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Reposit
GDB2222
Posts: 25,931 Forumite
My son is being offered Reposit as an alternative to a conventional deposit. Are there any opinions, good or bad, please?
No reliance should be placed on the above! Absolutely none, do you hear?
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Comments
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Stick with a normal deposit:
As a tenant, you are still fully responsible in keeping the Landlord’s property in a good condition and paying rent in a timely manner. If you do not, you will be expected to fully reimburse for any fair damage or financial loss the Landlord may experience at end of tenancy. If you default on these liabilities this could impact your credit history.
https://reposit.co.uk/tenants/
You basically pay a weeks rent as a fee, but don't see the money again. If you damage the property you will still be liable for the damage.0 -
so basically reposit is an intermediary service that agents sign up to.
Tenants pay a fee of 1 weeks rent which is not refundable at the end of the tenancy as it goes towards an agent referral fee and an insurance policy fee that will pay the LL upto 8 weeks rent at the end of the tenancy should the tenant default or presumably cause damage
Tenants then pay £30 each year to renew the policy should they extend their tenancy.
I can see it working for some,those who don't have deposit funds upfront ...however with a conventional deposit there is the potential to get your full deposit back at the end of the tenancy.
With this you get nothing back and have to pay £30 annually if you continue to rentin S 38 T 2 F 50
out S 36 T 9 F 24 FF 4
2017-32 2018 -33 2019 -21 2020 -5 2021 -4 20220 -
It's a way for landlords/agents to get round the deposit protection leglislation, and make some extra money out of tenants at the same time.
On the plus side, the tenant does not have to find the equivelant of 5 weeks rent as a deposit.0 -
Thanks, all. I have passed on your comments.No reliance should be placed on the above! Absolutely none, do you hear?0
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So...
Upside: 1wk rent instead of 5wk rent up front.
Downside: Leave the place in good order, and you won't see the 1wk rent again, whereas you would get the 5wk rent back.0 -
And you don't have an impartial deposit retention organisation to put a case to if you feel the LL is overstating or overcharging for damages. I think that's a big problem.0
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