A Reposit is an alternative to the traditional tenancy deposit. With a deposit, the tenant pays a lump sum (usually six weeks’ rent) which the landlord or letting agent is legally obliged to register with a deposit scheme (see The Housing Act 2004).
With Reposit, the tenant pays us a service charge, equal to just one week’s rent. The tenant is still liable for any damages up to 8 weeks’ rent value and if there are any fair end of tenancy damages or rent arrears, the tenant is expected to reimburse this directly to the landlord through out simple online platform. However, in the event that a tenant defaults on fair payment, our insurance partners, Canopius will step in to pay the damages to the landlord.
Properties with Reposit often have lower void periods as the property is more affordable and tenants can move quickly rather than waiting to receive their previous deposit back.
The process is super simple and all done online!
If you are a private landlord it takes just 5 mins to sign up and create a Reposit.