Do I have to pay to offer tenants Reposit?
No, Reposit is COMPLETELY free for agents and landlords. We don’t charge agents or landlords to sign-up with us or to offer tenants Reposit. In fact, we actually pay you commission. Aside from the benefit of a new revenue stream, we save agents from spending hours registering deposits and remove the risk of fines for not registering the deposit on time.
Which tenants are eligible for Reposit?
Anyone, who pass referencing checks or who have a referenced guarantor are eligible for Reposit.
Reposit is available for tenants receiving DSS or students with no credit score as long as the landlord/letting agent references a guarantor on the tenant's behalf.
Is the tenant still incentivised to look after the property?
Yes, tenants are still liable for any damages and they will still have to pay any costs at the end of the tenancy, exactly like they would with a deposit. We make the tenant fully aware that we are not offering them insurance when they sign our terms and conditions. If a tenant defaults on any fair end of tenancy charges then Reposit reserves the right to take further action which may affect their future credit rating.
What is covered by a Reposit?
We will always provide eight weeks’ of cover with no hidden clauses. We honour whatever
is in your own contract with your tenant up to the value of eight weeks’ rent. This includes, but is not limited too, any damages to the property or garden, missing items, unpaid rent and cleaning costs.
What’s the process if there are damages at the end of the tenancy?
At the end of the tenancy, after negotiating with the tenant as normal, you log in to your Reposit account, enter in the total claim amount and reason. This will then be sent directly to the tenant(s). Your tenant can pay directly using any card and we pay it across to your nominated account within two working days.
How long does a Reposit last for?
Up to 12 months, but it can be extended after this period if tenants pay a £30 top-up fee every additional 12 months.
How does Reposit work for a joint tenancy or a HMO?
Multiple tenants (up to 20 per property) can be added to a Reposit. The fee amount is equally divided between the number of tenants moving into the property and they 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 non refundable fee (equivalents of one weeks worth of rent).
Is it compulsory that all tenants must have a Reposit if I partner with you?
Not at all, in fact Reposit has to be offered by landlords and letting agents as a choice to their tenants rather than the only option, as it is a non mandatory fee. In some cases the landlord or tenant may prefer to pay a traditional deposit.
How do I convince landlords to allow Reposit on their properties?
We completely understand that your landlords may feel secure if you hold the deposit or put it into a scheme. Which is why we have outlined all the key benefits here.
How can I be sure Reposit will be able to pay damages if the tenant defaults?
If there are any damages or rent arrears, we always try to recover the funds from the tenant first using the bank details they used when they paid their Reposit fee. If this process fails our insurance partner, Canopius, will endeavour to pay out within 28 days.
Who are Canopius?
Canopius are our insurance partner and are one of the top 10 insurers in the Lloyd’s market. If at the end of a tenancy a tenant defaults on a fair payment then Canopius will pay out to the landlord.
How does insurance work with Reposit?
Once the tenant pays the non refundable service charge, equivalent to one weeks rent, the landlord becomes the sole beneficiary of our insurance policy.This policy means that in the event a tenant defaults on a fair payment at the end of a tenancy, Canopius will pay out to the landlord. The maximum claim amount is up to 8 weeks worth of damage and rent arrears.
Reposit is not tenant insurance. They're still liable for damages, rent, cleaning the property, and anything else outlined in your tenancy agreement, which they will still need to pay the landlord back at the end of the tenancy.