What is No Deposit Renting?
Linley & Simpson has partnered with Reposit to bring you a no deposit option when letting your property with us.
Through Reposit we are able to bring you an alternative to the traditional deposit saving your Tenants money and time which means your properties attract more potential Tenants.
How Does It Work?
Reposit is not a deposit. Tenants who choose to use Reposit pay to Reposit a non-refundable service charge equal to one week’s rent to allow them not to pay a traditional deposit. This will allow you, the Landlord, to be added to Reposit’s Insurance Policy.
Reposit covers the Landlord for up to eight weeks’ worth of damages or rent arrears if a Tenant defaults on fair payment. Your Tenants are still liable for any damages or breaches of the tenancy agreement and will pay for these at the end of the tenancy, just like with a traditional deposit.
Reposit Group Limited (t/a Reposit) is authorised and regulated by the Financial Conduct Authority, reference number 844985.
Reposit Group Limited is registered in England and Wales company number 09581330. Registered office at 37 Cremer Street, London, E2 8HD.
The insurer is Lloyd’s Syndicate 4444, which is managed by Canopius Managing Agents Limited. Canopius Managing Agents Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm Reference: 204847.
What do I have to do?
Tenants are interested in your property. L&S will offer them the option of a traditional deposit or Reposit.
If the Tenants choose Reposit, L&S will pass their details to Reposit and Reposit will take care of the rest.
Tenants pay a non-refundable fee of one week’s rent to Reposit.
You are covered by Reposit's insurance for up to 8 weeks’ rent.
How Will A Tenant Know That A Property Is Eligible?
When a Tenant is looking for their ideal property they’ll be able to see the Reposit sticker on your property images such as the one shown on this property.
This sticker shows that your property is available with the No Deposit Option and you have agreed to let your property using the Reposit Service.