What is a Reposit and why is it different to a standard tenancy deposit?
Reposit is a tenancy deposit alternative. Tenant’s pay a one week non-refundable service charge to Reposit to provide Landlord’s eight weeks of end of tenancy protection.
But how can we offer Tenant’s such a cost effective solution whilst providing the same level of security to Landlords?
When you pay your service charge, equal to just one weeks rent, we add your Landlord as a beneficiary to our insurance policy underwritten by Canopius, a global Lloyd’s of London Syndicate.
Just as you do now, you remain liable for any unreasonable damage or rent arrears at end of tenancy, but our insurance means that if a tenant defaults on fair payment at end of tenancy, our insurance will pay the Landlord. If a tenant does not reimburse fair monies, Reposit reserve the right to pursue this further and affect the tenant’s credit ratings.
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, however you will need to obtain a satisfactory guarantor to pass referencing on your behalf.
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, which is split between the number of tenants in the property.
What’s the process if there are damages at the end of the tenancy?
If your landlord or agent decides to submit a claim on the Reposit at end of tenancy, you will receive an email notifying you. You have 7 days from them initially submitting the claim to either agree or dispute.
If you agree, you simply pay the charge directly through our platform and we will ensure your Landlord/Agent is reimbursed within 48 hours of receiving your payment.
If you decide to dispute you will be given the opportunity to provide your counter argument and any proof through the Reposit platform. This will then be sent off to the third party adjudicator for their review. This service is free unless the adjudicator finds the claim to be wholly in the landlords favour. In these cases, a charge of £120 will be added to the balance you owe.
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 ten 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 14 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.