Choosing Reposit as an alternative to the traditional deposit system can offer tenants greater financial flexibility at the beginning of a tenancy. However, it’s important to understand how the product works to ensure a smooth experience. Below are five common areas of confusion tenants may encounter, along with practical guidance on how to avoid potential issues.
1. 🧾 Understanding the Reposit Service Fee
Reposit charges a non-refundable service fee equivalent to one week’s rent. This fee covers the cost of providing and administering our deposit replacement service. It’s important to note that this is not a refundable deposit and should not be factored into your end-of-tenancy budget as money that will be returned.
2. 🛡️ Clarifying Reposit’s Role: Not Tenant Insurance
Reposit is not a form of tenant liability insurance. While tenants benefit by avoiding an upfront 5 week cash deposit, they must pay for any arrears, cleaning fees or damages raised against them at the end of the tenancy. Tenants will have an opportunity to raise a formal dispute with an independent third party adjudicator should they doubt the reasonableness or legitimacy of the charges.
3. 🤝 Joint and Several Liability in Shared Tenancies
If you are entering into a joint tenancy, you and your housemates share full responsibility for the tenancy as a group. This means that if one tenant fails to pay their portion of the rent or causes damage, the others may be held liable. It’s essential to establish clear communication among housemates from the outset. Group messaging apps, such as a Whatsapp can help ensure everyone is aligned on responsibilities and aware of any potential charges that may arise at the end of the tenancy.
4. ⏰ Responding to End-of-Tenancy Charges Within 7 Days
At the end of the tenancy, if any charges are proposed by your landlord or agent, you will have seven days to respond. If no response is received within this timeframe, the charges will be deemed accepted. To avoid any misunderstanding or unwanted liability, be sure to monitor your Reposit dashboard regularly, and respond promptly to any notifications. You will also be notified via email of any new activity on your Reposit dashboard.
5. 🛠️ How to Address Issues If They Arise
If you've encountered any of the issues mentioned above, there are steps you can take to resolve them:
Service fee misunderstanding: While the fee is non-refundable, remember it replaces the need for a full upfront deposit, potentially freeing up funds at the start of your tenancy.
Liability clarity: Review your tenancy agreement carefully. If you’re unclear about your obligations, your landlord, letting agent or Build to Rent operator can provide clarification.
Joint liability concerns: Open communication is key. If issues arise with a housemate, address them early to prevent complications later.
Missed deadlines: If you're unable to meet the 7-day response period, contact Reposit’s support team promptly. Extensions may be possible with agreement from your landlord, agent or Build to Rent operator.
Disputing charges: If you wish to challenge proposed charges, you can submit a settlement proposal. If that is not accepted, you have the option to initiate a formal dispute process. A £60 adjudication fee applies, but it is refundable if the adjudicator does not fully uphold the agent, landlord, or Build to Rent operator’s claim.
🧭 Tips for a Smooth Tenancy Experience
📅 Set Calendar Reminders: Track key dates such as your tenancy end date and any deadlines for responding to charges.
📸 Keep Documentation: Maintain records such as photos, receipts, and correspondence throughout your tenancy.
📞 Stay in Touch with Your Agent or Landlord: If you experience financial difficulty or need to discuss any issues, early communication is crucial.
📄 Know Your Agreement: A thorough understanding of your tenancy agreement will help prevent surprises later on.
Reposit is designed to make renting more accessible by offering an alternative to traditional deposits. By staying informed and proactive, tenants can ensure a positive experience throughout their tenancy. 🏡✨