Reposit

We have partnered up with Reposit who are a tenancy deposit alternative company.

Below is a brief overview of how it works:

 

 

A Reposit policy exists as an alternative to the traditional security deposit, it also provides landlords with the same cover and protection. However, from 1st June as part of the Tenant Fee Act 2019, the government are bringing in a five week deposit cap for all tenancies with annual rent of less than £50k. Reposit will still be able to offer 8 weeks cover to the landlord even after the five week cap has become law.

 

Why landlords should consider Reposit

1. Speed up the rental process

 

Reposits reduce the upfront cost of renting for tenants, meaning they no longer have to wait for payday to move in, speeding up the process and decreasing the chance of void periods.

 

2. Provides security and protection

 

With a Reposit policy, you are provided with the same cover as a 8-week tenancy deposit. Plus, the policy is backed and underwritten by one of the world's largest insurers, Canopius, a Top 5 Lloyds of London syndicate.

 

3. Attract a wider audience

 

By giving tenants the option not to give a traditional security deposit, you can increase the demand and ensure you find the right tenants.

 

4. Tenants are still accountable

 

With this policy, tenants still remain fully accountable for looking after your property and paying their rent. Reposit makes the payment to you in the event of a fair claim at the end of the tenancy.

 

5. Reduces paperwork

 

As the Reposit policy is not like a traditional security deposit, it doesn't need to be registered with one of the deposit protection schemes, which ultimately saves you time and money.

 

How does it all work?

Offer Reposits

Tell us that you want to accept Reposit on your property and we will talk you through it.

 

Tenants purchase

The tenant pays one week's rent for a Reposit policy online and all documents are sent to relevant parties.

 

Ready to move in

You've now got the same cover as a 8 week deposit. Your tenants are ready to move into their new home.

 

Tenancy end

Providing the tenant leaves the property in good condition with no outstanding payments, the policy expires.


 

Frequently Asked Questions about Reposits

 

What is covered by the policy?

You are covered for any rent arrears, cleaning or damages due to you at the end of the tenancy, as outlined in your Assured Shorthold Tenancy agreement.

 

Who pays for a Reposit policy?

The policy is paid for by the tenant and the landlord in return is added to Reposit's master insurance policy and is the sole beneficiary of any claim.

 

How do I make a claim?

If Fenix Property manages your property we will handle end of tenancy matters in the same way we do currently and inform Reposit of any payments that are due from your tenant.

 

What if a claim is challenged by a tenant?

We always encourage settlement negotiation. Where the tenant disagrees with a claim made, we will assign the case to our expert evaluation partner, The Independent Adjudication Services.

 

How quickly do I receive a pay-out if my claim is successful?

A verdict from the IAS will be made within 14 days. After which, Reposit will attempt to claim the money from the tenant within 28 days. If they are unable to retrieve the money within that period the insurer will pay out within 48 hours after the 28th day. Reposit's average payout time (from the day of a claim being made) is 29 days, including both tenants and insurance payouts.

 

Doesn't the Reposit policy mean that my tenant has zero responsibility?

Not at all. Reposit will always pursue the tenants for payments initially, with the ability to auto-charge them using Stripe payment and with financial and credit record penalties if they fail to pay. However, the insurance will kick in if this method of retrieving the claim fails. With the aim always of ensuring a fair outcome.

 

 
 

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