The question is why wouldn’t you? With Reposit you receive 8 weeks’ worth of tenancy cover which is 3 weeks more than a cash deposit - completely free of charge to you!
You will also benefit from more interest in your properties and faster lets since tenants won’t need to pay for a hefty lump sum deposit to move in. Not to mention you will have happier tenants!
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, cleaning costs or rent arrears.
Is it compulsory for all tenants to use Reposit?
As a non-mandatory fee, Reposit must be offered as a choice to tenants.
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.