Thu 11 Apr 2019
We have just partnered up with Reposit who are a tenancy deposit alternative company. Below is a brief overview of how it works.
No action is required from you - every time we let one of your properties we will give the tenant the choice to pay a 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 10 Lloyd’s of London insurance company. When a property is let with Reposit you will receive a document confirming the details of the insurance cover you will receive. This covers you for anything stated in the AST and therefore 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 with all the admin, you will never need to interact with the insurer and make a claim.
The main benefits to you:
● Quicker payouts at end of 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 If we can advertise your property with a ‘deposit free option’ it will let quicker especially now deposit free renting is attracting a lot of interest.
● The same cover, happier tenants Completely secure cover backed by Canopius- more details inside the Reposit Landlord brochure attached.
● 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 start of tenancy
"I have rented two properties from Living Property, 1 commercial and 1 family home. I have found them to be highly professional in their management of these properties. They have been more than fair in all their dealings with me and do everything possible to help with any problems. One example was over a New Year bank holiday weekend our central heating failed, Kim immediately offered to come out with heaters and arranged for an emergency heating engineer to attend the next day, fantastic service. I wouldn't hesitate in recommending them whether your a landlord or tenant. MT, Beccles. "