Joint tenancy agreement
The Reposit fee (equal to 1 weeks’ worth of rent) will be split equally between the number of tenants.
For example, if the monthly rent is £1500 and there are three tenants on a joint tenancy, each tenant would pay £115.39 to equal the total £346.15 (which is the equivalent to 1 weeks’ rent).
Each tenant remains jointly and severally liable for any deductions at the end of the tenancy.
Individual tenancy agreement
With an individual tenancy agreement or HMO, each tenant will have their own Reposit linked with their individual room. Your Reposit fee will be equal to one weeks’ rent of your room cost.
If you are on a 6 month rolling contract, your agent can extend your Reposit if you choose to stay in the property. You will only be charged the extension if your tenancy surpasses the initial 12 months.