant referencing, we have been trading since 2008
2. Who pays for the Deposit Replacement and how much does it cost?
The Blinc DRS is FREE to landlords and letting agents, the cost is paid for by the tenant(s)
3. Is this product safe?
Yes. The Blinc DRS is a guarantee, not an insurance product, however Blinc purchase an insurance policy for each DRS where the the insurer has a Standard & Poor’s A+ rating. This insurance is fully regulated by the FCA (Financial Conduct Authority) and covered by the FSCS, so Blinc are able to look to the FSCS if the insurer were to fail. The Landlord and Letting Agent are also added to the insurance as a beneficiary, meaning you can claim directly from the insurer if Blinc are not available.
4. Will the tenants still have a desire to maintain the property?
Yes. By joining the scheme, tenants are deferring the cost of the charges until the end of the tenancy, but they remain liable for all charges made at the end of the tenancy. If they do not pay the amount due, Blinc will pay and chase the tenant for payment separately
5. Who pays for damages and outstanding rent at the end of the tenancy?
The tenant pays at the end of the tenancy any amount due, if they do not make payment when required, Blinc will pay you and we then chase the tenant for payment separately
6. Why should I accept a DRS in place of a traditional deposit?
By accepting a deposit replacement you still get more security than a traditional deposit as our standard DRS is for 8 weeks (most traditional deposits are 6 weeks), there is also an option for 12 weeks if you require additional security. By offering the DRS you make your property more attractive to potential tenants who don’t need to tie up large sums of money whilst in your property, you also gain assistance from Blinc at the end of the tenancy in agreeing deductions with the tenant(s)
7. How do I join?
If you want to offer your property with a Blinc DRS simply get in touch with us, we will send you our terms and conditions, then once you have found a tenant they purchase the DRS online and we provide you with the confirmation document. It’s that simple
8. Do I still need to register with the Deposit Protection Schemes?
No. The Blinc DRS is not a deposit, you will be granting the tenancy with a Nil Deposit and accepting the Blinc DRS in place of this
9. Do Blinc need to reference the tenants for this service?
No. Whilst we do offer a tenant referencing service, you do not need to use Blinc for the referencing, however tenants will need to meet minimum referencing criteria
10. Who decides if my charges are accepted at the end of the tenancy?
If the tenant does not agree to the charges then the case is passed to our independent adjudicator HF Resolutions Ltd who will make an unbiased decision on the charges, their decision is final
11. Do I still need to take a Deposit?
No, the Blinc DRS replaces the need to take a traditional deposit from your tenants