What is a Reposit and how is it different from a standard deposit?
A Reposit is a faster, more affordable way to provide your landlord and letting agent with peace of mind and cover.
You simply pay an initial fee equal to one weeks rent instead of up to six weeks deposit. The fee isn’t refundable at the end of your tenancy but you can spend the other five weeks of cash how you’d like-take a holiday, furnish your new house or start saving to buy your own home with a Help to Buy ISA.
When you move again, so long as you haven’t caused any damages, kept up to date with the rent and cleaned the property professionally, you’ll pay a much lower Reposit on your new home!
Accidents happen so don’t worry if something goes wrong, so long as you pay for any agreed deductions, you’ll still be eligible for a lower Reposit on your next tenancy.
Am I still liable for damages, paying my rent or cleaning the property?
Yes and anything else outlined in your tenancy agreement.
What happens at the end of the tenancy if I owe money?
If you damage something or forget to hire a cleaner (it happens!), your agent/landlord may put a charge through our system. In this case, we will notify you via email & text and you have a 5 day period to dispute the charge if you disagree. If you agree, great, you will be able to pay right away. If we don’t hear from you after 10 days, we will charge the card you used to pay for your Reposit (please see our Terms & Conditions). If you are having trouble making the payment, please do get in touch and we can work out a plan that suits both parties.
OK, I want to use a Reposit on my new flat, how do I ask my agent?
Send us an email with your agents details to email@example.com and we'll get in touch with them.
If I stay for longer than a year, do I have to buy another Reposit?
After your first year, a small top-up fee of £30 per tenant will be payable for renewal.
What is a Reposit and how is it different from a standard tenancy deposit?
A Reposit is a new choice for a tenant instead of paying a six week deposit against damages, rent arrears and cleaning costs.
Instead the tenant pays us a fee, equal to one weeks rent. We then recover any charges from the tenant at the end and pass them on to you.
The tenant remains wholly liable ensuring a duty of care and responsibility to the property but they free up £635 on average to go on holiday, pay off that credit card or hit the beach. Everyone wins!
Hey, don’t I have to take a deposit?
No! You don’t even have to take rent if you don’t want to (not investment advice!).
If you do take even £1 from a tenant as security, it must be registered within 30 days with one of the three tenancy deposit schemes as per The Housing Act 2004 legislation. If it isn’t protected you can be fined up to three months rent and be unable to serve a Section 21 (eviction notice) to your tenants.
I’m a letting agent, why should I become a Partner Agent & offer Reposit to my tenants?
Deposits suck. Taking deposits is time consuming and places a legal burden on the agent or landlord to register the deposit, issue certificates and transfer the deposit back (minus any deductions) after the check-out process.
Reposit is a completely online service and it takes just 3 minutes to register a property and invite a tenant who can sign our terms and conditions and pay the fee on their smartphone.
Properties without a deposit have lower void periods and happier tenants and as one of our Partner Agents, we pay you an affiliate fee on every Reposit you sell. A useful source of revenue ahead of the tenants fee ban!
What is covered by a Reposit?
At the end of a tenancy, Reposit will faciliate collection from the tenant for everything covered by a standard tenancy deposit. This includes but is not limited to, any damages to the property or garden, missing items, unpaid rent and cleaning costs.
What type of tenants are eligible for Reposit?
Tenants who pass a credit check, reference check and are in employment. Reposit is currently not being offered to tenants receiving DSS. If you are a student and don’t have a credit history, don’t panic. We will accept you onto a Reposit, provided your agent has taken a guarantor in case of non-payment of rent.
Does Reposit ever charge me as an agent or landlord?
What happens if I have to levy a charge on the tenant?
Simple. At check-out after negotiating with the tenant as normal, you log in to your Reposit account, type in the charge and reason and it will be sent directly to the tenant(s).
They can pay directly using any card and we pay it across to your nominated account in one working day.
What happens if the tenant disputes this charge?
If a tenant disputes the charge, the case is raised to arbitration via a third party company with over nine years experience in dispute resolution working for the deposit schemes.
Evidence is collected from both parties (copies of the check-out report, inventory, photographic evidence etc.) and we aim to have a decision within 7 days. This decision is considered final. Reposit has no influence over this decision.
If the tenant(s) raises a dispute, they are reminded that an additional £120 charge will be added in the event that the dispute is found wholly in favour of the landlord/agent. This is to discourage unscrupulous claims.
No additional charge is levied if the dispute is split between the landlord/agent and tenant(s) We never charge a landlord or agent.
Is Reposit a bad credit product?
Not at all! Reposit allows tenants to free up a lot of their own cash whilst still remaining liable for damages or other deductions. All of the benefits of a normal deposit but without the big cash outlay!
How long does a Reposit last for?
12 months, but it can be extended after this period.
How does Reposit work for a joint tenancy?
Multiple tenants (up to 20 per property) can be added to a Reposit. They each pay their share of the total weekly rent for the property and remain jointly and severally liable for any deductions at check-out.
Does Reposit work for an HMO?
Yes, each tenant simply has their own Reposit for their Room at the address and pays their own fee of one weeks rent.
How much commission can I earn as a Partner Agent?
Commission varies depending on the volume of tenants and average weekly rent of your properties, have a look at this graph to see how much more revenue you could generate by using Reposit.
Can I offer Reposit as well as a standard deposit?
Yes, we encourage tenants to have a choice about how to secure cover for their property.
How do I convince my landlords to allow Reposit on their properties?
We provide your landlords with all of the information needed as well as the benefits of lower void periods and happier tenants.
Is Reposit another deposit company?
No we’re a new and better way of securing your property that isn’t a tenancy deposit.
Is Reposit secure?
Completely, we deal directly with the tenant and have comprehensive system for collecting any agreed damages or charges from them before paying across to you.
OK, I want to let properties faster and earn affiliate fees as a Partner Agent. How do sign up?
Great! Sign up here.
Get in touch
Got a question, or just want to say hello? Drop us an email and someone in the team will get back to you.