More Protection. Less Hassle.
Reposit is an alternative to cash deposits, that gives you more protection with less of the hassle.
Our landlords can now enjoy the option of getting 8 weeks’ worth of cover on their rental properties just read on to find out how.
60% more cover than a cash deposit with 8 weeks’ claimable allowance.
Cash deposits are currently capped at just 5 weeks’ rent which if your tenant is one month in arrears leave you with little to use for any damages.
Rent faster, reduce voids
Studies show that void periods cost UK landlords over £3bn a year and properties advertised with a ‘deposit free option’ will typically let quicker.
FCA Authorised and FSCS protected
Reposit is FCA authorised and FSCS protected which is underwritten by a leading insurer.
So how does it work?
All you have to do is let us know you are open to Reposit and we will do the rest!
Little Mansions will offer the option as an alternative to paying a 5 week cash deposit to your Tenant and then it is up to them to select their preference.
For more information click here – Reposit for landlords
Rent with Reposit will be sent to the Tenant which will advise them of the benefit from renting deposit free and saving hundreds of pounds in up front costs!
If my Tenants cant afford the deposit, will they be able to afford the rent?
Robust references required
To use Reposit, tenants must pass referencing which includes an affordability check. Their annual earnings must be at least 30x the monthly rent. If this check is failed, a guarantor is required, or the tenant must pay 6 months’ rent up front.
How much will my Tenant save?
Savvy saving essential
The Tenant will be saving hundreds of pounds when they sign up to the Reposit option – just click below and see how much they could save on your property – making your property a desirable option.
With so many benefits to the Reposit option for both Landlord and Tenant how could anyone say no!
Deposit Protection Service
But if your more comfortable with the traditional method of your Tenant paying 5 weeks deposit up front then we will not offer both options on your property. The Tenant will only be able to select the DPS method and pay 5 weeks deposit up front.
The DPS was introduced by the Government in April 2007 for all assured shorthold tenancies in England and Wales and in 2019 the Tenant fee act limited the amount a tenant has to pay for a deposit to the equivalent of 5 weeks rent.
The Tenant pays this to us when they start their Tenancy and this is then sent to the DPS to be protected for the duration of their time at the property.
It is essential that a Landlord can provide an Inventory and Schedule of Condition to accurately show the condition at the beginning of the Tenancy. This document must have photos and supporting comments any information that you will later rely on if not included will not support a claim and so could cost you the successful recovery of what is rightly due to you at the end the Tenancy in the event of damages. Should we be completing this for you we will do so as trained inventory clerks and will provide a comprehensive document which should give you the best chance in succeeding in legitimate claims. Similarly the check out document is just as comprehensive and should be just as detailed.
Should it be appropriate to make claims the Tenant must agree these deductions. In the event of not being able to reach an agreement the process to make a claim on the deposit includes a Solicitors’ Statutory Declaration*. After 14 days if unchallenged the deposit will be sent to the Agent as outlined. If the Tenant disputes the claim further evidence must be submitted* to the arbitrator to support any claims being made.
For details about what may be claimed for please refer to the contract which will form the basis of the agreement between you and the Tenant and sets the expectations clearly about the obligations of both whilst renting the property.
This document will be our main reference for discussing potential deductions from your deposit at the end of tenancy.
(*Fees apply)