Reposit gives tenants a chance to save on upfront moving costs whilst guaranteeing your landlords better end-of-tenancy protection.
Instead of a 5 weeks cash deposit, when purchasing a Reposit, the tenants pay the equivalent of 1 week’s rent as a non-refundable Reposit service charge. In turn, Reposit will add the landlord to an insurance policy guaranteeing 8 weeks’ rent worth of cover instead of the usual 5 weeks.
What’s in it for letting agents? Peace of mind with zero paperwork or fear of late registration fees!
Are tenants still liable for any caused damages?
Yes, tenants are responsible for paying back all charges they have found to be owing at the end of their tenancy.
The tenants are informed of their liability before purchasing a Reposit. Therefore, they will be required to cover any costs for caused damages, rent arrears, or cleaning that have been deemed owing.
How long does a Reposit last?
A Reposit can be set up for any length of tenancy for up to two years. You can continue to extend a Reposit from your dashboard as the tenancy continues.
You can only extend a Reposit two years into the future at any given time. However extending a Reposit is quick and straightforward, please refer to our tutorial which shows you how to do this.
Is it compulsory for tenants to use Reposit?
No, as a non-mandatory fee, Reposit must be offered as a choice to tenants.
If there are multiple tenants, all tenants on the tenancy must agree to use Reposit. There cannot be a split of tenants using Reposit and a deposit on the same tenancy agreement.