What is Reposit?
What is Reposit?
Reposit is a deposit alternative scheme that allows tenants to pay a non-refundable fee equivalent to one week's rent (subject to a minimum £150), instead of a traditional five-week cash deposit. In return, landlords and agents receive protection of up to eight weeks' rent for any end-of-tenancy charges.
Is Reposit refundable?
Is Reposit refundable?
No. The Reposit fee is a non-refundable service charge paid in exchange for lower upfront costs by using the deposit alternative.
Will the Reposit fee be deducted from any end of tenancy charges?
Will the Reposit fee be deducted from any end of tenancy charges?
No. At the end of the tenancy, tenants remain liable for any end-of-tenancy charges. Any fees paid to Reposit cannot be used against the end-of-tenancy charges.
Is Reposit compulsory?
Is Reposit compulsory?
No. Tenants must be offered Reposit as an option alongside a traditional cash deposit. If multiple tenants are on the tenancy agreement, all must agree to use Reposit. A mix of Reposit and traditional deposits is not permitted.