Joint tenancy agreement
Reposit fee
The Reposit fee, equal to one week’s worth of rent (subject to a minimum of £150) will be split equally between the number of tenants.
For example, if the rent is £500 per calendar month, with one week's rent being £115.38, then the Reposit fee will be £150. If there are two tenants named on the Reposit, each tenant will be required to pay £75.
In another scenario, if the rent is £1500 per calendar month, the Reposit fee will be the equivalent of one week's rent at £346.15. If there are three tenants named on the Reposit, this fee will be divided by 3, and each tenant will pay £115.39.
Multiple tenants (up to 20 per property) can be added to a Reposit. The fee amount is equally divided between the number of tenants moving into the property and they remain jointly and severally liable for any deductions at the end of the tenancy.
Annual fee
The tenants will be required to pay an annual fee every 12 months they remain in the property. This fee is £30 and is will be split equally among all tenants named on the Reposit.
End of tenancy charges
When you submit end-of-tenancy on a Reposit with more than 1 tenant, all tenants will be jointly and severally liable for all charges. You cannot submit specific charges against specific tenants.
Individual tenancy agreement
With an individual tenancy agreement or HMO, each tenant will have their own Reposit linked with their particular room as long as they have individual tenancy agreements. Their Reposit fee will equal one week’s rent (subject to a minimum of £150) of their room's cost.
Periodic tenancies
For tenancies where the tenant is on a 6-month rolling contract, when creating the Reposit, enter the end date as 6 months from the tenancy start date. If the tenant chooses to stay on in the property on a rolling basis, then you can extend the Reposit in two ways:
Either month-on-month as the tenancy continues, or
For a further 6 months on your dashboard