What is a Reposit and why is it different to a standard tenancy deposit?
A Reposit is a faster, more affordable way to provide your landlord and letting agent with peace of mind and cover. You simply pay an initial fee equal to one week’s rent instead of up to six weeks’ deposit. The fee isn’t refundable at the end of your tenancy but you can spend the other five weeks of cash on whatever you like - take a holiday, furnish your new home, or start saving to buy your own home.
When you move again, so long as you haven’t caused any damages, kept up to date with the rent, and cleaned the property professionally, you’ll pay a lower Reposit on your new home! Accidents do happen, so don’t worry if something goes wrong. Even if you have broken something, as long as you pay for any agreed deductions you’ll still be eligible for a lower Reposit on your next tenancy.
Is Reposit tenant insurance?
No. You’re still liable for damages, rent, cleaning the property, and anything else outlined in your tenancy agreement. You will still need to pay your landlord back at the end of the tenancy if you do break anything.
Am I eligible for Reposit?
Tenants who pass referencing checks or who have a referenced guarantor are eligible for Reposit.
If you receive DSS or if you are a student with no credit score you can still use Reposit, as long as you have a guarantor to sign with you on your contract.
How long does a Reposit last for?
Up to 12 months, but it can be extended after this period for an additional £30 every 12 months.
What’s the process if there are damages at the end of the tenancy?
If you damage something/forget to hire a cleaner or miss any rent payments, your agent/landlord may put a charge through our system. In this case, we will notify you via email and text and you have a 7 day period to dispute the charge if you disagree. If you agree, great, you will be able to pay right away. If we don’t hear from you after 7 days, we will charge the card you used to pay for your Reposit (please see our Terms & Conditions). If you are having trouble making the payment, please do get in touch and we can work out a plan.
What happens if I dispute the end-of-tenancy charges?
If you don’t agree with the charges raised, the case is sent to arbitration via a third party company with over nine years’ experience in dispute resolution working for the deposit schemes.
Evidence is collected from both parties (copies of the check-out report, inventory, photographic evidence etc.) and the arbiter aims to have a decision within 7 days. This decision is final and Reposit has no influence over this decision.
However, if you dispute the charges and the case if found wholly in favour of the landlord/agent you will also need to pay an additional £120 charge. This is to discourage anyone from disputing fair claims and wasting the landlord/letting agent/Reposit’s time (we haven’t had to charge anyone this yet). No additional charge is levied if the dispute is split between the landlord/agent and tenant.
How does Reposit work for a joint tenancy or a HMO?
Multiple tenants (up to 20 per property) can be added to a Reposit. They each pay their share of the total weekly rent for the property and remain jointly and severally liable for any deductions at the end of the tenancy.
With a HMO, each tenant simply has their own Reposit for their room at the address and pays their own fee of one week’s rent.
OK, I want to use a Reposit on my new flat, how do I ask my agent?
Check your agent would be happy to speak with us, send them our website and then email us with your agents details to email@example.com and we'll get in touch with them.
If I stay in the same property for longer than a year, do I have to buy another Reposit?
After your first year, if you renew the contract or choose to stay in the same property on a rolling contract, you will be asked to pay a small top-up fee of £30 per tenant.