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? A 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?
An initial Reposit lasts up to 12 months, but it can be easily extended after this period on your agent or landlord dashboard. If the tenant stays in the property beyond the initial 12 months they will be required to pay an additional £30 top-up fee annually.
Is it compulsory for all tenants to use Reposit?
No. As a non-mandatory fee, Reposit must be offered as a choice to tenants.