Lettings agency Haart says it will return up to £20m in deposits to existing tenants if they sign up to a deposit alternative service run by the company Flatfair.

Haart partnered with Flatfair last April to provide new tenants with the option of paying a one-off ‘membership fee’ equivalent to one week’s rent plus VAT.

The Flatfair scheme gives landlords up to 12 weeks’ protection against rent arrears and dilapidations. 

Now Haart is extending the scheme in what it describes as the UK’s biggest-ever ‘deposit return’ campaign. 

Existing tenants would receive their deposit money back in full within 30 days of their Flatfair membership going live. 

“It’s more important to us than ever that we offer landlords the highest level of protection on the market and that’s exactly what Flatfair provides, while benefiting tenants at the same time. It’s a win-win” says Spicerhaart chief executive, Paul Smith. 

The average tenancy deposit comes in at £1,407 across the UK as a whole or £1,536 in London.

“We hope to put millions of pounds that are pointlessly locked away back in the pockets of tenants across the UK, while providing landlords with the cover they need” says Flatfair chief executive, Franz Doerr. 

Flatfair says that under its scheme landlords can charge tenants directly for any lawful claims at the end of their tenancy, while benefiting from protection which is the equivalent of 12 weeks’ worth of rent.