A small proportion of tenants struggle to find the security deposit of 5 weeks rent, particularly if they are relying on the deposit from their previous property.
Where a landlord is struggling to find a tenant there is a ‘Deposit Replacement Scheme’ which could be helpful if agreed by both the landlord and tenant – it is called Reposit.
Under the Reposit scheme tenants are charged the equivalent of one week of rent to ensure Reposit underwrite up to eight weeks’ rent worth of costs for landlords of any agreed damage, cleaning, repairs etc. at the end of the tenancy.
Tenants still meet the costs for these items, but they do so after the end of the tenancy, when they need to reimburse Reposit for the agreed sums. If they do not then Reposit take legal action to recover the money. The initial charge covers the risk that Reposit can’t recover the money.
For clarity this is NOT AN INSURANCE. Reposit simply ensure the Landlord has any agreed costs for damage or defaults at the end of the tenancy before expecting the Tenants to meet those costs in full.
The advantage is Tenants do not need to have the 5 week Security Deposit, but this costs 1 week of rent.
Very professional organisation that gives good service to both the tenants as well as the landlord. Highly recommended.
Roger Steel
Landlord
All staff at Maxine Lester Residential Lettings are trained to a high standard and I have always found Lisa Gadsby very efficien
Phil Green
Landlord
Every time we have contacted Maxine Lester everyone has been so helpful. We have always had any issues dealt with promptly and...
Jake Benstead
Tenant
Excellent service all round, keeping us informed regularly on our property, always contactable and willing to help with any query.
Paula Frame
Landlord
All telephone calls recorded for training and quality
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