What is Leiguskjól?
Leiguskjól is a rental guarantee service which enables renters to rent deposit-free homes. In Iceland, landlords often demand insurance worth 3 months of rental payments upfront which can be difficult to sustain. Leiguskjól covers that amount by issuing a rental guarantee as stated in the 40th article of the Rental Act (no. 36/1994).
Instead of paying deposit to the landlord or to a separate bank account, the renter gives the rental guarantee form Leiguskjól to the landlord. Rental guarantees come with affordable monthly payments which depend on the amount of the guarantee. Rental guarantee is safer form of guarantee because the landlord has to claim via Leiguskjól instead of unilaterally decide if he pays it back or not by the end of the leash.
Leiguskjól makes sure both landlords and renters follow the Rental Act when it comes to deposits or guarantees. In case of a dispute, Leiguskjól can offer legal advice in order to solve the issues quickly.
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