What is it and how does it work for tenants & landlords?
Reposit is an alternative to the traditional tenancy deposit schemes. With a traditional deposit, the tenant pays a large sum (four to five weeks’ rent) which the landlord or letting agent is legally obliged to register with a deposit scheme (see The Housing Act 2004).
With Reposit, the tenant pays a non-refundable service charge, equal to just one week’s rent. The tenant is still liable for any damages and at the end of the tenancy the provider recovers any fair end of tenancy claims directly from the tenant. These collected funds are then passed on to the agent/landlord directly. Reposit has an associated insurance policy, which allows the provider to cover the landlord for up to eight weeks of damages or rent arrears if the tenant defaults on fair payment at the end of the tenancy.
If you would like to know more or discuss anything about this subject in more details, please contact Lifeboat Lettings on 01233 802803 or email us.
