Reposit is not a deposit, it is an alternative to a cash deposit. Therefore, it works slightly differently.
At the time of signup, you are required to pay a Reposit fee which is the equivalent of one week's rent (split between all tenants - subject to a minimum of £150) as a non-refundable fee so that you don't have to pay a cash deposit which is usually 5 weeks' worth of rent. Additionally, if the tenancy extends beyond 12 months, tenants are required to pay an annual fee of £30, which is shared among all tenants. This annual fee is separate from the initial one-week rent payment and is not a recurring charge for the same amount.
For joint tenancies, the Reposit fee is split equally among all named tenants. The Reposit will remain inactive until each tenant has paid their share through their individual dashboard.
As this fee is non-refundable, it cannot be used against any end-of-tenancy charges the letting agent may raise at the end of your tenancy.
However, Reposit is optional and it is up to you whether or not you want to purchase it. If you need more information in order to make a decision please get in touch with us on live chat or speak to your agent.