As the letting agent, there are no costs associated with Reposit for using our service, nor are any costs for the landlord of the property.
All costs towards Reposit are paid by the tenant, these costs are:
- Reposit fee
The cost of the Reposit is equal to one week’s rent. This fee is split equally among all tenants named on the Reposit and must be paid prior to their move-in date.
As an example, if the rent is £500, the Reposit fee will be £115.38. If there are two tenants named on the Reposit, each tenant will be required to pay £57.69.
The Reposit fee is for the use of our services and therefore non-refundable at the end of the tenancy. As the payment is a service fee if any charges have accumulated during the tenancy, the Reposit fee will not be used to offset this cost.
- 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 split equally among all tenants named on the Reposit.
The whole fee is applicable regardless of how long the tenants remain in the property after the 12-month anniversary date.
- Tenant swap fee
If you add an incoming tenant to an existing tenancy, they will be required to pay a £50 fee to be added to the Reposit.
They will not be required to pay the Reposit fee (mentioned in the first point) in addition to the tenant swap fee.
- Dispute fee
If you as the agent submit any end-of-tenancy charges against the tenants, they will have the option to accept or dispute these. If they choose to dispute, the case will undergo Alternative Dispute Resolution (ADR)
If the tenants wish to dispute the charges they will be required to pay a £60.00 fee to register their dispute to stop any unscrupulous disputes.
Renewing a Reposit
There is no cost to extend or renew a Reposit. There is simply the annual fee the tenants will be required to pay every 12 months they remain in the property.
If the tenants are on a 6-month rolling contract, you can extend the Reposit if the tenants choose to stay in the property. They will only be charged the annual fee if their tenancy surpasses a 12-month period. An annual charge will then continue to apply every year on the anniversary date and then for every 12 months they remain in the property.