Reposit are a tenancy deposit alternative company, who we have partnered up with, to give an alternative choice to Landlords and Tenants from the traditional monetary bond. Below is a brief overview of how it works.
Every time we let one of your properties we will give the tenant the choice to pay a monetary deposit or a smaller ‘Reposit Service Charge’. If Reposit is chosen by the tenant, you will be added as a named beneficiary to their insurance master policy. This insurance is underwritten by Canopius, a top 5 Lloyd’s of London insurance company. When a property is let with Reposit we will receive a document confirming the details of the insurance cover you will receive. This covers you up to the equivalent of 8-weeks rent, for anything stated in the AST and therefore is essentially a direct replacement for a traditional deposit.
Under this master policy the tenant remains liable to pay for any dilapidations or rent arrears at the end of the tenancy. If the tenant defaults on their agreement, Canopius will pay-out, hence the 8-week cover is completely secure in all scenarios.
Reposit deal deal with all the admin, you will never need to interact with the insurer and make a claim.
The main benefits to you:
- More cover. The government has recently enacted a policy capping traditional deposits to the equivalent of 5 weeks or 6 weeks rent (dependent on the rental income per annum), so Reposit can give you 3 weeks extra protection.
- Quicker payouts at the end of a tenancy. If a claim goes all the way through to arbitration, Reposit will obtain a final verdict much quicker than the traditional deposit schemes.
- Decrease void periods. Properties advertising with a ‘deposit free option’ will typically let quicker, especially now deposit free renting is attracting a lot of interest.
- The same cover, happier tenants. Completely secure cover backed by Canopius
- Increased demand from a wider range of tenants. Reposit makes renting more accessible to good quality tenants who easily satisfy rent affordability but do not have access to a large sum of money at the start of a tenancy.
For more details, please click on the link below to see the Reposit Landlord Brochure.
Landlord Leaflet 2019
Consent to Let
Repairs & Maintenance
Renting a Property Furnished or Unfurnished
Gas Safety Regulation Act
Furniture & Furnishings Regulation Act
Electrical Equipment Safety Regulation
Decorative Order of Property
Providing Appliance Instructions