Reposit gives tenants a chance to save on upfront moving costs whilst guaranteeing your landlords better end of tenancy protection.
Instead of a 5 weeks’ deposit, when purchasing a Reposit, the tenant pays the equivalent of 1 week’s rent as a service charge. In turn, Reposit will add the landlord to an insurance policy guaranteeing 8 weeks’ worth of tenancy cover (instead of the usual 5).
What’s in it for letting agents? Peace of mind with zero paperwork or fear of late registration fees!
Are tenants still liable for any caused damages?
Yes, tenants are made aware of their liability prior to purchasing a Reposit. They will be required to cover any costs for caused damages or rent arrears.
How long does a Reposit last for?
The Reposit can be set up for any length of tenancy for up to two years, initially. You can then continue to extend the Reposit from your dashboard as the tenancy extends.
You can only extend a Reposit two years into the future at any given time. However extending a Reposit is quick and simple, please refer to our tutorial which shows you how to do this.
Is it compulsory for tenants to use Reposit?
No. As a non-mandatory fee, Reposit must be offered as a choice to tenants.
However, if there are multiple tenants on a Reposit, they must either all opt in to use Reposit, or all opt in to use a deposit. There cannot be a split of tenants using Reposit and a deposit on the same tenancy agreement.